The appointment, which is effective immediately, will see Mr Magnusson take over from interim chair Jonathan Asquith, who stepped in after Sir Douglas left the role following the AGM in April this year. Sir Douglas had announced his departure back in April 2025.

Mr Magnusson brings over 30 years of leadership experience in financial services, including significant executive and board roles at Sampo, Hastings Group, and Nordea Bank, and has a strong track record in delivering growth and shareholder value. His annual fee as non-executive director and chair-designate will be £475,000.

Aberdeen said the appointment “concludes a rigorous search process that considered a wide range of candidates with diverse experience.” It is understood that an earlier candidate was being pursued but withdrew.

He served as chief executive and president of Sampo for nearly six years, stepping down in 2025 after developing the business into one of the Nordic region’s largest financial services groups. He also led Sampo’s £1.7 billion acquisition of Hastings, strengthening the group’s presence in the UK market.

Previously, Mr Magnusson served as president and chief executive of If P&C Insurance from 2002 until 2019 and as chair from 2019 to 2025. He was also chair of UK digital insurer Hastings Group and chair of Danish insurer Topdanmark, and currently serves as a non-executive director of global specialty (re)insurer Canopius.

Having studied engineering and mathematics, he began his career with Arthur Andersen before moving into actuarial and insurance roles at Skandia and Mercantile & General Re.

Jonathan Asquith, interim chairman, said: ”Torbjörn has a particularly strong track record of delivering growth and creating shareholder value over many years in businesses serving personal and corporate customers. He knows the opportunities and challenges emerging from the fast-changing dynamics of the financial services industry. He also understands the complex stakeholder environment of running a modern listed company and has direct experience of working in the UK regulatory framework.

As we look forward, Torbjörn is an excellent match to help Aberdeen achieve our growth ambitions.”

Torbjörn Magnusson, non-executive director and chair-designate, said: “Aberdeen already plays a vital role in helping millions of people turn their financial goals into reality, and with the wealth and investments markets set to grow substantially over the next few years, there are exciting opportunities ahead.

Aberdeen has transformed its performance materially over the last few years, building the foundations for long-term value creation. I am very much looking forward to working with the board, and with Jason and his management team, to help the company continue that progress and achieve its ambitions.”