Tulloch, who was born in Falkirk and holds an MBA from Edinburgh’s Heriot-Watt University, will replace Mark Wilson, who is standing down after more than five years at the helm.
Aviva’s new boss, who joined the group in 1992 and was appointed to the board in 2017, will receive a basic salary of £975,000 and will be eligible for an annual bonus that pays out up to 200 per cent of that figure. He will also be eligible to receive an award under Aviva’s long-term incentive plan for 2019.
Tulloch will also pocket pension contributions of 14 per cent of salary and £250,000 to assist with his relocation from Canada.
Adrian Montague, chairman of Aviva, which has key operations in Scotland, said: “Maurice will be an outstanding chief executive of Aviva. He knows the business inside out. He has led our businesses in the UK and internationally and built strong teams across life insurance and general insurance.
“Maurice knows our strengths, knows where we need to improve and has a deep understanding of insurance and customers’ needs. He is exceptionally well qualified to re-energise Aviva and deliver long-term growth.”
Tulloch added: “I am honoured to lead Aviva, a business I’ve been part of for 26 years. There is a clear opportunity to realise Aviva’s significant but untapped potential.
“Aviva is financially strong, we have a well-known brand and excellent businesses. But there is more to do to improve returns for shareholders.”
“We must focus on the fundamentals of insurance and giving our customers the best possible experience.”