Yes, this is a computer generated character

Stockholm, Sweden-based vfx shop Important Looking Pirates (ILP) created the impressive animation for this Aco skin care product commercial. Yes, the woman is live-action in some parts of the spot too, but I was unable to identify when she was live-action and when she was computer animated until reading the description and watching the making of clip. Photoreal animation is commonplace today, and its last frontier-believable human beings for extended periods of time-doesn't seem too far away anymore.

Below, ILP reveals how they used CGI:

(h/t, Todd Kelley)