Great Eastern Holdings announced on Friday that Mrs Fang Ai Lian will step down as its chairman after the annual general meeting on April 16.

Mr Norman Ip, who has been a board member since 2010, will succeed Mrs Fang.

Mrs Fang has been chairman since April 2008, and has served as the chairman of the group's principal insurance subsidiaries in Singapore and Malaysia.

During her term, Great Eastern Group's net profit grew from $272.4 million in 2008, to $674.8 million in 2013. Total assets rose from $44.2 billion to $60.9 billion over the same period.

Embedded value, which is a measure of the long-term economic value of the group's in-force business, increased from $5.8 billion in 2008 to $9.2 billion last year.

Mrs Fang said: "It has been a privilege for me to have served as chairman of the board for the past six years and I would like to express my deep appreciation to my fellow board members for their guidance and contributions.

"My thanks also go to the management, staff and distribution force for their dedication and unwavering support.

She added that the group is "well-positioned to seize new opportunities and face all challenges".