Great Eastern Holdings has appointed a new group chief executive, Mr Khor Hock Seng, ending a search that has lasted nearly 12 months.

The insurer said yesterday that Mr Khor, 56, will join the company on Nov 2. He is currently chief executive of Aviva Asia, a role that he has held since 2013 and will leave in October this year.

The appointment is something of a straight swop between rivals Aviva and Great Eastern.

Former Great Eastern chief executive Christopher Wei, who joined the insurer in 2011, sent in his resignation notice in June last year. He left the company in September to become chief executive of global life insurance at Aviva.

Mr Khor was also recently appointed chief executive of British financial firm Friends Provident International, which is part of the Aviva Group.

Before those roles, Mr Khor was chief executive of AIA's Malaysian business. He has more than 30 years of experience in the industry, with a wide range of leadership roles, including actuarial and operations, at various insurers.

He said in a statement: "This is truly an exciting opportunity... We have an excellent foundation to fully capitalise on the growth potential in Asia."

Mr Khor holds a Bachelor of Arts degree from Macquarie University in Australia, and majored in actuarial science and statistics.

In a statement yesterday, Aviva credited him with growing its value of new business by 30 per cent last year, with increases of 23 per cent in Singapore and 100 per cent in mainland China and Taiwan.

Mr Koh Beng Seng, chairman of Great Eastern Holdings, said he was delighted with the appointment and Mr Khor will bring along an extensive knowledge of the Asian market.

He added: "He will play a pivotal role in the execution of our strategies as we strive to create long-term value for our customers and shareholders."

Mr Koh also thanked Mr Norman Ip, interim group chief executive, and said that he will continue his role as a director of Great Eastern Holdings.

Rachael Boon