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AIA said in a statement last night that Mr O'Dell, 50, had also taken leave of absence with immediate effect.
Mr Mark Wilson, regional president of AIG life companies in Asia Pacific and AIA's president, said: 'His decision to leave the company is in no way related to the recent developments at AIG. It is a personal decision that he has been planning for some time.'
The Straits Times believes that Mr O'Dell is joining rival Canadian insurer Manulife Financial to be general manager of its Taiwan operations.
Market sources said Mr O'Dell had been looking for job opportunities outside AIA for some time.
The sudden announcement caught some AIA agents by surprise. They had met Mr O'Dell at Suntec Convention Hall for an agency meeting earlier yesterday and there had been no mention of his departure.
'He said that AIA has more than enough reserves to back up all policies and applauded us for keeping the policyholders calm,' said one agent who declined to be named.
'I'm surprised he is choosing to leave during this period when the firm is undergoing a crisis.'
AIA has yet to find a new general manager. In the interim, Mr Kenneth Juneau, executive vice-president and senior regional life executive of AIA's regional office, will take on the leadership responsibilities from today.
Mr Juneau, an AIA veteran, has more than 30 years' experience in the insurance industry.
Mr O'Dell joined AIA's parent firm AIG in 1993. He has spent the last four years in AIA Singapore. Before that, he was general manager of AIA Malaysia.
He is also the president of the Life Insurance Association, a position that he will have to relinquish.
The Monetary Authority of Singapore (MAS) said yesterday that it expects a smooth transition at AIA.
'MAS's regulatory oversight of AIA and all insurers in Singapore is rigorous. We are satisfied with the ability of the company to carry on business as usual and to meet new demands even when there are any changes in management,' it said in a statement.
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