Group CEO Mark Tucker will leave AIA to become non-executive Group Chairman of HSBC Holdings.

Mr Tucker joined AIA in 2010 – the time of the life insurer’s float – having previously led Prudential. He will leave on September 1 and start his new role the following month.

AIA Regional CEO Ng Keng Hooi will take over Mr Tucker’s position. Mr Hooi has more than 37 years’ experience in the Asian life insurance industry.

AIA Group Chairman Edmund Tse says Mr Hooi has “an impressive track record”.

“This appointment follows a rigorous and extensive succession process, which included consideration of internal and external candidates,” Mr Tse said.

“Mr Hooi has displayed first-class leadership and strategic vision while consistently delivering strong results.”

Mr Tucker says AIA “is very well positioned to continue its strong growth. I believe now is the right time to make way for a new leader and for me personally to transition to a non-executive career. I have worked closely with Mr Hooi for more than 20 years and admire him as an executive with an exceptional track record of strong execution and commercial experience in the Asian region.”