Great Eastern appoints new Group CEO

SINGAPORE: Great Eastern will get a new Group CEO in November, with the appointment of Mr Greg Hingston.
He will assume the role on Nov 1, succeeding Mr Khor Hock Seng who retires on Oct 31. 
Mr Hingston has worked in Asia for over 20 years, based in Hong Kong, the company in a statement on Wednesday (Aug 28). 
He spent the last 18 years with HSBC. 
“During this time, Mr Hingston has held various senior executive management positions across retail banking, wealth management and life insurance, including managing wealth and personal banking businesses in Hong Kong and for the Asia Pacific region,” Great Eastern said. 
In his most recent role as CEO of HSBC’s global insurance and partnerships, he was “primarily responsible for setting the strategy, managing and growing the life insurance businesses of the HSBC Group”. 
Mr Hingston was selected after a wide-ranging search that looked at internal candidates as well as those within and outside Singapore. 
Great Eastern’s nominating committee and its board selected Mr Hingston from a final shortlist that was put together after a “rigorous and extensive” process. 
Mr Hingston was found to be the most suitable candidate for the role given the company’s strategy to grow and expand beyond its core markets of Singapore and Malaysia, read the statement. 
Helen Wong, director of Great Eastern Holdings and Group CEO of OCBC, said Mr Hingston’s experience in both wealth and insurance will be helpful in “fostering synergy and collaboration between OCBC and Great Eastern Group under OCBC’s One Group approach”.
OCBC in May announced a S$1.4 billion offer to buy the remaining stake in insurer Great Eastern Holdings, with the aim of delisting the company.
The takeover offer closed on Jul 12, with the bank holding more than 93 per cent of the company.
Mr Khor retires from Great Eastern after serving as Group CEO for nine years. He will be an adviser to the board to assist with the transition for a period of six months. 
“Under Mr Khor’s stewardship, Great Eastern Group’s total assets grew steadily from S$65.8 billion (US$50.5 billion) as at end-2015 to S$109 billion as at end-2023,” said the company. 
“Over the same period, significant growth was also experienced in Great Eastern Group’s financial performance such as gross premiums and total weighted new sales.”