Damien Mu, who is currently AIA Australia general manager, life insurance, will step into the chief executive role effective 1 August 2014.
Mr Mu replaces Peter Crewe, who will take up the role of chief executive, group corporate solutions of AIA Group based in Hong Kong.
Both Mr Mu and Mr Crewe will report to AIA Group regional chief executive Gordon Watson.
Mr Watson thanked Mr Crewe for his "many contributions" to the Australian business, while adding that Mr Mu's appointment "exemplifies the deep level of talent we have across our business".
"I am very confident that he will guide our business in Australia to new heights in 2014 and beyond," said Mr Watson.
Mr Mu has 17 years of experience in the financial services industry, spanning operations, claims and underwriting, superannuation, investments, distribution, product, pricing and marketing.
AIA Australia non-executive chair Theresa Gattung said Mr Mu has been "instrumental" to the growth of the company and his appointment is "thoroughly well-deserved".
"The board of directors and I look forward to working with him when he starts his position in August," said Ms Gattung.
"In addition, I want to personally thank Peter for his leadership over the last three years. Like Damien, our growth in the Australian market could not have been achieved without his hard work and dedication, and we wish him all the best in his new position at AIA Group," she said.
