SINGAPORE – Income Insurance chief executive Andrew Yeo will step down at the end of 2026, after more than seven years in the role.
The company is in the process of identifying a successor, with details to be announced in due course, said board chairman Lim Sim Seng in an email to staff seen by The Straits Times.
Lim said Yeo had informed the board of his decision to step down, but will remain chief executive till Dec 31, 2026 at the request of the board and continue to lead the business during this period.
“We are grateful to him for agreeing to see the organisation through this period and for ensuring an orderly transition,” added Lim.
Yeo joined Income in 2015 and was executive vice president and general manager of its Life & Health business before his appointment as chief executive on June 1, 2019.
Lim said Yeo played a key role in Income’s transformation, including strengthening and growing its agency force and establishing its data office and new business ventures.
Yeo was at the helm in July 2024, when German insurer Allianz proposed to buy a majority stake in Income. The deal, which was valued at $2.2 billion, fell through after five months.
The Government called off the proposed union on concerns over the deal structure and Income’s ability to continue its social mission.
On Oct 16, 2024, Parliament passed a Bill to amend the Insurance Act so that the Monetary Authority of Singapore would have to consider the views of the Ministry of Culture, Community and Youth when an application for regulatory approval involves an insurer that is either a cooperative or linked to one.
Income’s board and NTUC Enterprise acknowledged the withdrawal of Allianz’s offer following the amendment of the Insurance Act.
