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 e-mail to staff seen by The Straits Times.
Lim said Yeo had informed the board of his decision to step down, but that he will remain chief executive until Dec 31 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 and 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 buying 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.
After the deal fell through, some of the 600 minority shareholders who attended Income's annual general meeting in June 2025 had expressed disappointment about not being able to sell their shares to Allianz at $40.58 per share.
At the 2026 annual general meeting, Income proposed a total dividend of $1.063 per share, the highest payout in the past 10 years.
The insurer also revived a private exchange programme run by Phillip Securities where shareholders can sell their shares.
While Income is not listed on the stock exchange, it is a public company with more than 15,000 retail shareholders who hold about 27.4 million shares.
In 2025, Ronald Ong, who had been chairman since 2019, retired from the board. He was succeeded by lead independent director Joy Tan.
Yeo's resignation was announced less than two months after Lim took over as chairman on July 1.
ST has contacted Income for comment.
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This article was first published in The Straits Times. Permission required for reproduction.
