Income Insurance CEO Andrew Yeo to step down at end of 2026

Income Insurance CEO Andrew Yeo will step down from his role on 31 December 2026, bringing more than seven years of leadership at the Singapore insurer to an end.

The company has begun the process of identifying his successor, with details expected to be announced in due course.

Yeo informed the board of his decision to step down but will remain CEO until the end of the year at the board’s request to support business continuity and ensure an orderly leadership transition, chairman Lim Sim Seng said in an email to staff.

“We are grateful to him for agreeing to see the organisation through this period and for ensuring an orderly transition,” Lim said.

Yeo joined Income in 2015 as executive vice-president and general manager of its life and health business. He became chief executive on 1 June 2019.

During his tenure, Yeo played a key role in the insurer’s transformation, including strengthening and expanding its agency force, establishing its data office and developing new business ventures.

His tenure also included one of the most significant corporate developments in Income’s recent history. In July 2024, Allianz proposed acquiring a 51% stake in Income in a deal valued at around S$2.2 billion.

The proposed transaction was withdrawn five months later after the Singapore Government raised concerns about the deal structure and Income’s ability to continue fulfilling its social mission. 

Parliament subsequently amended the Insurance Act in October 2024, requiring the Monetary Authority of Singapore to consider the views of the Ministry of Culture, Community and Youth when assessing certain regulatory applications involving cooperative insurers or insurers linked to cooperatives.

Income’s board and NTUC Enterprise acknowledged the withdrawal of Allianz’s offer following the legislative changes.

The insurer has since continued to operate as a public company that is not listed on the stock exchange. It has more than 15,000 retail shareholders holding about 27.4 million shares.

At its 2026 annual general meeting, Income proposed a total dividend of S$1.063 per share, its highest payout in a decade. The insurer has also revived a private share exchange programme through Phillip Securities, allowing shareholders to sell their shares.

Yeo’s departure comes less than two months after Lim took over as chairman on 1 July. Lim succeeded Joy Tan, who had served as lead independent director, while Ronald Ong retired from the board in 2025 after serving as chairman since 2019.

Income Insurance is expected to announce details of Yeo’s successor once the leadership search is completed.