Income Insurance CEO Andrew Yeo resigns, company in process of identifying successor

Singapore's Income Insurance CEO Andrew Yeo announced his resignation at the end of 2026, following more than seven years in the position. The company is currently identifying his successor, with the details scheduled to be revealed at a later date, according to board chairman Lim Sim Seng in an email to staff, as reported by The Straits Times.

Lim confirmed that Yeo informed the board of his decision to step down, but will continue to serve as chief executive until December 31, 2026, at the request of the board. Lim expressed gratitude for Yeo's agreement to see the organization through this transitional period and ensure an orderly transfer of leadership. "We are grateful to him for agreeing to see the organisation through this period and for ensuring an orderly transition," added Lim.

Yeo began his tenure at Income in 2015, initially serving as executive vice president and general manager of the Life & Health business before being appointed CEO on June 1, 2019. He played a pivotal role in Income's transformation, strengthening and expanding its agency force, establishing the data office, and pursuing new business ventures.

Yeo was in charge during the July 2024 negotiation when German insurer Allianz attempted to acquire a majority stake in Income for $2.2 billion. The deal fell through after five months due to concerns over its structure and Income's ability to uphold its social mission.

In October 2024, Parliament passed a Bill amending the Insurance Act, requiring the Monetary Authority of Singapore to consider the views of the Ministry of Culture, Community and Youth when approving the merger of an insurer linked to a cooperative. Following the amendment, Income's board and NTUC Enterprise acknowledged the withdrawal of Allianz's offer.