SINGAPORE - NTUC Income has appointed executive vice-president and general manager of its Life & Health business Andrew Yeo as its next chief executive officer (CEO), the Singapore insurer announced on Wednesday (Jan 30).
Mr Yeo will assume his new role on June 1.
He takes over from Mr Ken Ng, who has been leading NTUC Income since 2013.
Mr Ng, who will be taking on a new position within NTUC Enterprise to support the executive director, will remain as the firm's chief executive until June to ensure a smooth transition, NTUC Income said.
NTUC Income chairman Ronald Ong noted that Mr Yeo had been instrumental in the company's development since he joined in 2015 and has the full support of the board to lead the group in its next phase of growth.
"The appointment of Andrew as the internal successor demonstrates the robust efforts that Income has been putting into building internal bench strength and talent.
"Andrew is a prominent member of the management team and is widely recognised by colleagues and industry peers for his business acumen and problem-solving capabilities," Mr Ong added.
Looking ahead, Mr Yeo noted that while the operating environment will always pose challenges, the group will continue to leverage new ways of working and technology to be more efficient, creating new growth opportunities and choices for the benefit of its customers and stakeholders.
Prior to joining NTUC Income, Mr Yeo held various leadership positions in global insurance companies, including rival firms AIA, Prudential and Great Eastern. He holds a Bachelor of Engineering (First Class Honours) from the University of Glasgow and a Graduate Diploma in Business Administration from the Singapore Institute of Management.
As of 2017, NTUC Income had over $36.3 billion in assets under management.