Insurer NTUC Income has appointed a new chief executive.

Mr Andrew Yeo, the firm's executive vice-president and general manager of its life and health business, will take up the post on June 1, it was announced yesterday.

Mr Yeo will replace Mr Ken Ng, who has been leading NTUC Income since 2013.

Mr Ng, who will take on a new position within NTUC Enterprise to support the executive director, will remain as CEO until June to ensure a smooth transition, NTUC Income said.

Chairman Ronald Ong noted that Mr Yeo had been instrumental in the company's development since he joined in 2015.

"The appointment of Andrew as the internal successor demonstrates the robust efforts that Income has been putting into building internal bench strength and talent," he added.

"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 Yeo said that while the operating environment will always pose challenges, the group will continue to leverage technology and new ways of working to be more efficient.

Before joining NTUC Income, Mr Yeo held various leadership positions in insurance firms, including AIA, Prudential and Great Eastern.

He has a bachelor of engineering (first-class honours) from Glasgow University and a graduate diploma in business administration from the Singapore Institute of Management.