NTUC Income has appointed Andrew Yeo (pictured left) as chief executive officer, effective June 01. He will succeed Ken Ng (pictured right), who will be taking up a new role within NTUC Enterprise after the transition period.
Yeo, 47, is currently the Singaporean insurer’s executive vice president and general manager of its life and health business, a role he has held since he joined Income in 2015. Prior to that, he held leadership roles in major insurance companies such as AIA, Great Eastern, and Prudential. He has experience in multiple Asian markets, including Hong Kong, Indonesia, Singapore, and Vietnam.
Yeo graduated from the University of Glasgow with a bachelor of engineering (first class honours) in naval architecture and ocean engineering.
In a statement, Yeo said that Income will work on expanding its services to meet customers’ needs, both in terms of choice and reach. He added that the firm will continue to leverage new ways of working and technology to be a more efficient business amid the challenging operating environment.
“I would like to thank Ken for his contributions over the last five years, particularly in areas of digital transformation and innovation,” said Ronald Ong, chairman of Income.
“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. Since joining Income four years ago, Andrew has been instrumental in the growth and development of the company. He has the full support of the board, management team and staff to lead Income into its next phase of growth.”