Income Insurance has appointed former Manulife executive Khoo Kah Siang as its new chief executive officer, succeeding Andrew Yeo, who resigned on August 28 after leading the company for more than seven years. Khoo is set to assume the top role on January 23, 2027, pending regulatory approval from the Monetary Authority of Singapore.
Leadership Transition and Executive Background
The incoming chief executive brings more than 30 years of financial services experience to the Singapore insurer, spanning actuarial, regulatory, finance, and profit-and-loss leadership roles. Khoo served as chief executive of Manulife Singapore from 2018 to 2025 before stepping up to helm Manulife Asia’s emerging markets division, where he oversaw a diversified portfolio including Cambodia, Indonesia, Malaysia, Myanmar, and the Philippines. His career also includes senior positions at Great Eastern and the Monetary Authority of Singapore, backed by a degree in actuarial science and a doctorate in statistics. His departure from Manulife was publicly announced via LinkedIn on September 24.
On September 25, Income Insurance board chairman Lim Sim Seng noted that Khoo is well-equipped to steer the company through its subsequent growth stage due to his broad industry knowledge and proven ability to lead organizations through transitions. Outgoing CEO Andrew Yeo, who joined Income Insurance in 2015 and became chief executive in 2019, announced his resignation in August to pursue other opportunities. At the board’s request, Yeo will manage the leadership transition and remain at the helm through the end of December.
Corporate Restructuring and Scuttled Platform Deals
The leadership appointment arrives alongside a period of corporate restructuring and scuttled transactions at the insurer. In early September, Income Insurance terminated the proposed sale of its digital insurance platform Hive to fintech firm Embed Financial Group Holdings. The deal was cancelled after Embed became involved in legal proceedings for allegedly neglecting to pay mandatory Central Provident Fund contributions for six staff members, including its chief operating officer, deputy group CEO, group head of strategic engagement, and former chief financial officer. First revealed in June for a sum that was not disclosed, the Hive agreement would have given Embed full ownership while Income continued as a client.
Did you know? Income Insurance appointed Lim Sim Seng as chairman in July, succeeding Joy Tan, who had served as chairperson since 2025.
Wider Industry Context and Blocked Allianz Acquisition
Income’s executive reshuffle follows a heavily scrutinized period during which the Singapore government blocked a proposed acquisition of a majority stake in the insurer. On July 17, 2024, the German insurer Allianz bid $2.2 billion for a 51 percent stake, though it eventually pulled the offer in December. Following the passage of new legislation in Parliament, the transaction was stopped by authorities due to concerns over a proposal to return $1.85 billion in cash to shareholders over three years and doubts regarding the continuity of Income’s social mission.
The executive change at Income also coincides with a wider industry reshuffle across the Singapore insurance sector. Prudential announced that Singapore chief executive Chan San San will step down to join its asset management business Eastspring Investments as chief partnership officer from September 28. Andreas Rosenthal, who held the role of chief financial officer at Prudential Singapore from 2018 to 2025, will take over as the interim CEO for the group’s operations in Singapore.
Frequently Asked Questions
When will Khoo Kah Siang take over as CEO of Income Insurance?
Khoo is scheduled to assume the role on January 23, 2027, subject to regulatory approval by the Monetary Authority of Singapore.
Who is stepping down from the chief executive role?
Andrew Yeo resigned on August 28 after leading the company for more than seven years, and will remain at the helm through December 31 to manage the transition.
Why was the sale of the Hive platform terminated?
Income Insurance terminated the sale to Embed Financial Group Holdings after the buyer faced court proceedings over alleged failures to make mandatory Central Provident Fund contributions for six employees.
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