Income Insurance has appointed Khoo Kah Siang as its new chief executive, succeeding Andrew Yeo who resigned on August 28 after leading the company for more than seven years. Subject to regulatory approval by the Monetary Authority of Singapore, Khoo is set to assume the role on January 23, 2027, following a leadership transition managed by Yeo through the end of December.
Leadership Transition and Executive Background at Income Insurance
The appointment brings a veteran financial services executive to the top post at Income Insurance. Khoo served as the chief executive of Manulife Singapore from 2018 to 2025 before stepping up to helm Manulife Asia’s emerging markets division. In that regional role, he managed a diversified portfolio spanning Cambodia, Indonesia, Malaysia, Myanmar, and the Philippines to drive sustainable growth.
With a career spanning over 30 years, Khoo has held actuarial, regulatory, finance, and profit-and-loss leadership roles across major institutions, including Great Eastern and the Monetary Authority of Singapore. He holds a degree in actuarial science and a doctorate in statistics. His departure from Manulife was publicly announced via LinkedIn on September 24.
Income Insurance board chairman Lim Sim Seng noted that Khoo’s extensive sector experience and track record of leading businesses through change position him to guide the firm into its next phase of growth. “The board looks forward to working closely with Kah Siang as we strengthen our capabilities, deepen our commitment to customers and build a more resilient and sustainable organisation,” Lim stated on September 25.
The Bottom Line
- Incoming Leadership: Former Manulife Singapore CEO Khoo Kah Siang will take the helm at Income Insurance on January 23, 2027, pending regulatory approval.
- Transition Period: Outgoing chief executive Andrew Yeo, who resigned on August 28, will remain at the helm until December 31 at the request of the board.
Strategic Backdrop: The CEO appointment arrives amidst a wider executive reshuffle across the Singapore insurance sector and following scuttled corporate transactions.
Managing Recent Corporate Hurdles and Terminated Deals
In early September, the company terminated the proposed sale of its digital insurance platform Hive to fintech firm Embed Financial Group Holdings. The transaction was scrapped after Embed faced court proceedings for allegedly failing to make mandatory Central Provident Fund contributions for six employees, including its deputy group CEO, chief operating officer, former chief financial officer, and group head of strategic engagement.
Initially announced in June for an undisclosed sum, the Hive deal would have transferred complete ownership to Embed while keeping Income on as a customer. Outgoing CEO Andrew Yeo previously stated that the arrangement was intended to support the digital platform’s growth through a global player capable of scaling its operations.
Wider Industry Reshuffling and Regulatory Context
Income’s announcement follows a heavily scrutinized 2024 period, during which the Singapore government blocked a proposed acquisition of a majority stake in the insurer. German insurer Allianz had offered $2.2 billion on July 17, 2024, to acquire a 51 percent stake, but ultimately withdrew its offer in December. Under new legislation passed in Parliament, authorities blocked the transaction over concerns regarding a plan to return $1.85 billion in cash to shareholders within three years and questions surrounding Income’s ongoing commitment to its social mission.
| Date | Event / Milestone | Details |
|---|---|---|
| July 17, 2024 | Allianz Acquisition Offer | Proposed $2.2 billion bid for a 51% stake later blocked by the Government in December. |
| August 28, 2026 | CEO Resignation | Andrew Yeo steps down after over seven years leading Income Insurance. |
| Early September 2026 | Hive Sale Terminated | Digital platform sale to Embed Financial Group cancelled following legal issues. |
| September 25, 2026 | New CEO Appointment | Khoo Kah Siang named incoming chief executive, effective January 23, 2027. |
The transition at Income parallels broader executive movements within Singapore’s financial sector. On September 24, Prudential announced that its Singapore chief executive, Chan San San, is stepping down to become chief partnership officer at asset management firm Eastspring Investments starting September 28. Andreas Rosenthal, who served as Prudential Singapore’s chief financial officer from 2018 to 2025, is stepping in as interim CEO for those operations.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
