Income Insurance appoints former Manulife Singapore top man as new CEO

[SINGAPORE] Income Insurance has appointed insurance veteran Khoo Kah Siang as its new chief executive.

He will succeed Andrew Yeo, who resigned from his position on Aug 28, after more than seven years in the role.

Subject to regulatory approval by the Monetary Authority of Singapore (MAS), Khoo will assume his new position on Jan 23, 2027. In the meantime, at the request of the board, Yeo will continue to lead the business until Dec 31.

Khoo was chief executive of Manulife Singapore from 2018 to 2025.

He then helmed Manulife Asia’s emerging markets division, overseeing a portfolio including Cambodia, Indonesia, Malaysia, Myanmar and the Philippines, and driving sustainable growth in these markets to diversify the business.

He has more than 30 years of experience in the financial services sector, spanning actuarial, regulatory, finance and profit-and-loss leadership roles at other organisations, including Great Eastern and MAS. He holds a degree in actuarial science and a doctorate in statistics.

Khoo had announced his departure from Manulife in a post on LinkedIn on Thursday (Sep 24).

On Sep 25, Income Insurance board chairman Lim Sim Seng said that Khoo’s extensive experience in the insurance sector and track record of leading businesses through change would enable him to guide the company 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,” he added.

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Termination of proposed sale

Income was in the news in early September for terminating the proposed sale of its digital insurance platform Hive to fintech firm Embed Financial Group.

This came after Embed was taken to court 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.

The deal was first announced in June for an undisclosed sum, and would have seen Embed own 100 per cent of Hive, with Income remaining a customer of the platform.

Yeo had said then that the time was right for Hive’s next phase of growth, and the digital platform’s future would be better supported by a global player with the means to accelerate and further scale its business.

In 2024, a deal to sell a majority stake in Income was blocked by the government.

German insurer Allianz made an offer on Jul 17 that year to buy a 51 per cent stake in the Singapore insurer, in a deal valued at US$2.2 billion. It withdrew the offer months later in December.

Under new laws passed in Parliament, the deal was blocked over concerns about a plan to return US$1.85 billion in cash to shareholders within three years, and Income’s ability to continue its social mission.

Income’s Friday announcement comes amid executive reshuffling in the insurance industry.

A day earlier, Prudential announced that Singapore chief executive Chan San San will be stepping down to join its asset management business Eastspring Investments as its chief partnership officer from Monday.

Andreas Rosenthal, who was Prudential Singapore’s chief financial officer from 2018 to 2025, will be appointed interim CEO of the group’s Singapore operations from Monday. THE STRAITS TIMES