Ronald Ong is retiring as chairman of Singapore’s Income Insurance after seven years, but he will continue to serve on the board of its parent company, the National Trade Union Congress (NTUC) Enterprise, the business announced Monday (9 June).
Ong joined the board of NTUC Income Insurance Co-operative in August 2018, and was formally elected as a non-independent non-executive director the following year. He was then appointed to the Board of Income Insurance in August 2022.
In a media release, Income Insurance said the board has initiated a succession process to appoint a new chairperson ahead of its annual general meeting on 24 June (Tuesday).
Speaking on Ong’s retirement, NTUC Enterprise chairman Lim Boon Heng thanked the outgoing Income Insurance chairman for his leadership, adding: “Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network, and strong commitment to create value for customers and shareholders.”
Ong has more than three decades of experience as chairman of Morgan Stanley in Southeast Asia, specialising in Mergers and Acquisitions, Financing, and Client Relations across Singapore, Malaysia, Indonesia, and Thailand. He also spearheaded the transition of NTUC from a cooperative to a corporation in 2022.
“It has been an honour to serve on the Board of Income Insurance over the past seven years. I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding,” said Ong.
Income Insurance commented: “The Board and Management of Income Insurance express their sincere gratitude to Mr. Ong for his guidance and steadfast leadership over the years. Under Mr Ong’s leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation, and enhanced its digital capabilities.”
Ong’s retirement comes six months after the official withdrawal of German insurer Allianz from its proposed acquisition of Income Insurance earlier this year. The bid, which lasted five months, ended after Singaporean regulators raised concerns regarding the proposed SG$2 billion capital extraction and the adequacy of structural safeguards to protect Income Insurance’s social mission.
