Income Insurance names DBS veteran Lim Sim Seng as chairman

The board shake-up takes effect 1 July as the firm advances governance reset.

Income Insurance Limited has appointed Lim Sim Seng as chairman of its board of directors, effective 1 July, as the insurer continues its board leadership transition and governance renewal.

Lim was appointed as an independent non-executive director on 1 May. He will also serve as chairman of the nominating, human capital and remuneration committee and the board executive committee, and as a member of the risk management committee.

He succeeds Joy Tan, who will remain on the board as a non-independent, non-executive director.

She will continue to serve on the board executive committee, audit committee, and the nominating, human capital, and remuneration committee.

Tan joined the board in 2016 and served as chairperson from 2025 to 2026.

Lim said he looks forward to working with the management team and stakeholders on the insurer’s next phase of growth.

Income Insurance CEO Mr Andrew Yeo said the appointment brings experience in financial services and governance, which will support the company’s long-term objectives.

Lim has more than four decades of experience in financial services across Asia, North America, and the Middle East.

He previously served as group executive at DBS Bank, where he led its consumer banking and private banking businesses.

He also holds board roles including deputy chairman of SIA Engineering Company and directorships at IOI Properties Group and Trust Capital Group. He is also Non-Resident High Commissioner to Nigeria.