New CEO insurer appointments in Singapore reflect wealth focus, regional hub status

[SINGAPORE] Singapore’s insurance sector has experienced several new faces taking over at the helm, with industry observers saying this reflects a growing attention to wealth management.

“In recent years, we have observed appointments of new CEOs at major insurance firms in Singapore hailing not only from the insurance industry, but also from the banking sector,” Ang Sock Sun, PwC Singapore insurance leader, told The Business Times.

These new leaders reflect a “diverse mix of professional backgrounds, core skills and geographic experience”, as global insurers strengthen their position in Asia, according to Steven Goh, audit partner at KPMG Singapore.

Among the new appointments are Chan San San from Prudential Singapore, Alistair Chamberlain from Tokio Marine Life Insurance Singapore (TMLS), and Greg Hingston from Great Eastern.

Chan, formerly a Citi private banker, took on the role in September 2024 while Hingston and Chamberlain, both former HSBC executives, assumed their CEO positions in November 2024 and January 2025, respectively.

Goh observed that such appointments reinforce Singapore’s strategic importance as an “attractive regional hub for insurers across the full spectrum of insurer types and business models”.

Singapore’s role as a finance, digital, and healthcare hub is also elevating the relevance of CEOs and other C-suite executives, he added.

Wealth management experience

These new CEOs likely indicate a strategy shift towards tapping opportunities from Singapore’s growing wealth sector.

Ang highlighted that some of the new CEOs bring experience from wealth management, and can help “propel growth” in innovative products for more effective wealth management as well as estate and legacy planning.

Chan, for example, has background in managing clients across the wealth continuum in both consumer and private banking.

She told The Business Times that she wished to cater to customers’ wealth, savings and protection needs from the perspective of a life and health insurer.

Chan noted that Singapore’s status as a trusted financial centre is attracting an increasing number of high-net-worth individuals (HNWIs) from the region. There are currently more than 330,000 millionaires in the Republic.

“We understand that HNWIs have unique financial needs and expectations that require sophisticated solutions and financial advisory,” she added.

Likewise, both TMLS’ Chamberlain and Great Eastern’s Hingston possess wealth management experience.

Chamberlain most recently served as managing director and chief financial officer of global wealth and insurance at HSBC for over six years, while Hingston has held senior executive management positions across wealth management, retail banking, and life insurance for over 30 years.

In February, Hingston noted in Great Eastern’s full year results release that the insurer had broadened its products in Singapore and Malaysia to address the growing demand for wealth management. In Singapore, it introduced an investment-linked legacy plan and a single-premium Indexed Universal Life plan, while in Malaysia, it enhanced its multi-generation wealth transfer solution.

AIA Singapore, whose CEO Wong Sze Keed has been at the helm since July 2020, is also looking to wealth for growth.

The insurer just released its earnings report on Mar 14, in which Wong alluded to wealth as a growth area, saying that the “business in Singapore is well-positioned to capture long-term growth opportunities across the mass affluent and high-net-worth segments”.

She pointed to the launch in 2024 of the AIA Wealth Centre and AIA International Wealth, which offer bespoke wealth management advice and services for affluent and HNWIs in Singapore and across the region.

“Expectations to grow the business”

PwC’s Ang says the new leaders are expected to grow their respective businesses, focusing on top-line revenue and bottom-line profitability.

As competition intensifies, “speed to market” will be particularly important, she added. This means “leaders have to have the ability to swiftly introduce new innovative products to capture market share and meet consumer needs, while simultaneously leveraging technology to improve productivity and customer experience”.

“Since coming on board as CEO in December, I have set my focus on three priority areas: strengthening our foundation, building capabilities in distribution, product and operations, (and) deliver(ing) growth,” TMLS’ Chamberlain told The Business Times.

The CEOs have their work cut out for them amid this year’s challenging outlook.

While AIA Singapore’s value of new business rose 15 per cent, the group said that its business growth was “mostly offset by lower investment income on surplus assets due to increased remittances to support AIA Group’s share buyback programme, as well as lower positive non-medical claims experience compared to 2023”.

Prudential is set to release its full-year 2024 results on Mar 20.

As competition intensifies, KPMG’s Goh says that “these leaders must also navigate stakeholders’ expectations from regulators, alliance partners/intermediaries and customers”. They must do so while “ensuring their organisations contribute meaningfully to broader social agendas, such as healthcare access, financial well-being, and social inclusion”, he adds.

According to KPMG’s 2024 Insurance CEO survey, leaders are focused on accelerating digital engagement with customers, delivering on their ESG agenda and enhancing productivity through finance and enterprise transformation.

Esther Huang, Singapore head of insurance consulting and technology at global advisory firm WTW, sees rapid technological advancement, shifting regulatory landscapes, evolving customer expectations and geopolitical uncertainty all having a “significant bearing on the insurance sector”.

“Regulatory frameworks will continue to evolve in insurance, and new insurance CEOs need to keep pace with the changes taking place,” she added.

CEOs of insurance companies also need to ensure that they can upskill and attract younger talent to join the insurance sector for long-term success, Huang said.

However, Ang cautioned that it is crucial not to overlook the importance of strong business fundamentals, noting that increased wealth brings a heightened risk of financial crimes.

“Robust checks and balances must be maintained to ensure a sound and secure business proposition,” she added.