Lim Boon Heng retires as NTUC Enterprise chairman, Tan Hee Teck to succeed

Lim Boon Heng, a former Cabinet minister and longtime chairman of NTUC Enterprise Co-operative, has retired from his role, marking a significant leadership transition in Singapore's cooperative sector. Lim, who also recently stepped down as chairman of Temasek Holdings, led NTUC Enterprise since 2012/2013, overseeing its diverse businesses including Income Insurance and sectors like childcare and retail. His retirement was announced at an extraordinary general meeting on October 30, 2025, with Tan Hee Teck, a seasoned executive formerly of Resorts World Sentosa, succeeding him as chairman. Under Lim's leadership, NTUC Enterprise strengthened its social mission and community impact, but recent developments included the government's rejection of Allianz's $2.2 billion bid for a majority stake in Income Insurance, citing concerns over the deal structure and the insurer's social mission. The Singapore Parliament amended the Insurance Act to require regulatory approval processes consider the Ministry of Culture, Community and Youth's views for insurers linked to cooperatives, a move that influenced the withdrawal of Allianz's offer. Tan Hee Teck's appointment is anticipated to bring a new strategic focus potentially emphasizing innovation and digital transformation within NTUC Enterprise.