Overview
- The co-operative confirmed the retirement at an Oct 30 extraordinary general meeting, electing Tan Hee Teck as chairman effective Oct 31, 2025.
- Lim told the meeting he takes ultimate responsibility for the withdrawn Allianz-Income deal and said an external legal review found NTUC Enterprise acted in accordance with applicable laws, while acknowledging communication could have been clearer.
- Allianz’s proposed S$2.2 billion purchase of a 51% stake in Income unraveled after concerns including a planned S$1.85 billion capital reduction, and Parliament later amended the Insurance Act to require MAS to consider MCCY’s views for insurers linked to co-operatives.
- Tan, a former leader at Resorts World Sentosa and Genting Singapore who holds several public-sector appointments, signalled a focus on the next phase of growth informed by lessons from the episode.
- Under Lim’s tenure, NTUC Enterprise reported revenue rising from S$6.5 billion in 2014 to S$8.2 billion in 2024 and a net asset value of S$4.6 billion, with the board now set to weigh options to future‑proof Income.