Etiqa Insurance Singapore, wholly-owned by Malaysia’s Maybank Ageas Holdings, has appointed Raymond Ong Eng Siew as chief executive officer to succeed Sue Chi Kong, who retired in July.
Mr. Ong was until recently a senior executive at Singapore insurer Great Eastern Life Assurance Co Ltd. His appointment at Etiqa Insurance is effective October 16, the company says in a statement on October 12.
He reports to Kamaludin Ahmad, CEO of Maybank Ageas, which is 69% owned by Malaysia’s largest lender Malayan Banking Group, and 31% by Belgian insurer Ageas SA.
Mr. Ong was group chief risk officer of Great Eastern Life from January 2017 to October 2020, and chief financial officer of its Malaysian unit, Great Eastern Life Assurance Malaysia, for more than five years before that.
“The board was unanimous in endorsing his appointment. Raymond’s deep experience in the regional and local insurance market and track record of strategic leadership will be an invaluable addition to the business,” Mr. Kamaludin says in the statement.
Yip Kim Chee, the company’s chief risk officer, had been interim CEO since Mr. Sue retired on July 31 after 14 years with the Etiqa Group.
Etiqa Insurance Singapore had S$1.35 billion (US$993.74 million) of assets as of end-2019.
