After more than a decade leading NTUC Enterprise, founding Chairman Lim Boon Heng has stepped down, taking ultimate responsibility for the Income Insurance saga that made headlines earlier this year.
At NTUC Enterprise’s Extraordinary General Meeting (EGM) on 30 October, Mr Lim announced his retirement, acknowledging that while the proposed partnership with Allianz did not go through, every decision made was with the intent to protect policyholders and shareholders.
“It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition. Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility,” he said.
He also noted that strengthening Income’s financial foundation for the long term will take time and require sustained effort. Despite the setback, he urged the new leadership to continue exploring all strategic options to future-proof Income and to act in the best interests of stakeholders.
Mr Lim’s departure marks the end of an era for NTUC Enterprise. As he put it, while this chapter may have closed, the mission to serve working families and strengthen financial resilience continues.
Who is Lim Boon Heng
Lim Boon Heng, 77, has been a key figure in Singapore’s labour and political landscape for decades. Beyond his contributions to NTUC, he has also played major roles in government, the private sector, and national-level initiatives.
Before chairing NTUC Enterprise, Mr Lim served as NTUC Secretary-General from 1993 to 2006, where he strengthened tripartite relations between unions, employers, and the government. During his time in the Singapore Cabinet, he served as Minister in the Prime Minister’s Office and Second Minister for Trade and Industry, as well as Chairman of the People’s Action Party (PAP). He was known for championing workers’ welfare and advancing Singapore’s manpower and social policies during a period of rapid economic transformation.
The 77-year-old also recently stepped down from his position as chairman of Temasek Holdings Pte Ltd, a role he had held since 2013.
At NTUC Enterprise, Mr Lim oversaw the consolidation of NTUC’s various social enterprises, including FairPrice Group, NTUC First Campus, NTUC Health, Income Insurance, and NTUC LearningHub, under one holding entity in 2012. Under his leadership, the group’s revenue grew from $6.5 billion in 2014 to $8.2 billion in 2024, with a net asset value of $4.6 billion.
He also spearheaded digital transformation efforts, most notably in steering FairPrice Group to become Singapore’s leading omni-channel retailer with 1.75 million digitally connected customers. Beyond business growth, Mr Lim remained deeply committed to social causes. Over the past decade, NTUC Enterprise’s charities under his leadership contributed over $380 million to support union members and working families, including $70 million in community aid during the COVID-19 pandemic.
Earlier this year, he also oversaw the creation of the NTUC Enterprise Community Fund to further scale social impact across Singapore.
NTUC Secretary-General Ng Chee Meng described him as “a giant of the Labour Movement” and “a selfless leader whose entire career has been devoted to Singapore.”
Mr Lim will be succeeded by Mr Tan Hee Teck, who officially assumes the role of NTUC Enterprise Chairman on 31 October 2025.
