Liberty Mutual Insurance Group has appointed Jimmy Tong (pictured) as chief executive officer for its Singapore operations, effective April 27, subject to regulatory approval. He will be based in Singapore and report to Matthew Jackson, president of Asia-Pacific. In the new role, Tong will be responsible for Liberty’s Singapore insurance operations across retail, SME, and corporate segments, including general insurance and reinsurance written out of the city-state.
Tong moves to Liberty from Great Eastern, where he spent the past 10 years overseeing the insurer’s general and group insurance businesses in Singapore. Prior to that, he held leadership roles for about 15 years at United Overseas Bank, giving him experience on both the banking and insurance sides of the financial sector. At Liberty, Tong will lead the Singapore legal entity and sit within the regional structure for Asia-Pacific, reporting directly to Jackson.
“In Asia-Pacific, our goal this year is to operate as one Liberty in each market – creating a simpler, stronger organisation for our customers and partners. The completion of the Singapore company transfer, together with securing Jimmy to lead the business, represents a strong start to the year,” Jackson said. From Liberty’s office at One Raffles Quay, Tong’s responsibilities will span personal lines, commercial lines, and specialty business, as well as reinsurance solutions for larger corporate and public-sector risks.
Tong’s appointment follows Liberty Mutual’s integration of its two Singapore entities under a single insurance licence effective Jan. 1. Liberty Insurance’s general insurance portfolio has been transferred to Liberty Specialty Markets (LSM), which is expected to operate under the “Liberty” brand in the Singapore market. The consolidated operation continues to underwrite personal, SME, and corporate risks, offering property, liability, motor, medical, and specialty coverages. It also writes business for large construction projects, complex corporate accounts, and government-related programs. As part of the leadership reshuffle associated with the integration, former Liberty Insurance CEO Yasar Fistikci has become chief product officer for Singapore, with responsibility for product and portfolio oversight. Nicole Lim, CEO of Liberty Specialty Markets in Singapore, has decided to leave the company and is expected to depart at the end of April.
The management change in Singapore comes against a backdrop of improved financial results at the group level. Liberty Mutual Holding Company Inc. and its subsidiaries reported net income attributable to the company of US$2.223 billion for the third quarter of 2025 and US$5.093 billion for the nine months ended Sept. 30, 2025. That compares with $892 million and $3.144 billion, respectively, for the same periods in 2024. Liberty Mutual says it operates in 28 countries and economies and employs more than 40,000 people worldwide. The group reports more than US$50 billion in annual consolidated revenue and ranks among the largest global property and casualty insurers by premium.
The changes in Liberty’s Singapore leadership and operating structure coincide with projections for expansion in the local general insurance market. According to GlobalData, Singapore’s general insurance sector is forecast to reach SG$8.6 billion (US$6.5 billion) in gross written premiums by 2030. The market is expected to grow at a compound annual growth rate of 6.3% between 2026 and 2030, from an estimated SG$6.7 billion (US$5.1 billion) in 2026. Data from GlobalData’s Global Insurance Database indicates gross written premiums are likely to increase by 6.7% in 2025. Personal accident and health, motor, property, and liability insurance are projected to contribute more than 80% of sector gross written premiums in 2025. GlobalData links the expected growth to economic expansion, rising health insurance demand, higher motor premiums, and stable property values.
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“Motor insurance premiums are expected to rise due to elevated claims costs. While medical inflation, an aging population, and the launch of new products such as embedded health insurance plans and youth-focused accident cover will boost PA&H demand, resilient property prices and ongoing infrastructure investment will keep the growth of property insurance upward during 2026–2030,” Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said. For Liberty’s Singapore business under Tong’s leadership, the combination of a unified licence structure, revised local management, and a growing general insurance market is expected to inform decisions on underwriting focus, product development, and distribution across personal and commercial lines in the coming years.
