Centre appoints R Doraiswamy as LIC Managing Director
Centre appoints R Doraiswamy as LIC Managing Director: Government of India had appointed R. Doraiswamy as the Life Insurance Corporation of India (LIC) managing director. He is currently executive director at the central office in Mumbai. He has been appointed as LIC’s managing director in place of Mini Ipe, with effect from the date of his assumption of office on or after September 1, 2023, and continuing until his superannuation on August 31, 2026, or until further orders, whichever is earlier, according to a regulatory filing by the national insurer.
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The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, had in June recommended the name of Mr. Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT). Other members of the headhunter are the Secretary, Department of Financial Services; Secretary, Department of Public Enterprises; IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan, and former Oriental Insurance managing director A.V. Girija Kumar.
About the Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India’s largest insurance firm as well as the country’s largest institutional investor, with $45.7 trillion (US$570 billion) in assets under administration as of March 2023. It is owned by the Government of India and is administered by the Ministry of Finance.
The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged together.[4][5]
LIC reported 290 million policyholders as of 2019, a total life fund of 28.3 trillion, and a total value of sold policies of 21.4 million in the fiscal year 2018-19. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (equivalent to ₹8.2 trillion or US$100 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$580 million in 2023).