MR Kumar has been re-appointed as the chairman of Life Insurance Corporation (LIC) till March 13, 2022.
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Kumar’s reappointment is crucial as the state-owned insurer is eying an IPO (Initial Public Offering) in the current fiscal year.
LIC is India’s 2nd-largest financial services institution with a Rs 31 lakh crore balance sheet, next to the country’s largest bank, State Bank of India (SBI), which has assets of Rs 39.51 lakh crore.
LIC earned Rs 57,958 crore first-year premium and Rs 1,20,317 crore single premium in FY20. Renewal premiums were Rs 2,01,113 crore.
These figures (including investment income) gave it net revenues of Rs 6.15 lakh crore. RIL reported Rs 3.65 lakh crore revenues in FY20. This shows the enormity of the task before LIC’s valuers.
About LIC
- Chairperson: M R Kumar
- MD and CEO: Siddhartha Mohanty
- Headquarters: Mumbai
- Founded: 1 September 1956
