In July 2025, the Government of India(GoI), based on the recommendation of the Financial Services Institutions Bureau (FSIB), has appointed R. Doraiswamy as the new Managing Director (MD) and Chief Executive Officer (CEO) of India’s largest life insurer, Life Insurance Corporation (LIC).
- His appointment is effective from July 15, 2025, and will continue until he attains the age of 62 years (August 28, 2028), or until further orders, whichever occurs earlier.
- He succeeds Sat Pal Bhanoo, who had taken over as interim CEO following the retirement of Siddhartha Mohanty, who officially resigned on June 30, 2024.
Key Highlights:
i.R.Doraiswamy became the first full-term MD & CEO under the new regulatory framework of the LIC Act, 1956 that merged the roles of chairman and MD into a single executive position.
ii.Prior to this, LIC operated under a structure where the roles of the Chairman and Managing Director(CMD) co-existed, with the chairman holding a higher authority.
About R.Doraiswamy:
i.R. Doraiswamy has over 38 years of experience at LIC, having joined the organization in 1986.
ii.His career spans various departments, including operations, marketing, pensions and group schemes, Information Technology (IT), and training.
ii.Before his elevation, he served as MD at the state-run insurer, where he was responsible for overseeing operations in LIC’s Southern Zone.
LIC ties up with AU SFB for bancassurance:
i.In July 2025, LIC has entered into a Corporate Agency agreement with AU Small Finance Bank(AU SFB), one of India’s leading small finance banks, to distribute its insurance products through the bank’s extensive network.
ii.Under this partnership, AU Small Finance Bank will offer LIC’s comprehensive range of life insurance products, including annuity plans, Unit-Linked Insurance Plan(ULIPs), term insurance, and savings-oriented policies, through its branch network and digital platforms.
About Life Insurance Corporation (LIC):
Headquarters – Mumbai, Maharashtra
Established – 1956
About AU Small Finance Bank(AU SFB):
AU SFB was originally established as a Non-Banking Financial Company (NBFC) under the name ‘AU Financiers’ in 1996.It was transitioned into a Small Finance Bank (SFB) and commenced operations as AU SFB on 19th April 2017.
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjay Aggarwal
Headquarters – Jaipur, Rajasthan
