LIC's Leadership Shuffle: R Doraiswamy Steps Up As New Managing Director

On Monday, Life Insurance Corporation (LIC) named R Doraiswamy as its new managing director, effective from September 1, 2023.

What Happened? R Doraiswamy, previously the Executive Director (IT/SD) at LIC’s Central Office in Mumbai, will take over from Mini Ipe. He will serve in this role until his retirement on August 31, 2026, or until the company issues further orders.

The Financial Services Institutions Bureau (FSIB), responsible for selecting directors for state-owned banks and financial institutions, had suggested Doraiswamy for the LIC managing director role in July.

LIC Q1 Performance: LIC reported a significant profit increase for the quarter ending June 2023, recording ₹9,635 crore. This marks a staggering 1498.4% rise from the ₹602.79 crore profit in the same quarter of FY23.

The company’s net premium income slightly decreased to ₹98,755.22 crore from ₹98,805.25 crore in the first quarter of FY23. Additionally, LIC improved its gross non-performing asset (GNPA) ratio, bringing it down to 2.48% from 5.84% the previous year. The company maintained a net NPA of zero, consistent with the prior year.

Read next: Chandigarh Man Takes Google, Flipkart To Court Over Faulty Pixel Phone And Wins