LIC Ushers in New Era: R Doraiswamy Becomes First Full-Term CEO & MD Under Revamped Governance

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The Indian government has appointed R Doraiswamy as the new Managing Director and Chief Executive Officer of Life Insurance Corporation of India (LIC) in a significant overhaul of the insurer's leadership equation.

Major Developments

Doraiswamy succeeds for a complete three-year term or until he turns 62 years on August 28, 2028, whichever occurs first
He is chosen following recommendation by the Financial Services Institutions Bureau and vetting by the Appointments Committee of the Cabinet
He replaces acting CEO Sat Pal Bhanoo, who assumed the position since June 8, 2025, after Siddhartha Mohanty's term had elapsed

Strategic Significance

Doraiswamy is the first full-term CEO & MD in the revised LIC Act, which consolidated the Chairman and Managing Director into a single executive post
This overhaul of governance makes LIC's leadership model conform to SEBI regulations governing listed entities after it went public in 2022

Professional History

LIC's 17th batch direct recruit officer, Doraiswamy, has over 39 years of operations, marketing, technology, pensions, and insurance education experience
He has served as Executive Director (IT & Software Development), Regional Manager (Marketing and Pensions), and Senior Divisional Manager in different regions
He is professionally qualified with a Master of Mathematics degree from Madurai Kamaraj University and a Fellow of the Insurance Institute of India

Implications for LIC

Doraiswamy's appointment will give LIC's management continuity and strategic direction during continued digital evolution and market growth
His term starts with LIC maintaining a leadership position in the life insurance market with a market share of more than 63 percent and an expanding premium base

Source: Times of India, Moneycontrol, Business Standard, Fortune India, The Hindu Business Line, CNBC TV18, Business Today