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Mahesh

19/08/23 07:02 AM IST

Centre appoints R Doraiswamy as LIC Managing Director

In News
  • Centre has appointed R Doraiswamy, Executive Director, Life Insurance Corporation of India (LIC) as Managing Director of the insurance behemoth.
About R Doraiswamy
  • Doraiswamy will replace Ipe Mini, who is currently an MD of LIC and is due to superannuate at the end of this month.
  • Doraiswamy has been appointed from the date of assumption of charge of office on or after September 1, 2023 and upto the date of his superannuation (August 31, 2026) or until further orders, whichever is earlier, according to the government order.
  • The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, had in June this year recommended the name of Doraiswamy as Managing Director of LIC.
About 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 company as well as the largest institutional investor with total assets under management worth ₹45.7 trillion (US$570 billion) as of March 2023.
  • It is under the ownership of Government of India and administrative control of 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.
  • LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value of sold policies in the year 2018–19 of ₹21.4 million.
  • 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).
Source- Business Standard

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