R Doraiswamy takes over as LIC's new CEO and MD
Doraiswamy’s appointment is approved by the Appointments Committee of the Cabinet and notified by the Department of Financial Services, follows the conclusion of Siddhartha Mohanty’s tenure in June, and the interim stewardship of MD Sat Pal Bhanoo.
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Life Insurance Corporation of India (LIC) has officially appointed R Doraiswamy as its new CEO and Managing Director. This marks a significant leadership transition at a time when the state-owned behemoth is navigating post-IPO reforms, regulatory scrutiny and growing competition in the insurance space.
Doraiswamy’s appointment is approved by the Appointments Committee of the Cabinet and notified by the Department of Financial Services, follows the conclusion of Siddhartha Mohanty’s tenure in June, and the interim stewardship of MD Sat Pal Bhanoo.
With a three-year term or until age 62 (whichever comes earlier), Doraiswamy takes charge at a crucial juncture.
LIC, once the unquestioned dominant player in Indian life insurance, now faces growing challenges from agile private sector players, shifting consumer behavior, and increasing expectations from public shareholders after its 2022 IPO.
A mathematics graduate from Madurai Kamaraj University, Doraiswamy is a Fellow of the Insurance Institute of India and a student member of the Institute of Actuaries of India.
The Financial Services Institutions Bureau (FSIB) had recommended Doraiswamy for the top role in June, affirming the government’s push for a smooth, technically strong, and credible leadership pipeline within LIC. His elevation from within also signals an emphasis on continuity and deep domain experience at a time when LIC is expected to modernize its operations and improve shareholder returns.
LIC continues to operate under a 5-member leadership structure, four Managing Directors and one CEO.
