As LIC decided to go for a change of guard, a curiosity was generated. Yesterday, it formally announced that its managing director V K Sharma has taken additional charge as chairman, replacing S K Roy who was relieved of his duties. Sharma has been serving as the managing director of the country’s largest life insurance company, since November 2013. He joined the body as a direct recruit officer in 1981. Notably, Sharma served as Chief Executive Officer of the Corporation from December 1, 2010 to March 18, 2013. Having a vast experience in the finance sector, Sharma possessed a CV with enviable credentials. Throughout the career spanning almost three decades, Sharma held several important positions in all the Zones of LIC of India in both administration and marketing areas.
He served as a Director of Life Insurance Corporation of India until August 13, 2012. Sharma served as Whole Time Executive Director at LIC Housing Finance Ltd from March 19, 2013 to November 2013 and its Director from December 1, 2010 to March 19, 2013.
Apart from this, he also served as Managing Director of Amtek India Ltd. until December 2, 2009. Earlier, he served as an Executive Director of P&GS at Life Insurance Corporation of India (LIC) from 2007 to 2009. He served as Zonal Manager of the South Zone of LIC of India. He serves as a Director of Life Insurance Corporation of India and Infrastructure Leasing & Financial Services Limited. Mr. Sharma has been an Independent Non-Executive Additional Director of ICICI Bank Ltd. since March 6, 2014.
He has been an Independent Director at ACC Limited since February 6, 2014. He served as a Director of Hindustan Motors Ltd. from October 26, 2009 to August 13, 2012. He served as an Additional Director of The Tata Power Company Limited from May 19, 2015 to July 01, 2015. He served as a Director of ECE Industries Limited from December 19, 2008 to July 06, 2009. He served as a Director of ECE Industries Ltd. from December 19, 2008 to July 6, 2009.
LIC, which is celebrating Diamond Jubilee, is the largest financial institution with over Rs 22.10 lakh crore in assets, which is over 15 percent of India’s GDP of Rs 134 lakh crore. With a profit of around Rs 40,000 crore last fiscal year, LIC is the most profitable entity in the country, next only to the Reserve Bank of India, which transferred Rs 66,000 crore of its surplus profit to the government in the past fiscal year.
Net income of Reliance Industries, the most profitable private sector corporate, is not even 60 percent of the Corporation. It is one of the few profitable Union Government enterprises that is still not a publicly-traded entity. The financial powerhouse has offices in 11 countries, including Britain, Oman, Bahrain, Saudi Arabia and Kenya.