Life Insurance Corporation (LIC) on Monday announced that it has appointed R Doraiswamy as the managing director of the company, with effect from September 1, 2023. “R Doraiswamy Executive Director, (IT/SD), Life Insurance Corporation of India, Central Office, Mumbai, has been appointed as Managing Director, LIC of India vice Ipe Mini with effect from the date of assumption of charge of Office on or after 01st September 2023 and upto the date of his superannuation (i.e.31.08.2026), or until further orders, whichever is earlier,” it said in a regulatory filing.
Earlier LIC had appointed Sat Pal Bhanoo as the managing director of the company. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, had recommended the name of Sat Pal Bhanoo for the post of managing director of LIC.
In August, LIC had posted a multi-fold surge in profit for the quarter ended June 2023 at Rs 9634.98 crore, on higher income on investments. The profit during the period was up 1498.4 per cent in comparison to Rs 602.79 crore during the corresponding quarter of FY23. It recorded a net premium income of Rs 98,755.22 crore as against Rs 98,805.25 crore during the first quarter of FY23. The gross non-performing asset (GNPA) for the quarter stood at 2.48 per cent as against 5.84 per cent during a year-ago period. Its net NPA was nil, same as last year.