LIC Chief resigns two years before his term comes to an end: Sources

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Mumbai | Published: June 23, 2016 1:48:12 PM

S.K. Roy, the head of India's state-run Life Insurance Corp, the biggest single investor in the country, has tendered his resignation two years before his term was due to end, two sources with direct knowledge said on Thursday.

SK RoyS.K. Roy is the head of India’s state-run Life Insurance Corp, the biggest single investor in the country. (Reuters)

S.K. Roy, the head of India’s state-run Life Insurance Corp, the biggest single investor in the country, has tendered his resignation two years before his term was due to end, two sources with direct knowledge said on Thursday.

Roy has written to the finance ministry but his resignation is yet to be confirmed, said a senior executive at the insurer, as also a senior government official. Both sources declined to be named because they are not authorized to speak to the media.

The sources did not know the reasons for the resignation.

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Roy and an LIC spokesman could not be immediately reached for comment.

Roy had been with the insurer more than three decades after rising through the ranks to be appointed chairman in 2013.

Under his leadership, LIC has stuck to its traditionally cautious investment approach. The state-run insurer is the largest singe investor in stocks in India and holds close to 18 trillion rupees ($267.25 billion) in assets.

Roy also has been head of LIC at a time of rising competition from private insurers.

Roy’s resignation was earlier reported by local media.

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