R Doraiswamy appointed new CEO & MD of LIC
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The government of India has appointed R Doraiswamy as the new Chief Executive Officer & Managing Director (CEO & MD) of the Life Insurance Corporation of India, the biggest life insurance company in India.
A government notification said Doraiswamy has been appointed for three years from the date of assumption of charge, or till he attains the age of 62 years (August 28, 2028), or until further orders, whichever is the earliest. With this, Doraiswamy will become the first executive of LIC to hold the combined CEO & MD position for a full term.
Before this, he was working as the Managing Director of LIC.
Doraiswamy graduated from Madurai Kamaraj University. He is also a fellow member of the Insurance Institute of India. The final approval from the government comes after the Financial Services Institutions Bureau (FSIB), after assessing several candidates, forwarded Doraiswamy's name for the MD and CEO post last month.
"Consequent to the taking over charge by R Doraiswamy as CEO & MD of the Corporation, Sat Pal Bhanoo, Managing Director of the Corporation, ceases to hold the financial and administrative powers and functions of the CEO & MD with effect from July 14, 2025,” an LIC exchange filing said.
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Last year in June, LIC re-designated Chairman Siddhartha Mohanty as the CEO and MD. However, his tenure as MD & CEO lasted just over 11 months and ended on June 7, 2025.
Notably, the insurance behemoth earlier operated under a dual-leadership format under which it had a chairman and multiple MDs.
However, the government brought a new governance model, which was introduced via the amended LIC Act through a 2021 amendment under the Finance Act. The new framework aligns with SEBI norms for listed entities.