In a significant development in India’s financial sector, R Doraiswamy has officially been appointed as the Chief Executive Officer and Managing Director (CEO & MD) of Life Insurance Corporation of India (LIC), the country’s largest life insurance company. The appointment, formalised through a government notification issued by the Department of Financial Services, follows the completion of Siddhartha Mohanty’s tenure on June 7, 2025.
Doraiswamy’s appointment marks a key shift in LIC’s leadership structure, which now operates under a single-leadership model introduced through amendments to the LIC Act via the Finance Act of 2021. This new framework aligns with the Securities and Exchange Board of India (SEBI) regulations for listed entities, moving away from the earlier dual-leadership format of chairman and multiple managing directors.
Having served as Managing Director of LIC since September 2023, Doraiswamy brings with him over 37 years of experience in areas such as operations, marketing, technology, and academics. His career within the organisation has seen him hold various strategic positions. An alumnus of Madurai Kamaraj University, he holds a degree in Mathematics and is a fellow of the Insurance Institute of India. He is also a student member of the Institute of Actuaries of India.
As per the official notification, Doraiswamy will serve a term of three years from the date of assuming charge, or until he reaches the age of 62 (August 28, 2028), or until further government orders — whichever is earlier. He is the first executive to be appointed to the consolidated role of CEO & MD for a full term.
His appointment was recommended by the Financial Services Institutions Bureau (FSIB), which assessed several eligible candidates before forwarding his name to the government for final approval. LIC’s stock exchange filing noted that Sat Pal Bhanoo, another Managing Director, would cease to hold the powers and responsibilities associated with the CEO & MD position effective July 14, 2025, following Doraiswamy’s assumption of charge.
Mr. Bhat, a seasoned banking professional with nearly four decades of experience at Karnataka Bank, previously served as Chief Operating Officer. His appointment was warmly welcomed by the bank’s Chairman, P. Pradeep Kumar, who expressed confidence in Bhat’s ability to steer the bank toward sustained growth.
In his statement, Bhat expressed gratitude and optimism, stating that he looks forward to strengthening the bank’s legacy of trust and delivering continued value to customers and stakeholders.
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter, Instagram.
"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!
