The Life Insurance Corporation (LIC) of India has appointed Mr. Sunil Agrawal as the Chief Financial Officer (CFO) of the company.
Mr. Sunil Agarwal replaced Ms. Shubhangi Sanjay Soman, the former CFO of the LIC, India. Highlighting the career graph of Mr. Sunil Agarwal, prior to LIC, he was the CFO of the Reliance Nippon Life Insurance (till 2018) and was also associated with ICICI Prudential Life Insurance for five years.
According to sources, this is the first time in the history of the LIC that an outsider has been appointed as the CFO of the company. It is to be noted, the company in September 2021 invited applications for the CFO post with requirements like experience as CFO, attaining an early age of 63 years old for the contractual basis post. Matching the requirements, Mr. Sunil Agarwal has been appointed for a tenure of three years, at a remuneration of Rs. 75 lakh per annum.
Besides, the appointment of the new LIC CFO came ahead of the expected mega Initial Public Offerings (IPO,) in March 2022. Recently the insurance company decided to go public in March. However, due to the ongoing Russian invasion of Ukraine conflict, the mega IPO might get delayed.
The final announcement regarding the mega IPO would be made by the Government of India soon.
Stay tuned for further updates.
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