The Financial Services Institutions Bureau (FSIB) has recommended R Doraiswamy, a seasoned executive with over 38 years of experience at the Life Insurance Corporation of India (LIC), for the post of Managing Director (MD) and Chief Executive Officer (CEO) of the company. The recommendation is significant as LIC is India’s largest life insurance company, with assets under management (AUM) of over ₹45 lakh crore. The final decision now rests with the Appointments Committee of the Cabinet, which will give the official approval.
Doraiswamy’s extensive experience in operations, marketing, technology, and academics makes him a strong candidate for the role. He has worked across multiple verticals, including operations, marketing and sales, technology implementation, and academic and training roles. As MD and CEO of LIC, he will be responsible for overseeing domestic and global expansion, digital transformation, customer acquisition, and market confidence.
The selection process involved the FSIB interviewing four senior LIC officials on June 11, 2025. The assessment criteria included past performance, leadership qualities, strategic vision for LIC’s future, and experience in key insurance and financial domains. The FSIB’s recommendation is based on Doraiswamy’s performance, experience, and eligibility parameters.
The post of MD and CEO of LIC has gained attention due to its strategic importance amid the company’s ongoing leadership restructuring. LIC has been under increased scrutiny post-IPO in 2022 and its growing role in India’s financial ecosystem. The new CEO and MD will play a crucial role in shaping the company’s future and navigating the challenges and opportunities in the insurance industry.
The FSIB is the government’s top headhunting agency for public sector financial institutions, responsible for evaluating and recommending suitable candidates for top leadership roles in public sector banks, insurers, and financial institutions. The Appointments Committee of the Cabinet, headed by the Prime Minister, will make the final decision on Doraiswamy’s appointment. With his extensive experience and expertise, Doraiswamy is well-positioned to lead LIC and drive its growth and success in the years to come.