R Doraiswamy takes charge as LIC's MD & CEO for a three-year term

R Doraiswamy, a LIC veteran with over 39 years' experience, has been appointed MD & CEO for three years as the insurer sees a major reshuffle in its top management

R Doraiswamy on Monday took charge as the Managing Director (MD) & Chief Executive Officer (CEO) of Life Insurance Corporation of India (LIC) for a period of three years.

 

The Ministry of Finance appointed Doraiswamy as MD & CEO of the insurer for three years from the date of assumption of charge or until he attains the age of 62 years, whichever is earlier.

 

The Government of India, in its notification, said: “...has appointed Shri R Doraiswamy, Managing Director, Life Insurance Corporation of India (‘the Corporation’), as Chief Executive Officer and Managing Director (CEO & MD) of the Corporation, for a period of three years from the date of assumption of charge or till the date of his attaining the age of 62 years (i.e. August 28, 2028), or until further orders, whichever is the earliest.”

 

 

LIC’s top management comprises four MDs, apart from the MD & CEO. Prior to assuming charge as MD & CEO, Doraiswamy was one of the MDs. Siddhartha Mohanty demitted office upon completing his tenure as MD & CEO on 7 June 2025, and the government had entrusted Sat Pal Bhanoo, one of the MDs, with additional responsibilities of MD & CEO for three months, or until a regular incumbent assumed charge, or until further orders, whichever was earlier. 

 

“Consequent to his (Doraiswamy’s) taking over charge as MD & CEO, Sat Pal Bhanoo, Managing Director of the Corporation, ceases to hold the financial and administrative powers and functions of the CEO & MD w.e.f. July 14, 2025,” the life insurer informed the exchanges.

 

The insurance giant is undergoing a major reshuffle at the top, with two new MDs—Dinesh Pant and Ratnakar Patnaik—taking charge on 1 June 2025, following the retirement of M Jagannathan and Tablesh Pandey. Pant has a tenure until May 2027, while Patnaik has been appointed until March 2028.

 

Doraiswamy is a Direct Recruit Officer of the 17th batch with over 39 years of experience in operations, marketing, technology, and academics.

 

As MD, he headed marketing through bancassurance, group business, customer relations, finance, compliance functions, and more. He has held various leadership roles within the organisation, including Executive Director (Information Technology/Software Development), Regional Manager (Marketing/Chief Life Insurance Advisor), Regional Manager (Pension & Group Schemes) at the Southern Zonal Office, Chennai, Senior Divisional Manager of the Kottayam Division, and Marketing Manager of the Chennai-I, Thanjavur, and Pune divisions. 

 

He spearheaded the modernisation of LIC’s IT infrastructure and business applications in the Individual Business segment as Chief & Executive Director. During his stint as Regional Manager, he achieved significant growth and productivity in group insurance marketing in the Southern Zone.

 

Doraiswamy is a graduate in Mathematics from Madurai Kamaraj University, a Fellow of the Insurance Institute of India, and a student member of the Institute of Actuaries of India.

 

LIC is the largest life insurer in the country, with nearly 63 per cent market share. According to data released by the Life Insurance Council, the new business premium (NBP) of life insurers increased to ₹93,544.54 crore in Q1 FY26 from ₹89,726.7 crore in Q1 FY25. LIC posted a 3.43 per cent growth in premium during the period at ₹59,410.68 crore.