Life Insurance Corporation (LIC) on Monday said it has appointed R Doraiswamy as the managing director of the company, with effect from September 1, 2023.

Share Market Live

NSE

“R Doraiswamy Executive Director, (IT/SD), Life Insurance Corporation of India, Central Office, Mumbai, has been appointed as Managing Director, LIC of India with effect from the date of assumption of charge of Office on or after September 1, 2023 and up to the date of his superannuation (i.e.31.08.2026), or until further orders, whichever is earlier,” it said in a regulatory filing.

Earlier LIC appointed Sat Pal Bhanoo as the managing director of the company. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, had recommended the name of Sat Pal Bhanoo for the post of managing director of LIC.

Last week, LIC registered a multifold jump in standalone net profit at Rs 9,543.71 crore for the quarter ended June 30, 2023. It had posted a standalone profit of Rs 682.88 crore in the corresponding quarter last year.

On the other hand, the net premium income of LIC was almost flat at Rs 98,362.75 crore, compared to Rs 98,351.76 crore in the corresponding period of last year.

Sequentially, net profit declined 29 percent from Rs 13,428 crore reported in the March quarter. The net premium income dipped 25 percent quarter-on-quarter. The insurance behemoth's income from investments climbed 30 percent to Rs 90,309 crore in the quarter under review, compared with Rs 69,571 crore in the same quarter of last fiscal.

Other income of the insurance behemoth declined to Rs 75.54 crore in the quarter under review from Rs 160.09 crore in Q1FY23. Transfer of funds from shareholders’ accounts stood at Rs 1.48 crore during Q1 as against Rs 799 crore in the year-ago period.

(Edited by : Anshul)

First Published:Aug 14, 2023 3:13 PM IST