NEW DELHI: The government has appointed R. Doraiswamy as the Managing Director of the largest insurance company, Life Insurance Corporation of India. He is currently executive director at the central office in Mumbai. He has been appointed as managing director of LIC 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 August 31, 2026, or until further orders, whichever is earlier, the national insurer said in a regulatory filing.

The Financial Services Institutions Bureau (FSIB) had in June recommended the name of Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT).

Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India’s largest insurance company as well as the largest institutional investor with total assets under management worth Rs. 45.7 trillion as of March 2023. It is under the ownership of Government of India and administrative control of the Ministry of Finance.