Life Insurance Corporation of India (NSE:LICI) announced on July 28, 2026, that its board of directors has approved the appointments of two key managerial personnel. Shri Varadarajan Muthuvenkataraman has been appointed as Chief Risk Officer, a new designation added to his existing role of Executive Director (Enterprise Risk Management), effective from the same date. Shri Shatmanyu Shrivastava has been appointed as Chief Financial Officer while continuing as Executive Director (Finance & Accounts).
Key Highlights
- Shri Varadarajan Muthuvenkataraman appointed Chief Risk Officer in addition to his Executive Director role, effective July 28, 2026, with tenure until superannuation or further order.
- Shri Shatmanyu Shrivastava appointed Chief Financial Officer alongside his Executive Director (Finance & Accounts) position, effective the same date and under identical tenure terms.
- Both appointments were approved by the board on the recommendation of the Nomination & Remuneration Committee pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
- Shri Muthuvenkataraman has served LICI for over three decades since joining in 1992 and held positions including branch manager, divisional manager, and manager at the Singapore subsidiary.
- Shri Shrivastava is a fellow of the Institute of Chartered Accountants of India and the Insurance Institute of India, with experience across all organizational tiers of the corporation since 1990.
- The board meeting commenced at 11:15 a.m. IST and concluded at 1:25 p.m. IST on July 28, 2026, in accordance with corporate governance procedures.
About the Company
Life Insurance Corporation of India (NSE:LICI) is a state-owned life insurance company headquartered in Mumbai. The corporation operates through an extensive network of branch offices, divisional offices, zonal offices, and a central office, serving policyholders across India and internationally. LICI operates a wholly owned subsidiary, Life Insurance Corporation (Singapore) Pte Ltd., extending its presence to international markets. The company offers life insurance products and services including traditional plans, pension schemes, and group insurance products. LICI is listed on the National Stock Exchange (NSE) with the ticker LICI and on the Bombay Stock Exchange (BSE) with scrip code 543526. The corporation is regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and is subject to compliance requirements under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
Announcement in Detail
The board of directors of Life Insurance Corporation of India, meeting on July 28, 2026, approved the appointment of Shri Varadarajan Muthuvenkataraman as Chief Risk Officer effective from the same date. This represents a formal designation addition to his position as Executive Director (Enterprise Risk Management), reflecting an expansion of his responsibilities within the risk management function. The appointment is valid until the date of his superannuation or until further order by the board, whichever occurs earlier. This dual designation structure brings together the operational leadership of enterprise risk management with the formal title of Chief Risk Officer, a standard practice in large financial institutions.
Simultaneously, the board approved the appointment of Shri Shatmanyu Shrivastava as Chief Financial Officer, effective July 28, 2026. Shrivastava continues in his concurrent position as Executive Director (Finance & Accounts), similar to the structure applied to Muthuvenkataraman's dual role. Shrivastava's appointment as CFO is valid under the same tenure framework: until superannuation or until further board order. Both appointments were considered and approved on the formal recommendation of the Nomination & Remuneration Committee, a mandatory requirement for key managerial personnel changes under SEBI Listing Regulations. The appointments were disclosed to both the BSE and NSE in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and are available on LICI's official website.
Impact on Investors
The appointments of Muthuvenkataraman and Shrivastava as Chief Risk Officer and Chief Financial Officer respectively represent a formalisation of their existing leadership roles rather than a departure from current operational structures. Investors will note that both individuals have been serving in executive director capacities and bring extensive tenure within LICI. Muthuvenkataraman joined the corporation in 1992, accumulating over three decades of experience across administrative and marketing functions, branch management, regional leadership, and international operations. Shrivastava has been with LICI since 1990, working across all organizational tiers and serving as the senior finance lead during the corporation's post-IPO account closing process. The additions of formal Chief Risk Officer and Chief Financial Officer titles do not alter shareholding structures or voting rights of existing investors.
The disclosed profiles indicate that both appointees possess relevant professional qualifications for their roles. Muthuvenkataraman holds a Bachelor of Science degree in Chemistry and is a Fellow of the Insurance Institute of India, supplemented by a Post Graduate Executive Programme credential from IIM Ahmedabad. Shrivastava is a Fellow of the Institute of Chartered Accountants of India and a Fellow of the Insurance Institute of India, and is actively pursuing Actuarial studies with seven examination papers completed. From a governance perspective, the appointments signal continuity in risk and finance leadership rather than structural disruption. Investors should note that the tenure of both appointments extends only until superannuation or further board order, allowing the board flexibility in succession planning as required.
Sector / Market Context
Life insurance corporations in India operate under a dual regulatory framework encompassing the Insurance Regulatory and Development Authority of India (IRDAI), which oversees insurance business conduct and solvency, and the Securities and Exchange Board of India (SEBI), which governs listed insurance companies through the Listing Obligations and Disclosure Requirements Regulations. The formalisation of Chief Risk Officer and Chief Financial Officer roles reflects global best practice in financial services governance, particularly following regulatory emphasis on enterprise risk management and financial reporting accuracy. LICI, as a listed public sector undertaking, is subject to stringent compliance requirements across IRDAI regulations, SEBI listing norms, and government audit procedures. The appointment of dedicated KMPs in these critical functions supports the corporation's obligation to maintain strong internal control systems and transparent financial disclosure practices as mandated for listed entities.