Ahead of its mega IPO launch, Life Insurance Corporation of India (LIC) announced on March 3 that it has appointed insurance veteran Sunil Agrawal as the new chief financial officer (CFO), Bloomberg reported. He has been appointed on a contractual basis starting March 2022.
LIC had advertised for the appointment of a CFO six months ago in September 2021. The public notice issued by the 65-year-old insurer had stated that the post would be contractual, with a three-year term or till the new LIC CFO reaches 63 years of age. It had further mentioned that the remuneration for the same would be Rs 75 lakh per annum.
Notably, this is the first time LIC has hired an outsider for a top finance position.
Sunil Agrawal’s previous stint was at Reliance Nippon Life Insurance, where he served as the CFO for more than 12 years till 2018. Before that, he had worked for ICICI Prudential Life Insurance for five years.
He replaced Shubhangi Sanjay Soman, who had so far been in charge of LIC’s Executive Director of Finance and Accounting – a post that been changed to CFO ahead of the corporation’s listing on the bourses.
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