General Insurance Corporation of India (GIC Re) announced a key leadership change at the Chief Financial Officer level, following a Board of Directors meeting held on May 15, 2026. The Board accepted the resignation of Mr. V. Balkrishna, General Manager, from the post of Chief Financial Officer (CFO) and Key Managerial Person of the Corporation. Mr. V. Balkrishna's departure was attributed to his retirement availed under the Voluntary Retirement Scheme of the Corporation.

CFO Transition Details

The Board meeting, which commenced at 5:15 p.m. (IST) and concluded at 6:17 p.m. (IST), also approved the appointment of Mr. Rajesh Laheri, Deputy General Manager, as the new Chief Financial Officer (CFO) and Key Managerial Person of the Corporation in place of Mr. V. Balkrishna. The appointment is effective from the date of Mr. Rajesh Laheri taking charge, and the exact date of his assuming the role is to be intimated in due course.

The key details of the transition are summarised below:

Profile of Incoming CFO Mr. Rajesh Laheri

Mr. Rajesh Laheri brings extensive experience within GIC Re, having joined the organisation in April 1998 as a Direct Recruit officer. His academic and professional credentials reflect a strong foundation across finance, accounting, and insurance disciplines.

His qualifications and professional memberships include:

• Associate Member of the Institute of Chartered Accountants of India
• Final Pass of the Institute of Company Secretaries of India
• Final Pass of the Institute of Cost and Works Accountants of India
• Fellow Member of the Insurance Institute of India

Over the course of his career at GIC Re, Mr. Laheri has been involved in a range of functions including preparation of Final Accounts and Property Reinsurance. He was also posted to GIC Re's London branch for six years, where he handled Finance, IT, and other functions. At the time of his appointment as CFO, he was heading the General Accounts and Taxation Department of the Corporation.

Regulatory Disclosure

The disclosure was made under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The brief profile of Mr. Rajesh Laheri was annexed as per SEBI Master Circular no HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026. The communication was signed by Mr. Satheesh Kumar, Company Secretary and Compliance Officer of General Insurance Corporation of India.

General Insurance Corporation of India has announced the extension of additional charge of the post of Chairman-cum-Managing Director (CMD) to Shri Hitesh Ramesh Chandra Joshi, Executive Director, GIC Re. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, vide reference no. GIC-HO/BOARD/SE-DIR-1/33/2026-27 dated 6th May 2026.

Extension of CMD Charge

The Ministry of Finance, vide letter no. eF.No. A-1101/05/2025-I dated 6th May 2026, conveyed that the Competent Authority has approved the extension of additional charge of the post of CMD to Shri Hitesh Ramesh Chandra Joshi for a period of three months with effect from 1st April 2026. The arrangement will continue until the assumption of charge by the regular incumbent or until further orders, whichever is the earliest. This development is in continuation of the corporation's earlier communication ref. no. GIC-HO/BOARD/SE-DIR-8/306/2025-26 dated 7th January 2026.

The key details of the appointment extension are summarised below:

Profile of Shri Hitesh Ramesh Chandra Joshi

Shri Hitesh Ramesh Chandra Joshi brings extensive academic credentials and professional experience to his role. He is a post-graduate in Accountancy from Mumbai University and holds a master's degree in financial management from the Jamnalal Bajaj Institute of Management Studies. He is also a Fellow of the Insurance Institute of India.

Over the course of his career at the corporation, Shri Joshi has undertaken a diverse range of assignments across all key functions, including:

• Reinsurance (both domestic and international inward business)
• Retrocession
• Finance
• Enterprise Risk Management
• Budgetary control and strategic planning
• Internal audit
• Credit rating and investor relations
• Executive Assistant to the Chairman and Managing Director of the Corporation

In his capacity as Executive Director, Shri Joshi has overseen multiple operational and administrative areas, including:

• Human Resource Management
• International Business Operations
• Information Technology
• Vigilance Compliance
• Claims Vertical
• Audit & Compliance (Internal & CAG)
• Budgeting and Right to Information
• Grievance Redressal & Complaints
• Legal, Mergers & Acquisitions
• Digital Team and Business Intelligence Unit (BIU)
• Actuary and Office Support Services

The disclosure was signed by Satheesh Kumar, Company Secretary & Compliance Officer of General Insurance Corporation of India, on 6th May 2026.