The Life Insurance Corporation of India Board of Directors appointed Varadarajan Muthuvenkataraman as Chief Risk Officer and Shatmanyu Shrivastava as Chief Financial Officer during its meeting held on July 28, 2026. The appointments, recommended by the Nomination & Remuneration Committee, designate both executives as Key Managerial Personnel (KMPs) effective July 28, 2026. Their terms continue until the date of superannuation or till further order, whichever is earlier.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 11:15 a.m. (IST) and concluded at 1:25 p.m. (IST) on July 28, 2026. Anshul Kumar Singh, Company Secretary & Compliance Officer, signed the intimation to the BSE Limited and National Stock Exchange of India Ltd.

Varadarajan Muthuvenkataraman, previously Additional Executive Director (Enterprise Risk Management), is re-designated as Executive Director (Enterprise Risk Management) & Chief Risk Officer. He joined the Corporation in 1992 as an Assistant Administrative Officer. A graduate in Chemistry from the University of Madras and a Fellow of the Insurance Institute of India, he also completed the Post Graduate Executive Programme at the Indian Institute of Management, Ahmedabad. His career spans over three decades across administrative and marketing wings in the South Central Zone, South Zone, and Central Office. He has served as Branch Manager, Senior Branch Manager, Divisional Manager (Pension and Group Schemes), and Regional Manager of Direct Marketing and Micro Insurance. He also worked as Manager (Sales) at Life Insurance Corporation (Singapore) Pte Ltd., Secretary (Marketing / Senior Business Associate) at South Zone, and Secretary (Strategic Business Unit – International Operations) at Central Office.

Shatmanyu Shrivastava, previously Executive Director (Enterprise Risk Management) & Chief Risk Officer, is appointed as Executive Director (Finance & Accounts) & Chief Financial Officer. He joined the Corporation in 1990 as an Assistant Administrative Officer. A Fellow Member of the Institute of Chartered Accountants of India (passed in 1989) and a Fellow of the Insurance Institute of India (passed in 2000), he has passed seven papers of the Actuarial examination conducted by the Institute of Actuaries of India. He joined Chief (Finance & Accounts), Central Office, in May 2022 and steered the first closing of accounts post-IPO. He has extensive exposure to SEBI (LODR) Regulations and IRDAI Regulations.

Key Appointments Details

Both appointees bring over three decades of experience within the Corporation, ensuring continuity in risk management and financial oversight during a critical period following the company’s initial public offering.

Life Insurance Corporation of India shareholders approved a final dividend of ₹10 per equity share and the appointment of Sanjay Lohiya as a Government Nominee Director at its 5th Annual General Meeting (AGM) held on July 27, 2026. The meeting, conducted via Video Conferencing/Other Audio-Visual Means, also saw the adoption of the corporation’s standalone and consolidated audited financial statements for FY26. All seven resolutions on the agenda were passed with requisite majority, reflecting strong shareholder support for the corporation’s governance and financial plans.

The AGM commenced at 11:00 a.m. and concluded at 1:35 p.m., with 176 members in attendance. R. Doraiswamy, CEO & MD of the corporation, chaired the proceedings. He confirmed that there were no qualifications, observations, or comments in the Statutory Auditors’ or Secretarial Auditors’ Reports for FY26 that had an adverse effect on the functioning of the corporation. The Board of Directors has resolved that Shri R. Doraiswamy shall continue to chair the Board and General Meetings of the corporation.

Voting Results Overview

Shareholders transacted business through electronic voting from July 23, 2026, to July 26, 2026. Smt. Aparna Gadgil of M/s. S.N. Ananthasubramanian & Co., Company Secretaries, served as the scrutinizer for the e-voting process. The cut-off date for determining voting rights was July 21, 2026, with a total of 21,63,219 members registered as of that date.

Key Resolutions and Governance

The appointment of Sanjay Lohiya (DIN: 07151125) as a Government Nominee Director received significant support, with 99.60% of votes cast in favor. Notably, public institutions showed higher dissent on this resolution compared to other items, with approximately 30% of their votes cast against the appointment, though it still passed due to overwhelming promoter support.

The approval of material related party transactions with LIC Mutual Fund Asset Management Limited was also secured. Under Regulation 23(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, votes cast by related parties were treated as invalid and excluded from the count. Specifically, 12,20,72,45,562 votes held by the Central Government and 1,794 votes held by directors and key managerial personnel were excluded from this resolution's tally.

Twenty-three out of thirty-five registered speaker shareholders raised queries regarding the financial statements, Board Report, and Auditor’s Report during the meeting. The Chairperson provided consolidated responses to these queries. The results of the e-voting were declared in compliance with Regulation 44(3) of the SEBI Listing Regulations, following the submission of the Scrutinizer’s Report dated July 27, 2026.