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.

Prof. Anil Kumar ceased to hold the position of Independent Director of Life Insurance Corporation of India upon completion of his term on July 19, 2026. This development impacts the governance structure of the corporation as he vacated key leadership roles across multiple committees immediately following the end of his tenure.

Consequent to his cessation as Independent Director, Prof. Anil Kumar (DIN: 09477565) is no longer associated with the Executive Committee, ESG Committee, Risk Management Committee, and Audit Committee. He also ceased to be a member of the Stakeholders Relationship Committee, Committee for Review of Wilful Defaulters, and Building Advisory Committee.

Additionally, Prof. Kumar stepped down from his position as Chairperson of the Nomination and Remuneration Committee and the Policyholder Protection, Grievance Redressal and Claims Monitoring Committee. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table details the committees from which Prof. Anil Kumar ceased to be a chairperson or member:

*Note: Chairperson of the Nomination and Remuneration Committee and the Policyholder Protection, Grievance Redressal and Claims Monitoring Committee.