FSIB Picks R Doraiswamy as MD & CEO of LIC

In a key development for India’s largest life insurance company, the Financial Services Institutions Bureau (FSIB) has recommended R Doraiswamy, an experienced LIC executive, for the coveted post of Managing Director (MD) and Chief Executive Officer (CEO) of the Life Insurance Corporation of India (LIC). With over 38 years of service at LIC, Doraiswamy is recognized for his extensive expertise in operations, marketing, technology, and academics. The final decision now rests with the Appointments Committee of the Cabinet, which will give the official approval.

Why in News?

On June 11, 2025, the FSIB interviewed four senior LIC officials for the CEO & MD position. Based on performance, experience, and eligibility parameters, R Doraiswamy was recommended. The post has gained attention due to its strategic importance amid LIC’s ongoing leadership restructuring.

Who is R Doraiswamy?

• Currently serving as Managing Director (MD) at LIC.
• Has been part of LIC for over 38 years.

Has worked across multiple verticals,

• Operations
• Marketing & Sales
• Technology Implementation
• Academic and training roles

About FSIB

• The Financial Services Institutions Bureau (FSIB) is the government’s top headhunting agency for public sector financial institutions.
• It evaluates and recommends suitable candidates for top leadership roles in PSBs, insurers, and financial institutions.
• Successor to the Banks Board Bureau (BBB).

Role and Significance of LIC CEO & MD

• Heads the largest insurance company in India, with over ₹45 lakh crore in AUM.
• Oversees domestic and global expansion.
• Plays a crucial role in digital transformation, customer acquisition, and market confidence.
• LIC has been under increased scrutiny post-IPO in 2022 and its growing role in India’s financial ecosystem.

Selection Process

• 4 candidates interviewed by FSIB on June 11, 2025.

Assessment criteria,

• Past performance
• Leadership qualities
• Strategic vision for LIC’s future
• Experience in key insurance and financial domains
• Final selection rests with the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister.