LIC Strengthens Top Management With New CFO & Chief Risk Officer Appointments

New Delhi, July 28: Life Insurance Corporation of India (LIC) has appointed Shatmanyu Shrivastava as its new Chief Financial Officer (CFO) and Varadarajan Muthuvenkataraman as Chief Risk Officer (CRO), strengthening the company’s leadership team overseeing financial management and risk functions.

The appointments were approved by LIC’s Board of Directors during its meeting on Tuesday, following recommendations from the Nomination and Remuneration Committee.

Both executives have been appointed as Key Managerial Personnel (KMPs), with their tenure continuing until superannuation or until further orders, whichever is earlier.

Shatmanyu Shrivastava Appointed LIC CFO

Shrivastava, who was serving as Executive Director (Finance & Accounts), has taken charge as CFO with effect from July 28.

He joined LIC in 1990 as an Assistant Administrative Officer and is a Fellow Member of the Institute of Chartered Accountants of India (ICAI). He is also a Fellow of the Insurance Institute of India and has cleared seven papers of the actuarial examination conducted by the Institute of Actuaries of India.

With over three decades of experience, Shrivastava has worked across LIC’s branch offices, divisional offices, zonal offices and central office, handling multiple functions.

He became Chief (Finance & Accounts) at LIC’s Central Office in May 2022 and played a key role in the corporation’s first account closing process after its initial public offering (IPO).

Shrivastava has also managed regulatory compliance requirements under the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements (LODR) regulations and Insurance Regulatory and Development Authority of India (IRDAI) guidelines.

Before being appointed CFO, he served as Executive Director (Enterprise Risk Management) and Chief Risk Officer at LIC.

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Varadarajan Muthuvenkataraman Takes Charge As CRO

Varadarajan Muthuvenkataraman, who was Executive Director (Enterprise Risk Management), has been redesignated as Executive Director (Enterprise Risk Management) and Chief Risk Officer.

Muthuvenkataraman joined LIC in 1992 and has more than 30 years of experience across the insurer’s administrative and marketing operations.

During his career, he has held several leadership positions, including Branch Manager, Senior Branch Manager, Divisional Manager and Regional Manager.

He has also served at LIC’s wholly owned subsidiary in Singapore and handled strategic business responsibilities at the corporation’s Central Office.

Before assuming the CRO role, Muthuvenkataraman was serving as Additional Executive Director (Enterprise Risk Management) at LIC’s Central Office in Mumbai.

The appointments are expected to further strengthen LIC’s financial oversight, enterprise risk management framework and regulatory compliance functions.

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