State-owned Life Insurance Corporation of India (LIC) has appointed Shatmanyu Shrivastava as its new Chief Financial Officer, replacing Sunil Agrawal who resigned in June. According to reports from The Economic Times, the appointment was approved by LIC's board at its meeting held on July 28 based on the recommendation of the Nomination and Remuneration Committee. Shrivastava brings over three decades of experience across LIC's operational levels, having joined the company in 1990 as an Assistant Administrative Officer. The appointment comes as LIC faces increased regulatory scrutiny over its investment decisions, particularly regarding its holdings in the Adani Group.
As reported by The Economic Times, Shrivastava has worked at all four levels of LIC's organisation—Branch Offices, Divisional Offices, Zonal Offices and the Central Office, giving him extensive operational and financial experience. He previously served as Chief (Finance & Accounts) at the Central Office from 2022, overseeing the company's first post-IPO financial closing. The corporation noted that he has also handled regulatory compliance under both Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations and Insurance Regulatory and Development Authority of India (IRDAI) norms.
According to The Economic Times, Sunil Agrawal resigned in June, citing his decision "to pursue better prospects." Agrawal ceased to be LIC's CFO and Key Managerial Personnel with effect from the close of business on July 14. Agrawal had joined LIC in March 2022 on a contractual basis, becoming the insurer's first major lateral hire for the finance chief's role as it prepared for its landmark initial public offering. The CFO departure coincides with LIC facing allegations regarding its investment decisions, particularly its holdings in the Adani Group.
Recent parliamentary disclosures reveal LIC's substantial investment portfolio, with the corporation investing ₹88,404 crore in the Tata Group, followed by ₹80,843 crore in HDFC Bank and ₹60,065.56 crore in Reliance Group. As per The Economic Times, Adani Group attracted an investment of ₹47,633.78 crore, while SBI received ₹46,621.76 crore. Finance Minister Nirmala Sitharaman has clarified that the government does not direct LIC's investment decisions, emphasizing that LIC makes its own decisions adhering to strict regulations. LIC has denied allegations from The Washington Post, stating it neither issued nor received documents suggesting external influence on its investments.
