Life Insurance Corporation of India (LIC) has announced the resignation of Chief Financial Officer (CFO) Sunil Agrawal and approved the appointment of Jayasimhan Madabhushi Matam Tirumala as chief compliance officer, subject to regulatory approval, according to exchange filings on Thursday.
Agrawal submitted his resignation on 24 June to pursue “better prospects”, LIC said. He will step down from his roles at the close of business on 14 July.
The resignation comes less than four months after LIC extended Agrawal’s tenure by one year until March 2027. Agrawal, who took over the role in March 2022, was the insurer’s first lateral hire for the CFO position ahead of the insurer’s public listing, The Economic Times reported.
Separately, LIC’s board approved the appointment of Tirumala as chief compliance officer and key managerial personnel on the recommendation of the nomination and remuneration committee, subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).
Tirumala has been redesignated as executive director (board & secretarial/regulatory compliance) and chief compliance officer with effect from 24 June 2026.
He has been with the state-owned insurer for over three decades and currently serves as executive director (board & secretarial/regulatory compliance). Over his career, he has held a range of managerial and senior executive roles, including regional manager (marketing – chief life insurance advisor) for Karnataka and Chief (in-charge) of LIC’s board and secretarial department at its central office.
Earlier this month, LIC managing director Dinesh Pant moved to IRDAI as whole-time member (actuary), after serving the insurer in multiple roles since 1989.
