Life Insurance Corporation of India (LIC) has elevated Shatmanyu Shrivastava to the role of Chief Financial Officer (CFO), and Varadarajan Muthuvenkataraman to the role of Chief Risk Officer (CRO), with both appointments effective 28 July, the insurer said in a regulatory filing.
The appointments were approved at LIC’s board meeting following a recommendation from the nomination and remuneration committee.
Shrivastava, who joined the state-owned insurer in 1990 as an assistant administrative officer, is a career executive with more than three decades of experience across LIC’s operations.
He replaces Sunil Agrawal, who stepped down last month after serving as the insurer’s finance chief for more than four years, in pursuit of “better prospects”.
According to LIC, Shrivastava has worked in all four levels of the organisation — branch offices, divisional offices, zonal offices and central office — gaining extensive operational and financial experience.
The corporation said Shrivastava has played a key role as chief (finance & accounts) at the central office since 2022, steering the company’s first post-IPO financial closing.
He has also handled compliance under the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, as well as Insurance Regulatory and Development Authority of India norms.
Muthuvenkataraman joined LIC in 1992 and has held key leadership positions including senior branch manager and divisional manager at various offices.
In his career spanning over three decades, he has worked in various capacities in both administrative and marketing wings.
The corporation said Muthuvenkataraman previously served as sales manager at LIC Singapore and regional manager of direct marketing at the South Zone.
Before his promotion to CRO, Muthuvenkataraman was additional executive director (enterprise risk management) at LIC’s central office in Mumbai.
