India’s state-owned insurer, (LIC), on 24 June, informed the stock exchanges of a change in its senior management, with Chief Financial Officer (CFO) Sunil Agrawal resigning after more than four years with LIC. Notably, the resignation comes just months after LIC extended Agrawal’s tenure as CFO.
In a regulatory filing, LIC said that Agrawal’s resignation will be effective from the close of business hours on 14 July, when he will cease to be the CFO and Key Managerial Personnel of the Corporation. The reason cited for the resignation was “better prospects.”
Agrawal joined LIC in March 2022 during a crucial phase when the insurer was gearing up for its stock market debut. Before joining LIC, he spent more than 12 years at Nippon Life Insurance and also held leadership roles at .
In his resignation letter, Agrawal wrote, “I hereby submit my resignation from the position of Chief Financial Officer at Life Insurance Corporation of India as I pursue better prospects. I kindly request to be relieved from my responsibilities effective 14th July 2026.
I am grateful for the opportunities, guidance and encouragement I have received during my tenure. I extend my best wishes for the Corporation’s continued achievements in future. I shall be glad to provide any assistance as may be required.”
LIC acknowledged his contribution to the organisation and said, “The Corporation places on record its sincere appreciation for his valuable contributions during his tenure and wishes him the very best in his future endeavours.”
Resignation after tenure extension
On 2 March, LIC informed the exchanges that Agrawal’s term had been extended for another year. The filing said, “It is to inform that the term of Shri Sunil Agrawal, Chief Financial Officer, Life Insurance Corporation of India (“the Corporation”) has been extended for a further period of one year, i.e., till March 01, 2027.”
However, Agrawal has now decided to step down well before the extended term ends.
LIC’s financial performance
The insurer reported a 19.25% year-on-year rise in standalone net profit to ₹57,419 crore in FY26 from ₹48,151 crore in FY25.
Total premium income also increased by 9.80% to ₹5,35,984 crore in FY26 from ₹4,88,148 crore in the previous financial year.
On 25 June, LIC shares opened at ₹423, lower than the previous closing price of ₹436.60.