LIC appoints Shatmanyu Shrivastava as new CFO, replacing Sunil Agrawal

Synopsis

Shatmanyu Shrivastava has been appointed as the new Chief Financial Officer of LIC. He replaces Sunil Agrawal, who resigned from the finance chief role last month. Shrivastava brings over three decades of extensive experience across LIC's operational levels. He previously oversaw the company's first post-IPO financial closing as Chief (Finance & Accounts). Agrawal had joined LIC on a contractual basis in March 2022.

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State-owned Life Insurance Corporation of India (LIC) on Tuesday appointed Shatmanyu Shrivastava as its new Chief Financial Officer (CFO), replacing Sunil Agrawal, who resgined late last month after serving as the insurer's finance chief for more than four years.

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, the insurer said in a regulatory filing.

Shrivastava, who joined LIC in 1990 as an Assistant Administrative Officer, is a career executive with more than three decades of experience across the insurer's operations.

According to LIC, he has worked at all four levels of the organisation—Branch Offices, Divisional Offices, Zonal Offices and the Central Office—giving him extensive operational and financial experience. The corporation said Shrivastava played a key role as Chief (Finance & Accounts) at the Central Office from 2022, overseeing the company's first post-IPO financial closing. He has also handled regulatory compliance under the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations as well as Insurance Regulatory and Development Authority of India (IRDAI) norms.

Shrivastava takes over from Sunil Agrawal, who 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 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. Before joining LIC, Agrawal served as Chief Financial Officer at Reliance Nippon Life Insurance for more than 12 years and had also held senior finance roles at ICICI Prudential Life Insurance.

In accepting his resignation, LIC had placed on record its appreciation for Agrawal's contributions during a crucial phase in the insurer's history, including its stock market listing, and wished him success in his future endeavours.