New Delhi [India], July 28 : Life Insurance Corporation of India (LIC) has appointed Shatmanyu Shrivastava as its Chief Financial Officer (CFO) and Varadarajan Muthuvenkataraman as Chief Risk Officer (CRO), strengthening the leadership overseeing the insurer's financial and risk management functions.
The appointments were approved by LIC's Board of Directors at its meeting held on Tuesday on the recommendation of the Nomination & Remuneration Committee, the company said in a press release. Both executives have been appointed as Key Managerial Personnel (KMPs), with their tenure continuing until superannuation or until further orders, whichever is earlier.
Shrivastava, who was serving as Executive Director (Finance & Accounts), has been appointed as CFO with effect from July 28. He joined LIC in 1990 as an Assistant Administrative Officer and is a Fellow Member of the Institute of Chartered Accountants of India. He is also a Fellow of the Insurance Institute of India and has passed seven papers of the actuarial examination conducted by the Institute of Actuaries of India.
In a career spanning more than three decades, Shrivastava has worked across LIC's branch, divisional, zonal and central offices and has gained exposure to several departments and functions. He took charge as Chief (Finance & Accounts) at LIC's Central Office in May 2022 and steered the first closing of accounts of the corporation following its initial public offering (IPO).
He has also handled various regulatory compliances under the Securities and Exchange Board of India's Listing Obligations and Disclosure Requirements (LODR) Regulations and Insurance Regulatory and Development Authority of India (IRDAI) regulations. Before becoming CFO, Shrivastava was serving as Executive Director (Enterprise Risk Management) and Chief Risk Officer.
Meanwhile, Muthuvenkataraman, who was Executive Director (Enterprise Risk Management), has been redesignated as Executive Director (Enterprise Risk Management) and CRO.
Muthuvenkataraman joined LIC in 1992 and has more than three decades of experience across its administrative and marketing functions. He has held several leadership positions, including Branch Manager, Senior Branch Manager, Divisional Manager and Regional Manager. He has also served at LIC's wholly owned subsidiary in Singapore and held strategic business roles at the corporation's Central Office.
Before taking charge as Executive Director and CRO, he was Additional Executive Director (Enterprise Risk Management) at LIC's Central Office in Mumbai.