LIC Appoints Key Management Personnel: Varadarajan Muthuvenkataraman as Chief Risk Officer and Shatmanyu Shrivastava as CFO

LIC Appoints Key Management Personnel: Varadarajan Muthuvenkataraman as Chief Risk Officer and Shatmanyu Shrivastava as CFO​

The Board of Directors of the Life Insurance Corporation of India (LIC) approved significant changes in its Key Managerial Personnel (KMP) on July 28, 2026. The appointments, made based on recommendations from the Nomination & Remuneration Committee, include Shri Varadarajan Muthuvenkataraman as Executive Director (Enterprise Risk Management) & Chief Risk Officer and Shri Shatmanyu Shrivastava as Executive Director (Finance & Accounts) & Chief Financial Officer.

The leadership changes involve both internal re-designations and new appointments for critical executive roles within the Corporation. The appointed officials will serve until their date of Superannuation or until further orders are issued, whichever is earlier.

Appointments in Risk Management​

Shri Varadarajan Muthuvenkataraman has been appointed as Executive Director (Enterprise Risk Management) & Chief Risk Officer. Mr. Muthuvenkataraman has a distinguished career spanning over three decades at the Corporation, having joined in 1992 as an Assistant Administrative Officer. He holds a graduate degree in Chemistry from the University of Madras and is a Fellow of the Insurance Institute of India.

His experience includes holding key leadership positions across various roles within the administration and marketing wings in South Central Zone, South Zone, and the Central Office. Prior to this designation, he served as Additional Executive Director (Enterprise Risk Management), Central Office, Mumbai. His career progression also included roles such as Branch Manager, Senior Branch Manager, Divisional Manager (Pension and Group Schemes) in the South Zone, and Manager (Sales) at Life Insurance Corporation (Singapore) Pte Ltd., a wholly owned subsidiary of LIC.

CFO Appointment Details​

Concurrently, Shri Shatmanyu Shrivastava has been appointed as Executive Director (Finance & Accounts) & Chief Financial Officer. Mr. Srivastava joined the Life Insurance Corporation of India in 1990 as an Assistant Administrative Officer.

He is a Fellow member of the Institute of Chartered Accountants of India (passed in 1989) and a Fellow of the Insurance Institute of India (passed in 2000). Shri Srivastava currently pursues Actuarial studies, having successfully completed seven papers of the Actuarial examination conducted by the Institute of Actuaries of India.

In his career exceeding three decades at LIC, he gained wide exposure across all organizational tiers—including Branch Offices, Divisional Offices, Zonal Offices, and Central Office. He held the position of Chief (Finance & Accounts), Central Office, starting in May 2022, and managed the first closing of accounts for the Corporation post IPO. Before assuming his current role as Executive Director (Finance & Accounts) & Chief Financial Officer, he served as Executive Director (Enterprise Risk Management) & Chief Risk Officer.

LICI Stock Price Movement​

As of 1:59 PM, shares of Life Insurance Corporation Of India are edging higher to ₹426.15, rallying after gaining ₹1.80 or 0.42% in live trading. The stock is seeing significant investor interest, with a total traded volume reaching 1,204,751 shares.