Life Insurance Corporation of India (LICI) announced that Shri Sat Pal Bhanoo, its Managing Director, has taken on additional charge of the financial and administrative powers and functions of the Chief Executive Officer and Managing Director of the Corporation.
This additional charge is effective from June 08, 2025.
The tenure for this additional responsibility is for three months, until September 07, 2025, or until a regular incumbent assumes charge, or until further orders, whichever is earliest.
Shri Sat Pal Bhanoo joined LICI in October 1988 and holds a bachelor’s degree in History (Hons.).
He has extensive experience across various departments and roles within the Corporation, including heading divisions like Bengaluru-1 and Shimla, and serving as Regional Manager for Corporate Communications and Micro Insurance. He also held important roles such as Chief (Senior Business Associate) in Central Office Marketing and Regional Manager (Personnel & Industrial Relations), Northern Zone, Delhi.
Before becoming Managing Director, he was the Zonal Manager (I/C) of Central Zone, Bhopal.
Shri Ramakrishnan Chander has been appointed as the Chief Investment Officer (CIO) of Life Insurance Corporation of India (LICI), effective June 05, 2025.
He will also be a Key Managerial Personnel (KMP) of the Corporation.
Shri Chander joined LICI in 1990 and has experience as Senior Divisional Manager of Nagpur and Hyderabad Divisions.
He has also worked as Regional Manager (Marketing), South Zone and as Regional Manager (Pension & Group Schemes), South Central Zone.
Before this appointment, he led Corporation’s Strategic Business Unit – International Operations as Executive Director and was heading Investment – Front Office of the Corporation.
His term will last until his superannuation on September 30, 2027, or until further orders.
LIC announced its FY25 results with a Profit After Tax (PAT) of ₹48,151 Crore, an increase of 18.38% compared to ₹40,676 Crore in FY24.
The Corporation achieved its highest ever Individual New Business Premium of ₹62,495 Crore.
Total Premium Income stood at ₹4,88,148 Crore, compared to ₹4,75,070 Crore in the previous year.
Individual New Business Premium Income grew by 8.28% year-on-year to ₹62,495 Crore.
Renewal Premium Income (Individual business) increased to ₹2,56,541 Crore from ₹2,46,052 Crore.
Group Business total premium income was ₹1,69,112 Crore, with New Business Premium of ₹1,64,262 Crore.
Market share by First Year Premium Income was 57.05% (as per IRDAI).
Total Annualized Premium Equivalent (APE) was ₹56,828 Crore, with Individual APE at ₹38,218 Crore and Group APE at ₹18,610 Crore.
Non-Par share of Individual APE grew by 50.28% to ₹10,581 Crore.
Net VNB was ₹10,011 Crore, a growth of 4.47%, with VNB margin at 17.6%.
Solvency Ratio improved to 2.11 as of March 31, 2025, from 1.98 in the previous year.
Indian Embedded Value (IEV) increased by 6.81% to ₹7,76,876 Crore.
Assets Under Management (AUM) grew by 6.45% to ₹54,52,297 Crore.
Launched 51 new products post IRDAI regulations effective October 1, 2024.
Sold 1,77,82,975 new policies during the year.
The total number of agents increased to 14,86,851.
Bancassurance and Alternate Channel (BAC) New Business Premium Income grew by 57.96% to ₹3,496.10 Crore.
Overall expense ratio decreased by 315 basis points to 12.42%.
Processed 2,25,18,103 claims, including 2,16,69,980 Maturity and Survival Benefit claims.
Death claims amounted to ₹24,420 Crore, and maturity claims were ₹2,37,313 Crore.
The Bima Sakhi Yojana appointed 1.49 lakh women who sold around 4.71 lakh policies, procuring New Business Premium of ₹604.57 crore.
The Board has recommended a Final Dividend of ₹12 per share.
Management Commentary: "Our performance this year reflects our ability to adapt and thrive in a dynamic market and regulatory environment. As we move forward, we remain committed to delivering value to our stakeholders and creating a better future for our customers."
Life Insurance Corporation of India (LICI) announced that the Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Shri Ajay Kumar Srivastava as the Appointed Actuary of the Corporation.
Shri Ajay Kumar Srivastava, who previously served as Product Actuary, has taken over charge as the Appointed Actuary and Executive Director (Actuarial) on June 02, 2025.
The appointment is effective from June 02, 2025, the date he assumed his new roles.
The Appointed Actuary position is designated as a Key Managerial Personnel (KMP) of the Corporation.
This disclosure is in continuation of LICI's earlier filing Ref. No.: LIC/SE/2025-26/ 20 dated May 27, 2025.