The country’s largest insurance company LIC (Life Insurance Corporation) has appointed Sunil Agarwal as the Chief Financial Officer of LIC before listing in the stock market. Before this, Sunil Agarwal was the CFO of Reliance Nippon Life Insurance for 12 years. Before that, he has worked with ICICI Prudential Life Insurance for 5 years.
Prior to Sunil Agarwal’s appointment, Shubhangi Sanjay Soman was posted as Executive Director in Finance and Accounting (F&A) at LIC. The post of Executive Director has been changed to CFO as LIC is now preparing for listing on the stock exchange.LIC had invited applications for the post of CFO in September last year. LIC had said in a public notice that the post of CFO would be on contract with a tenure of three years or till the person concerned reaches the age of 63 years. Also, the remuneration for the post will be Rs 75 lakhs per annum.
LIC’s IPO has come under the scanner due to global tensions after Russia’s military action in Ukraine. The timeline of LIC’s IPO can be extended in view of the volatility in the stock markets after the ongoing war between Russia and Ukraine.
The size of the LIC IPO can be more than Rs 66,000 crore. LIC has filed a draft paper with SEBI and it is believed that in the first week of March itself, LIC will get approval from the market regulator to bring IPO.
