LIC CFO Sunil Agrawal resigns months after his term was extended to March 2027
India’s state-owned insurance company Life Insurance Corporation of India (LIC) notified the stock exchanges on June 24 of a change in its senior management; Chief Financial Officer (CFO) Sunil Agrawal has resigned after more than four years with LIC. Notably, the resignation comes a few months after LIC extended Agrawal’s tenure as CFO.
In a regulatory filing, LIC said Agrawal’s resignation will be effective from the end of business hours on July 14, when his tenure as the Company’s CFO and Key Management Personnel will end. “Better prospects” were cited as the reason for resignation.
Agrawal joined LIC in March 2022 at a crucial stage when the insurer was preparing for its listing on the stock market. Before joining LIC, he worked at Reliance Nippon Life Insurance for over 12 years and also held leadership roles at ICICI Prudential Life Insurance.
In his resignation letter, Agrawal wrote: “In pursuit of better prospects, I hereby submit my resignation from the position of Chief Financial Officer, Life Insurance Corporation of India. I request that I be relieved of my responsibilities with effect from July 14, 2026.”
I am grateful for the opportunities, guidance, and encouragement I have received throughout my tenure. I offer my best wishes for the institution’s continued success in the future. “I will gladly provide any assistance necessary.”
LIC acknowledged his contribution to the organization and said: “The institution places on record its sincere appreciation for his valuable contribution during his tenure and wishes him the best in his future endeavours.”
Resignation after term extension
On March 2, LIC notified the stock exchanges that Agrawal’s tenure has been extended by another year. “It is hereby notified that the tenure of Shri Sunil Agrawal, Chief Financial Officer, Life Insurance Corporation of India (“Company”) has been extended by one year, i.e., up to 01 March 2027,” the application read.
However, Agrawal decided to resign before the end of his extended term.
LIC’s financial performance
The insurer reported a 19.25% year-on-year increase in standalone net profit. ₹57,419 crore in FY26 ₹48,151 crore in FY25.
Total premium income increased by 9.80 percent ₹5,35,984 crore in FY26 ₹4,88,148 crore in the previous financial year.
LIC shares opened on June 25 ₹423, lower than previous closing price ₹436.60.
