New Delhi: Life Insurance Corporation of India (LIC) has appointed Shatmanyu Shrivastava as Chief Financial Officer (CFO) and Varadarajan Muthuvenkataraman as Chief Risk Officer (CRO). The appointments were approved by the LIC Board of Directors at its meeting held on 28 July 2026 and are effective from the same date.
The two executives have also been designated as Key Managerial Personnel (KMPs). Their appointments will continue until their respective superannuation or until further orders, whichever is earlier.
The appointments were recommended by the Nomination & Remuneration Committee of the LIC Board.
Shatmanyu Shrivastava Takes Charge as LIC Chief Financial Officer
Shatmanyu Shrivastava, who was previously serving as Executive Director (Enterprise Risk Management) and Chief Risk Officer, has been appointed as Executive Director (Finance & Accounts) and Chief Financial Officer.
He joined LIC in 1990 as an Assistant Administrative Officer and has held key positions during his career.
Shrivastava brings extensive experience in finance, accounting, risk management and regulatory matters. His professional qualifications include:
- Fellow Member of the Institute of Chartered Accountants of India (ICAI), having qualified in 1989.
- Fellow of the Insurance Institute of India, having qualified in 2000.
- Cleared seven papers of the actuarial examination conducted by the Institute of Actuaries of India.
He joined the Chief (Finance & Accounts), Central Office, in May 2022 and played an important role in steering LIC’s first closing of accounts after its IPO.
He also has extensive exposure to the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations and IRDAI regulations.
Varadarajan Muthuvenkataraman Appointed Chief Risk Officer
Varadarajan Muthuvenkataraman has been appointed as Executive Director (Enterprise Risk Management) and Chief Risk Officer.
Before the latest appointment, he was serving as Additional Executive Director (Enterprise Risk Management) at LIC’s Central Office in Mumbai and had been carrying out the responsibilities of Executive Director (Enterprise Risk Management) and CRO.
Muthuvenkataraman joined LIC in 1992 as an Assistant Administrative Officer and has more than three decades of experience across the corporation’s administrative and marketing functions.
His academic and professional qualifications include:
- A graduate degree in Chemistry from the University of Madras.
- Fellow of the Insurance Institute of India.
- Completed the Post Graduate Executive Programme at the Indian Institute of Management, Ahmedabad.
Muthuvenkataraman Has Held Several Key Positions at LIC
During his career spanning more than three decades, Muthuvenkataraman has worked across the South Central Zone, South Zone and LIC’s Central Office.
He has held several important positions, including:
- Branch Manager
- Senior Branch Manager
- Divisional Manager (Pension and Group Schemes)
- Regional Manager of Direct Marketing and Micro Insurance
- Manager (Sales) at Life Insurance Corporation (Singapore) Pte Ltd.
- Secretary (Marketing / Senior Business Associate) at South Zone
- Secretary (Strategic Business Unit – International Operations) at Central Office
His wide-ranging experience across different business and administrative functions is expected to support his new responsibilities in enterprise risk management and risk oversight.
LIC Strengthens Finance and Risk Management Leadership
The latest appointments bring together extensive experience in finance, accounting, enterprise risk management, insurance and regulatory compliance at two key leadership positions within LIC.
Shrivastava’s move from enterprise risk management to the finance function marks a shift in his leadership responsibilities, while Muthuvenkataraman takes charge of the enterprise risk management function after a long career across LIC’s administrative and marketing operations.
The appointments are expected to strengthen LIC’s financial management and enterprise risk framework as the country’s largest life insurer continues to operate in a highly regulated and competitive insurance environment.
LIC Board Meeting Held on 28 July 2026
The appointments were announced through a regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to the filing:
- Board meeting date: 28 July 2026
- Appointments effective from: 28 July 2026
- Shatmanyu Shrivastava: Executive Director (Finance & Accounts) & CFO
- Varadarajan Muthuvenkataraman: Executive Director (Enterprise Risk Management) & CRO
- Status: Key Managerial Personnel (KMPs)
- Tenure: Until superannuation or further orders, whichever is earlier
The Board meeting commenced at 11:15 a.m. IST and concluded at 1:25 p.m. IST on 28 July 2026.
The regulatory intimation was signed by Anshul Kumar Singh, Company Secretary and Compliance Officer, and submitted to the BSE Limited and the National Stock Exchange of India Ltd.
About Life Insurance Corporation of India (LIC)
The Life Insurance Corporation of India (LIC) is a statutory corporation established under the LIC Act of 1956. It is India’s largest insurance company and the largest institutional investor. LIC’s primary goal is to provide life insurance and financial security to individuals, with a focus on spreading insurance widely, especially in rural areas.
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