The Life Insurance Corporation of India (LIC), the national insurer, has appointed Shatmanyu Shrivastava as its new Chief Financial Officer (CFO), replacing Sunil Agrawal. He will take charge of the finance division immediately and oversee financial management, reporting, treasury operations, and related strategic responsibilities at the state-owned insurer.

Shrivastava is a senior LIC executive with extensive experience in finance, investment, and insurance operations. His appointment comes at a time when LIC is focusing on profitability, product mix, capital efficiency, and digital initiatives amidst an increasingly competitive insurance market.

This transition is part of ongoing changes within the company's senior management and has been approved by the competent authority.

LIC remains India's largest life insurance company in terms of market share and assets under management.

Agrawal served as CFO during a period marked by regulatory and market-driven changes at LIC; he has now moved to another organization.