Life Insurance Corporation of India (LIC) has named Ramakrishnan Chander as its new Managing Director, signifying a significant shift in the company’s top management. Chander officially assumed his new role on December 1, bringing with him over 35 years of extensive experience in various critical areas within the organization.
Prior to this appointment, Chander served as the Executive Director overseeing Investment – Front Office and acted as the Chief Investment Officer at LIC, where he managed one of the largest investment portfolios in the country. His tenure at LIC began in 1990 as an Assistant Administrative Officer, progressing steadily through the ranks over the years.
With a background as a graduate and a Fellow of the Insurance Institute of India, Chander has held positions in marketing and administrative capacities. His previous roles include Senior Divisional Manager, Regional Manager (Marketing), and Regional Manager (P&GS). Additionally, he led LIC’s Strategic Business Unit for International Operations as an Executive Director, gaining valuable exposure to global insurance operations and expansion initiatives.
LIC’s leadership announcement coincides with the insurer’s consistent financial growth. The company recently reported a notable 31% year-on-year increase in its consolidated net profit for the July–September quarter. During this period, the net profit stood at Rs 10,098 crore compared to Rs 7,728 crore in the corresponding quarter of the previous year.
In terms of premium income, LIC recorded a net premium income of Rs 1,26,930 crore for the quarter, reflecting a 5.5% rise from the previous year’s figure of Rs 1,20,326 crore. Notably, there were improvements in key premium categories, with first-year premium collections increasing to Rs 10,884 crore from Rs 7,566 crore in the previous quarter, albeit slightly lower than the Rs 11,245 crore reported in the same period the year before.
Renewal premiums also showed positive growth, reaching Rs 65,320 crore in the second quarter, surpassing the figures of Rs 60,179 crore in Q1 and Rs 62,236 crore from the previous year. Although there was a slight decline in single premium collections sequentially to Rs 50,882 crore from Rs 52,008 crore in Q1, the numbers were higher than the Rs 46,997 crore recorded the previous year.
In the first half of the financial year, LIC reported a 16% increase in profit after tax, amounting to Rs 21,040 crore. Total premium income for the first half rose by 5% to Rs 2,45,680 crore. Additionally, there was a significant surge in Individual Business Non-Par Annual Premium Equivalent (APE), which escalated by 30.47% to Rs 6,234 crore. The share of Non-Par APE in the individual business also saw a rise to 36.31% in H1FY26 from 26.31% in H1FY25, indicating a shift in the product mix.