LIC CFO Sunil Agrawal resigns to pursue 'better prospects'

State-owned Life Insurance Corporation of India (LIC) on Wednesday said Chief Financial Officer (CFO) Sunil Agrawal has resigned to pursue better prospects, more than four years after becoming the insurer's first lateral hire for the top finance role ahead of its landmark initial public offering.

In a regulatory filing, LIC said Agrawal, who also served as the corporation's Key Managerial Personnel, submitted his resignation on June 24. He will cease to be the CFO and Key Managerial Personnel at the close of business hours on July 14.

Agrawal joined LIC in March 2022 on a contractual basis, becoming the first notable outsider to be appointed as the insurer's finance chief as it prepared for its stock market debut. A veteran of the insurance industry, he previously served as CFO of Reliance Nippon Life Insurance for over 12 years and had also worked at ICICI Prudential Life Insurance before taking up the role at LIC.


In his resignation letter, Agrawal said he was stepping down "to pursue better prospects" and requested to be relieved from his responsibilities with effect from July 14. He thanked the corporation for the opportunities, guidance and encouragement extended during his tenure and said he would be glad to provide any assistance required during the transition.

LIC said it places on record its sincere appreciation for Agrawal's valuable contributions during his tenure and wished him the very best in his future endeavours.