Aegon Religare Life Insurance MD and CEO, Rajiv Jamkhedkar likely to step down

MUMBAI: Aegon Religare Life Insurance’s managing director and CEO, Rajiv Jamkhedkar, is likely to step down from the post, according to a person with knowledge of the development.

The company’s current appointed actuary, KS Gopalakrishnan, is likely to be elevated to the position, the person said. Aegon Religare Life, however, did not confirm the development.

The company is a joint venture between India’s Religare Enterprises, Dutch insurer Aegon and Bennett, Coleman & Company. It has, of late, witnessed a drop in income—for the April-February period, the company’s new business income premium was down 32.27%. Experts say shareholders are looking to change the top management of life insurance companies, which are likely to face challenges after the sector regulator tweaked norms of traditional products. Companies will have to focus on efficiency and manage expenses within a limit based on the nature of the product, they say.

Among the other recent top-level management changes in the sector, Anup Rau was appointed as MD of Reliance Life. He was earlier chief distribution officer at HDFC Life.