LIC hires Reliance-Nippon’s Sunil Agarwal as CFO ahead of listing

Ahead of its planned IPO, Life Insurance Corporation (LIC) is understood to have hired former Reliance-Nippon Life Insurance executive Sunil Agarwal as its new chief financial officer. 

Agarwal, who resigned from Reliance as CFO and had spent nearly two decades as finance executive in life insurance firms, joined LIC this month, sources said.

Prior to Agrawal’s appointment, Shubhangi Sanjay Soman was the executive director in charge of finance and accounting at the corporation. That post has been changed to CFO as the corporation prepares to get listed.

The CFO appointment is on contractual basis, the sources said. LIC had called for applications for the post of CFO in September last year. 

Earlier last month, LIC filed prospectus for its public offer, in which the government is expected to dilute as much as 5 per cent through an offer-for-sale. LIC’s IPO is crucial for New Delhi, which aims to borrow a record ₹14.95 lakh crore (gross) in 2022-23.

Last year, LIC hired 10 investment banks including Axis Securities, Bank of America Securities, Citigroup, Goldman Sachs, ICICI Securities, JM Financial, JP Morgan, Kotak Mahindra Capital, Nomura, and SBI Capital markets as bankers to the mega-IPO.