The State-owned Life Insurance Corporation of India (LIC) has notified that the resignation of its Key Managerial Personnel (KMP) and Chief Financial Officer (CFO) Sunil Agrawal is effective from 14 July 2026, despite his one-year tenure extension earlier this year. The leadership change comes shortly after LIC reported a strong financial performance for FY26.
According to a regulatory filing, Sunil Agrawal tendered resignation on June 24, 2026 citing "pursuit for better prospects." He will officially no longer be the CFO and KMP at the end of business on July 14.
In March 2022 Agrawal was appointed as LIC's finance chief on a contractual basis as one of the insurer's first notable lateral hires from the private sector. His hiring came as LIC prepares for its stock listing. Earlier in 2026, the insurer had agreed to extended his tenure to March 1 2027, making hi resignation an unexpected move.
Prior to joining LIC, Agrawal worked with Reliance Nippon Life Insurance for over 12 years as its CFO, and also held other senior finance positions at ICICI Prudential Life Insurance.
The resignation follows LIC's positive financial performance. The insurer reported a 19.25% year-on-year increase in profit after tax to Rs. 57,419 crore for FY26. The total premium income rose by 9.80% to Rs. 5,35,984 crore.
Assets under management (AUM) climbed 5.08% to Rs. 57,29,396 crore, solidifying its reputation as India's top life insurance company. Additionally, the company's solvency ratio increased from 2.11 to 2.35, showing that the company's capital structure became more balanced.
The Value of New Business (VNB) jumped 41.63% to Rs. 14,179 crore, indicating better profit due to new policies.
Quarterly, LIC's consolidated net profit jumped 23.3% to Rs. 23,467.18 crore in the fourth quarter of FY26, compared to Rs. 19,038.67 crore a year earlier.
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As LIC continues to prioritize profitability, capital strength and long-term growth, the investors will be closely monitoring the leadership change in the company, as the search for the new CFO is likely to start soon.