The Government of India decided to appoint SK Roy as the new Chairman of Life Insurance Corporation of India (LIC). SK Roy, on 31 May 2013 was appointed as the Managing Director of LIC after retirement of the then MD, D K Mehrotra. On 31 May 2013, Thomas Mathew T was appointed as the interim chairman.
Five candidates were interviewed by the Government of India for the designation of Chairman of LIC, who included managing director Sushobhan Sarkar, LIC Housing Finance MD & CEO V K Sharma as well as three executive directors, S B Mainak, Roy and Usha Sangwan.
About SK Roy
• SK Roy joined LIC in the year 1981 as the direct recruit officer of eleventh batch.
• He maintained crucial positions in LIC and these included area manager, LIC HFL, secretary (legal), chief (SBU-estate), regional manager (P&IR) and executive director (marketing /bancassurance & alternate channels).
• He remained the Zonal Manager of North Central Zone from 2009 to 2011. He remained the in-charge of Eastern Zone from 2011 to 2013.
It is worth noticing that LIC is the largest life insurer of India. In terms of the policies, it has 83 percent market share as well as 71 percent regarding premiums. For 2012-13 financial year, LIC accumulated a total business premium of 76246 crore Rupees.