India aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India, two government officials said, in an effort to modernize its largest insurer.
The appointment of a private sector individual to lead India’s largest insurer, which manages 41 trillion rupees ($500.69 billion) in assets, would be a first in its 66-year history.
One of the government officials said, “The government is planning to broaden the eligibility criteria for the appointment of LIC CEO so that candidates from the private sector can apply.”
The finance ministry, which oversees LIC, did not respond to emailed queries.
Officials said the insurer is now led by a president, but that position will be eliminated in March.