12 Jun FSIB set to soon kick off selection process for GIC Re chief
The FSIB, which recommends names for top roles at public sector insurance companies and banks, on Wednesday named Doraiswamy Ramchandran for the position of chief executive and managing director at Life Insurance Corporation of India. He is currently LIC’s MD.
The bureau is likely to interview four-five candidates for the post at GIC Re, where current chairman N Ramaswamy’s two-year term ends in September, industry insiders said.
Hitesh Joshi, Jayashri Balkrishna and V Balkrishna, the senior-most general managers at GIC, could be interviewed, they said. Other potential candidates include executive directors of state-owned general insurance companies and senior officials from Agriculture Insurance Corporation.
The reinsurer reported a 17% decline in net profit to ₹2,183 crore in the quarter ended March 2025, hurt by weaker underwriting performance even as premium collections rose. Its combined ratio rose sharply to 103.56% from 89.26% a year earlier, indicating a deterioration in underwriting efficiency. The company booked an underwriting loss of ₹392 crore in the quarter, compared with an underwriting profit of ₹570 crore in the year-earlier period.
For the role at LIC, the bureau interviewed four candidates from the life insurer on Wednesday.After the term of Siddhartha Mohanty ended on June 7, the government had appointed Sat Pal Bhanoo as the interim MD and chief executive officer of LIC for three months.