LIC CFO Sunil Agrawal resigned to pursue better prospects, effective from the close of business hours on 14 July 2026.
The resignation comes unexpectedly just months after LIC extended Agrawal's tenure as CFO for one year until 1 March 2027.
Agrawal joined the state-owned insurer in March 2022 ahead of its IPO.
Who is Sunil Agrawal? LIC CFO Resigns Months After Term Extension
LIC CFO Sunil Agrawal has resigned from the state-owned insurer, ending his tenure effective July 14, 2026, months before his extended term was scheduled to expire in March 2027
Summary
Advertisement
Life Insurance Corporation of India (LIC) Chief Financial Officer (CFO) Sunil Agrawal has resigned from the state-owned insurer after more than four years in the role, saying he is moving on to pursue better prospects. His resignation will take effect at the close of business on July 14, 2026, after which he will cease to be Key Managerial Personnel of the company.
The development comes as a surprise as LIC had only recently extended his tenure. The insurer informed stock exchanges in March 2026 that Agrawal’s term as CFO had been extended for one year, until March 1, 2027. However, he has now decided to step down before completing the extended period.
LIC confirmed the management change in a regulatory filing and said it places on record its appreciation for Agrawal’s contribution during his tenure. The insurer also said it wishes him success in his future endeavours.
Unexpected Tenure Cut
Agrawal’s departure marks an early exit from what was expected to be a longer stint at the state-owned insurer. In his resignation letter, he said he was stepping down to pursue better prospects and requested to be relieved from his duties effective July 14, 2026.
Advertisement
He added that he was grateful for the opportunities, guidance and support received during his tenure and expressed willingness to assist in the transition process if required.
LIC had extended his term in March 2026, stating at the time that he would continue as CFO until March 1, 2027. The early exit therefore shortens his remaining tenure by several months.
Agrawal's Corporate Legacy
Agrawal joined LIC in March 2022, ahead of the insurer’s initial public offering (IPO), and played a key role during a significant period of transition for the state-owned company.
Before joining LIC, he worked for more than 12 years at Reliance Nippon Life Insurance and also held senior positions at ICICI Prudential Life Insurance, bringing extensive experience in the insurance sector.
During his tenure, LIC reported strong financial performance. In the financial year 2026, standalone net profit rose 19.25% year-on-year (YoY) to ₹57,419 crore, compared with ₹48,151 crore in the previous year.
Advertisement
Total premium income also grew 9.80% YoY to ₹5,35,984 crore in FY26, up from ₹4,88,148 crore in FY25. The company has not yet announced a successor for the CFO position.