Sunil Ramgopal Agrawal has resigned as LIC's CFO and has been appointed CFO-designate of State Bank of India, with his new role beginning on August 1.
Agrawal stepped down months after LIC extended his tenure until March 2027, saying he was leaving to pursue better prospects.
Having joined LIC in 2022 ahead of its IPO, Agrawal oversaw the insurer's finances during a crucial phase.
State Bank of India has appointed former Chief Financial Officer of Life Insurance Corporation Sunil Ramopal Agrawal as its Chief Financial Officer-designate on Wednesday. The bank said Agrawal will assume the new role with effect from August 1, while LIC said his resignation will take effect at the close of business on July 14, 2026.
In his resignation letter, Agrawal said he was stepping down to pursue "better prospects." SBI, however, did not disclose details regarding the future role of its current CFO, Kameshwar Rao Kodavanti, who has held the position since July 2023.
4 July 2026
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Early Exit Despite Tenure Extension
Agrawal's resignation in June came just months after LIC extended his tenure. In March 2026, the insurer had announced that he would continue as CFO until March 1, 2027. His resignation shortens that extended term by several months.
In a regulatory filing, LIC acknowledged his resignation and thanked him for his contribution to the organisation, wishing him success in his future endeavours.
Agrawal also said he would extend all necessary support to ensure a smooth transition, if required.
Key Role During LIC's Transformation
Agrawal joined LIC in March 2022, shortly before the insurer's landmark initial public offering (IPO), and played a key role during one of the company's most significant phases of transformation as a listed entity.
Before joining LIC, he spent over 12 years at Reliance Nippon Life Insurance and also held senior leadership positions at ICICI Prudential Life Insurance, building extensive experience in the insurance and financial services sector.
During his tenure, LIC strengthened its financial performance. For FY26, the insurer reported a 19.25% year-on-year increase in standalone net profit to ₹57,419 crore, compared with ₹48,151 crore in the previous financial year.
Agrawal's appointment at SBI marks a significant leadership move within India's financial sector, bringing an executive with extensive experience across insurance and finance to the country's largest public sector bank as it continues to strengthen its senior management team.
