Life Insurance Corporation of India has announced a leadership move that underscores its focus on strengthening risk governance. Varadarajan Muthuvenkataraman has been elevated to Senior Management Personnel and appointed as Additional Executive Director (Enterprise Risk Management) at the Corporation’s Central Office, Mumbai. The move marks a consolidation of his responsibilities within LIC’s risk framework, highlighting the importance of enterprise risk management in guiding the insurer’s path forward.
Muthuvenkataraman brings a long and varied track record to the new role. He joined the LIC family in 1992 as an Assistant Administrative Officer and is a chemistry graduate from the University of Madras, a Fellow of the Insurance Institute of India, and a graduate of the Post Graduate Executive Programme at the Indian Institute of Management, Ahmedabad. Over more than three decades, he has held leadership positions across administrative and marketing wings, including stints in the South Central and South Zones and at the Central Office.
Prior to taking charge as Additional Executive Director (Enterprise Risk Management), he was serving as Regional Manager, Southern Regional Office of LIC Housing Finance Ltd., Chennai, an associate of the Corporation. His career has encompassed roles such as Branch Manager, Senior Branch Manager, Divisional Manager (Pension and Group Schemes), and Manager (Sales) at LIC Singapore, along with leadership roles in Direct Marketing, Micro Insurance, and strategic initiatives at the Central Office.
The appointment reflects LIC’s ongoing emphasis on embedding robust risk management into its leadership fabric. By elevating a seasoned executive with deep exposure across administration, marketing, and international operations to oversee Enterprise Risk Management, LIC signals its intent to bolster governance and risk-aware decision-making at the top levels.