Government has appointed V K Sharma as the chairman of state-owned behemoth Life Insurance Corporation (LIC) for five years. Managing director at LIC, Sharma was already acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties. Roy had resigned in June, nearly two years ahead of his retirement.
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of V K Sharma, MD, LIC, as chairman, LIC in fixed pay of Rs 80,000 (pre-revised) for a period of five years… or up to the date of his superannuation, or until further orders..,” said. Sharma has been serving as LIC’s MD since November 2013.
LIC is the largest financial institution in the country with over Rs 22.10 lakh crore in assets, which is over 15 per cent of the country’s GDP of Rs 134 lakh crore.With around Rs 40,000 crore profit last fiscal, LIC is the most profitable entity in the country, next only to the RBI which transferred Rs 66,000 crore of its surplus profit to the government in the previous fiscal.