Vijay Kumar Sharma on Friday assumed charge as Chairman of the nation’s largest financial powerhouse Life Insurance Corporation.
The Government had on Wednesday appointed Sharma, who was named Acting Chairman on September 16, as the head of the state-run life insurer, where he will have a five-year term.
Sharma, a Managing Director, was given the role of Acting Chairman when incumbent S K Roy was relieved of his duties. Roy had resigned in June, nearly two years ahead of his term. He was appointed in June 2013 by the previous Congress-led UPA Government.
As per the appointment order issued by the Centre, Sharma’s five-year tenure begins from the date of the notification of his appointment, or up to the date of his superannuation, or until further orders, whichever is the earlier. His superannuation is due in December 2018.
A post-graduate in science, Sharma joined Lic Online Payment Discount as a direct recruit officer in 1981. Before he was promoted as a Managing Director in 2013, he held important positions as executive director of pension & group schemes, zonal manager in-charge of Southern zone (Tamil Nadu & Kerala). He also helmed LIC Housing Finance, an arm of the insurance behemoth.
As executive director of LIC’s pension & group schemes, Sharma pioneered the launch of various prestigious plans. As the Southern zonal manager, he successfully turned around its operations and put it on growth trajectory, making it No. 1 Zone in 2010.
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 FY16.
The Corporation’s total income stood at Rs 4,31,435 crore, of which premium income constituted Rs 2,66,225 crore, investment income Rs 1,50,963 crore and other income Rs 14,247 crore for the financial year to March 2016.
The insurance giant is currently managing assets of over Rs 22 trillion and enjoys market share of 75.48% in number of policies and 72.79% in first premium income as of end November. It serves over 30 crore policyholders.