Mumbai: Amidst a marginal slide in its market share, life insurance giant Life Insurance Corporation has revamped its senior level management to improve performance by transferring as many as 40 executive directors early this month.
In one of its largest top level changes, the Corporation has shifted as many as 40 executive directors (EDs) early this month. This comes against its normal practice of transferring the EDs in three years.
The transfers were effected on April 11 through an internal transfer order, sources said.
Accordingly, LIC has shifted the product development head in the marketing department, SN Bhattacharya, to the corporate communication wing in the place of Neeraj Agarwal.
Bhattacharya has been replaced by Vinay Shah, who was heading the Western zone.
While Agrawal has been shifted to the personnel department now, Shah's position has been taken over by B Venugopal, who was looking after the IT division at the corporate office.
MR Kumar, who was heading the personnel department, has been sent to the pension and group schemes department. Similarly, LIC HFL director RG Shinde has been transferred as ED to the estate and office properties, at the corporate office. He is yet to assume his new position.
These are some of the key changes effected on April 11 and most of the new appointees have already assumed their new assignments, sources said.
Though the corporation is yet to announce its annual numbers, company sources said there has been a marginal dip in the first year premium by the life behemoth during 2014-15 over the previous fiscal. However they did not quantify the current market share.
The sources however, said that when it comes to the overall premium collection, LIC's performance was on a higher side but they did not quantify the numbers.
In fact, the joint secretary (insurance) at the finance ministry Anoop Wadhwa had criticised the Corporation earlier this year for the dip in market share during the first nine months of the past fiscal when it slid to 70 percent from 75 percent in the year ago period.
The basic reason behind this being the fact that new business premium shrunk by over 21 percent in the April-December period.
"We did improve market share during the remaining months of the last fiscal, still the performance for the entire fiscal was worse than that of the previous fiscal," a senior LIC official told PTI, requesting anonymity.
LIC garnered new premium of Rs 51,667.07 crore during the first three quarters of 2014-15 as against Rs 65,774.47 crore in the same period of the previous fiscal, a decline of 21.4 percent.
In December, LIC added new business of Rs 5,858.55 crore by underwriting 19.14 lakh policies. It had earned a new business premium of Rs 90,123.75 crore during the previous fiscal.
