LIC Chairman S K Roy resigns before term ends

S.K. Roy, the head of Life Insurance Corp (LIC), the biggest single investor in the country, has tendered his resignation two years before his term was due to end.

Roy has written to the finance ministry but his resignation is yet to be confirmed, said a senior executive at the insurer, as also a senior government official. The sources did not know the reasons for the resignation. Roy had been with the insurer more than three decades after rising through the ranks to be appointed Chairman in 2013.

Under his leadership, LIC has stuck to its traditionally cautious investment approach. The insurer is the largest single investor in stocks in India and holds close to 18 trillion rupees ($267.25 billion) in assets. Roy also has been head of LIC at a time of rising competition from private insurers.