LIC Appoints Dr. Parshant Kumar Goyal as Govt Nominee Director

21 Apr 2025 , 07:55 PM

Life Insurance Corporation of India (LIC), the nation’s largest state-run insurer, appointed Dr. Parshant Kumar Goyal as the Government Nominee Director on its board with effect from April 17, 2025.

Dr. Goyal is a 2007-batch IAS officer belonging to the Tripura cadre and is Joint Secretary in the Department of Financial Services under Central Deputation. His appointment replaces Dr. Maruthi Prasad Tangirala, outgoing nominee director, according to a government notification on April 17.

Dr. Goyal brings rich experience of financial inclusion, digital payments, agricultural credit, and regional rural banking, accumulated during his previous stint as Director in the Department of Financial Services.

He has also served in key administrative positions at the senior level in Tripura, such as Secretary to Chief Minister, and in the departments of General Administration and Industries & Commerce, directly contributing to implementation of policies and governance.

Having graduated in MBBS from Punjabi University, Dr. Goyal also carries a strong foundation in public services and has had experience working at all levels in the education spheres of Punjab and Tripura, further enriching his administrative versatility.

The government’s intention of strengthening LIC’s board with experienced bureaucrats with policy and finance backgrounds seems to be aimed at making this appointment valid until further orders.

In addition to this leadership update, LIC witnessed a 21% year-over-year fall in New Business Premium (NBP) during Q3FY25, which stood at ₹43,075 crore.  LIC registered a 17% YoY rise in standalone net profit during the quarter, at ₹11,056 crore from ₹9,444 crore in Q3FY24. Yet, the firm experienced a decline in overall income, which stood at ₹2,01,994 crore in Q3FY25 compared with ₹2,12,447 crore last year.