Mini Ipe has today taken charge as managing director of Life Insurance Corporation of India. Ipe is a post-graduate in commerce from Andhra University and joined LIC in 1986 as a direct recruit officer.
She has a diverse experience in LIC having worked in various capacities. Before taking charge as managing director, she was executive director, legal department, LIC of India. Mini Ipe was the first woman zonal manager (in-charge) of LIC and headed SCZO, Hyderabad.
She has also worked as executive director (international operations), director and CEO of LICHFL Financial Services Ltd. She has also worked as regional manager (P&IR) and regional manager (estate) of the western zone. Ipe joins the team of other MDs at LIC, including Mukesh Kumar Gupta, Raj Kumar and Siddhartha Mohanty.
The company in June extended chairman MR Kumar's term till March 13, 2022. The appointments committee of the cabinet approved the proposal of the department of financial services to extend the term of Kumar.
All these announcements are crucial as the state-owned insurer is eying an IPO (initial public offering) in the current fiscal year. Amid the Covid-19 crisis, the Centre wants to raise funds by divesting stakes in state-owned entities. It is also aiming at mobilising Rs 90,000 crore by selling a 6-7 per cent stake in LIC.
LIC is India's 2nd-largest financial services institution with a Rs 31 lakh crore balance sheet, next to the country's largest bank, State Bank of India (SBI), which has assets of Rs 39.51 lakh crore.
The company earned Rs 57,958 crore first-year premium and Rs 1,20,317 crore single premium in FY20. Renewal premiums were Rs 2,01,113 crore.
Also read: LIC IPO estimated at Rs 400-600 per share
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