FSIB Set to Launch GIC Re Chief Selection Drive

• FSIB will soon shortlist 4-5 candidates to appoint a new CMD at GIC Re, as N Ramaswamy's term ends in September.
• Senior GIC officials like Hitesh Joshi, Jayashri Balkrishna, V Balkrishna, and executives from other state-owned insurers are likely candidates.
• GIC Re's Q4 FY25 net profit fell 17 percent to Rs 2,183 crore, combined ratio worsened to 103.56 percent due to  Rs 392 crore underwriting loss.

The Financial Services Institutions Bureau (FSIB) is expected to now appoint the process of choosing the next chairman and managing director for General Insurance Corporation of India (GIC Re), the country's largest and listed reinsurer.

The FSIB, which advises names for leadership positions in public sector insurance firms and banks recommended Doraiswamy Ramchandran for chief executive and managing director of Life Insurance Corporation of India. He is LIC's MD.

The bureau will probably shortlist four-five candidates for the post in GIC Re, where existing chairman N Ramaswamy's two-year tenure expires in September, industry sources said.

Hitesh Joshi, Jayashri Balkrishna, and V Balkrishna, the most senior general managers at GIC, may be interviewed, they indicated. Other likely candidates are executive directors of state-owned general insurance firms and senior officials of Agriculture Insurance Corporation.

The reinsurer posted a net profit of Rs 2,183 crore in the March 2025 quarter, down 17 percent, as its underwriting performance weakened despite higher premium collections. Its combined ratio increased steeply to 103.56 percent from 89.26 percent in the year-earlier quarter, reflecting the fall in underwriting efficiency. The company recorded an underwriting loss of Rs 392 crore during the quarter compared with an underwriting profit of Rs 570 crore in the preceding year.

For the LIC post, the bureau had met with four candidates from the life insurer on Wednesday. Following the expiration of Siddhartha Mohanty's term on June 7, the government had appointed Sat Pal Bhanoo as interim MD and chief executive officer of LIC for three months.