Life Insurance
Corporation of India, the government-owned Indian insurer, has
confirmed the appointment of Dinesh Kumar Mehrotra as its new
chairman.
The Economic
Times reported that Mehrotra was approved for the position on
31 May after a year spent as acting chairman following the
departure of TS Vijayan.
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Mehrotra has been at LIC
for over 30 years, and was the company’s managing director from
2005 until he became acting chairman.
Mehrotra’s appointment
comes after Moody’s Investors Service recently downgraded LIC’s
foreign currency insurance financial strength rating from Baa2 to
Baa3.
Moody’s said its
revision had to be seen in the context of an ongoing global review
affecting financial institutions whose ratings are higher than the
rating of the government where they are domiciled.
The ratings agency said:
“There is little, if any, reason to believe that LIC would be
insulated from any government debt crisis, if it were to
occur.”
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