R Doraiswamy, CEO & MD, LIC
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LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads toward its platinum jubilee.

LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads towards its platinum jubilee.

Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over ₹57 lakh crore. It has real estate properties valued at around ₹60,000 crore.

The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India.

“As the economy grows, LIC grows. LIC growth helps the economy grow. So, it has been a synergetic kind of relationship that LIC has been having,” he told PTI in an interaction.

Reflecting on the organisation’s remarkable journey since its inception in 1956, he said that LIC’s growth has always been closely intertwined with India’s development. Built on the vision, dedication and hard work of generations of employees and leaders, LIC has evolved into one of the country’s most respected and trusted institutions, playing a vital role in nation building.

“From 1956 to 2026 has been a journey which was intertwined with the development of the nation and we look at this organisation remaining fully prepared for meeting the needs of the country, for ensuring that the country moves towards Viksit Bharat and developing along with the growth of the country,” he said.

Stressing that LIC is one of the biggest institutions not only in the country but in the entire continent, Doraiswamy said, with that scale comes a responsibility to continuously evolve, remain relevant and place the welfare of citizens and the nation above all.

“We have been growing along with the country, and we will certainly look at growing in the way the country will expect us to grow. We would like to be a major player as we continue to be,” he said.

While outlining the LIC’s long-term vision, he said, “As more players enter the market, our objective is not only to retain leadership but to maintain a substantial lead. Our aspiration for the 75th year, the 100th year and beyond is to see LIC thriving, flourishing and contributing to nation development. That remains our core objective.” LIC came into existence on September 1, 1956, through an Act, with the objective of spreading life insurance more widely and in particular to the rural areas.

By nationalising 245 Indian and foreign insurers and provident societies, LIC was formed by the Life Insurance Corporation Act, 1956, with a capital contribution of ₹5 crore from the Government of India.

Today, LIC functions with 2048 fully computerised branch offices, 113 divisional offices, 8 zonal offices, 1,381 satallite offices and the Corporate office. LIC’s Wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network.

LIC has tied up with some banks and service providers to offer an online premium collection facility in selected cities.

The insurer also has two wholly-owned subsidiaries and six associates, including IDBI Bank, LIC Housing Finance and LIC Mutual Fund.

Besides national presence, LIC has its overseas operations in 13 countries through its branch offices, joint venture companies and wholly-owned subsidiaries.

Doraiswamy further said LIC is actively considering establishing a fintech arm either through strategic investment or an organic way to cater to its growing digital needs.

“Naturally, to meet the modernisation requirement and particularly to bring innovation, we are engaging both fintech and insurtech players, and we are getting a lot of new things being developed by such players,” he said.

On the other side, he said, “We are a big financial institution investing in multiple organisations, and we also look at strategic investments in any specialised player as a way of improving the returns on the policyholders’ funds.”

Published on June 14, 2026

India remained the world’s second-largest buyer of Russian fossil fuels in May, importing an estimated 5.8 billion euros (USD 6.7 billion) worth of Russian hydrocarbons as refiners stepped up crude purchases from Moscow, European think tank Centre for Research on Energy and Clean Air (CREA) said in a report.

Crude oil accounted for about 83 per cent of India’s imports from Russia during the month, valued at 4.8 billion euros, while oil products and coal imports stood at 550 million euros and 429 million euros, respectively.

“India’s total crude import volumes recorded an 8 per cent month-on-month increase in May. This is partially explained by a 21 per cent month-on-month increase in Russian imports,” CREA said.

Some of India’s largest refining hubs recorded notable increases in Russian crude arrivals. Unloaded volumes at the Vadinar refinery in Gujarat rose 36 per cent from April levels, while deliveries to the Jamnagar refining complex in the state increased 14 per cent.

According to CREA, state-run refiners also expanded purchases after resuming imports earlier this year. The New Mangalore and Visakhapatnam refineries, which had halted Russian crude imports at the end of November 2025, continued buying Russian oil after restarting purchases in March.

Russian crude deliveries to New Mangalore rose 13 per cent month-on-month in May, while imports at Visakhapatnam jumped 42 per cent, it said.

The Paradip refinery on Odisha’s east coast also unloaded its highest volume of Russian crude in two years, underscoring the continued attractiveness of discounted Russian barrels for Indian refiners despite evolving geopolitical and sanctions-related pressures.

India emerged as one of the largest buyers of Russian oil since Western sanctions and trade restrictions reshaped global energy flows following Moscow’s invasion of Ukraine. Indian refiners have consistently increased purchases of discounted Russian crude, helping offset higher energy costs while boosting refining margins and exports of petroleum products.

The latest figures suggest Russian oil continues to account for a significant share of India’s crude import basket, even as the country diversifies supplies from the Middle East, Africa and the United States.

According to CREA, China bought 50 per cent of Russia’s crude exports in May, followed by India (36 per cent), Turkiye (6 per cent), and the EU (5 per cent).

“In May 2026, China remained the largest global buyer of Russian fossil fuels, accounting for 38 per cent (Euro 7.0 billion) of Russia’s export revenues from the top five importers. Crude oil made up 69 per cent (Euro 4.8 bn) of China’s purchases, followed by pipeline gas (Euro 618 million), then coal (Euro 525 million), and lastly LNG (Euro 510 million). Oil products (Euro 479 million) constituted the remainder of China’s imports,” it said.

CREA said despite the EU’s ban on imports of oil products made from Russian crude on January 21, 2026, 10 shipments of oil products from refineries using Russian crude were unloaded at EU ports in the month of May.

“Refineries using Russian crude in India, Turkiye, Brunei, and Georgia exported Euro 641 million of oil products to sanctioning countries in May 2026. The importers included the EU (Euro 174 million), Australia (Euro 275 million), the US (Euro 147 million) and New Zealand (Euro 45 million). An estimated Euro 214 million of these products were refined from Russian crude,” it said.

Exports to the US originated at Reliance Industries Ltd’s Jamnagar refinery, the SOCAR-owned STAR refinery in Turkiye, and the Tupras Izmit refinery as well. “In the prior three months, 39 per cent of the STAR refinery’s crude oil feedstock and 15 per cent of the Jamnagar refinery’s feedstock came from Russia,” it added.

Published on June 14, 2026