Shares of Life Insurance Corporation of India (LIC) declined nearly 2% on Thursday as the stock turned ex-dividend, with the Rs 10 per share final payout for FY26 kicking in on the record date. The fall came on the same day LIC informed exchanges that Chief Financial Officer Sunil Agrawal had resigned.
Stock falls as Rs 10 final dividend kicks in
LIC’s board had recommended a final dividend of Rs 10 per equity share with a face value of Rs 10 each for the financial year 2025-26, subject to shareholder approval at the company’s fifth annual general meeting scheduled for July 27, 2026. June 25 was fixed as both the ex-date and record date to determine shareholders’ eligibility for the payout. The company had paid a dividend of Rs 12 per share in the previous financial year.
LIC shares slip as stock turns ex-dividend
The final dividend will be paid to eligible shareholders within 30 days from the date of approval by the members in the AGM, i.e. on or before August 25, 2026. The ex-dividend move follows LIC’s first-ever bonus issue in May, under which the insurer issued shares in a 1:1 ratio.
Sunil Agrawal steps down as LIC CFO
Separately, LIC said in a regulatory filing that Chief Financial Officer and Key Managerial Personnel Sunil Agrawal resigned on June 24, 2026, to pursue other opportunities.
Agrawal submitted his resignation via a letter dated June 24, 2026, and will cease to be CFO and Key Managerial Personnel at the close of business hours on July 14, 2026. Agrawal had joined LIC in 2022 after stints at Reliance Nippon Life and ICICI Prudential Life.
LIC has not named a successor for the CFO role. Alongside the CFO exit, the insurer also informed exchanges that Jayasimhan Madabhushi Matam Tirumala, Executive Director (Board & Secretarial/Regulatory Compliance), has been appointed Chief Compliance Officer and Key Managerial Personnel, subject to IRDAI approval.
What Does Sunil Agrawal’s Resignation Mean for LIC Investors?
The resignation of LIC CFO Sunil Agrawal has raised questions among investors about the insurer’s future leadership and financial strategy. While management changes can sometimes create short-term uncertainty, LIC’s strong financial performance and improving solvency ratio indicate that the company’s fundamentals remain stable. Investors are now closely watching for the announcement of a new CFO and any potential impact on LIC’s long-term growth plans. The development comes at a time when LIC shares are already in focus due to the ex-dividend adjustment and recent corporate updates.
LIC Q4 FY26 performance backdrop
The leadership change comes shortly after LIC’s Q4 FY26 results, in which the insurer posted a consolidated net profit of Rs 23,420 crore for the quarter ended March 31, 2026, compared to Rs 19,013 crore a year earlier. Net premium income for the quarter stood at Rs 1.7 lakh crore, up 11.6% from the year-ago period, while the solvency ratio improved to 2.35% from 2.11%.
