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Life Insurance Corp. of India names new chairman

India's government appointed M.R. Kumar chairman of Life Insurance Corp. of India for five years, The Hindu Business Line reported.

Kumar succeeded acting Chairman Hemant Bhargava in the role. Most recently, Kumar served as the insurer's zonal manager (in-charge) of North zone.

The government also appointed Vipin Anand and T.C. Suseel Kumar managing directors of the insurer for five-year terms.

Meanwhile, Bhargava ceased to be nonexecutive chairman of IDBI Bank Ltd. after he stepped down as acting chairman of LIC. The change took effect March 14.

LIC acquired a 51% stake in IDBI Bank in January.