Private life insurer IDBI Federal Life Insurance elevated Mathivanan Balakrishnan, the Deputy CFO as the new Chief Financial Officer (CFO). Balakrishnan will now supervising a wide range of functional areas namely planning, budgeting, financial accounting & reporting, insurance accounting, investment operations, corporate taxation, audit, and statutory compliance.
Vighnesh Shahane, MD & CEO, IDBI Federal Life Insurance said, “We would like to welcome Mr. Mathivanan B on board as our CFO. His vast experience will definitely help us in further scaling up our financial management and we are confident that he and his team will be invaluable in helping the organisation achieve new levels of excellence and growth.”
Balakrishnan is a chartered accountant and holds more than 23 years of experience in finance and operations management of start-ups as well as established firms within the life insurance sector. Prior to joining IDBI Federal in 2007, he was associated with Reliance Life and AMP Sanmar Life in the corporate finance and operations domain.
Commenting on his new role as CFO, Balakrishnan said, “I am delighted to take on this exciting and challenging role as IDBI Federal Life Insurance seeks to expand its scope of services and navigate new territories.”
IDBI Federal has also named S. P Prabhu as the new Chief Investment Officer (CIO). Prabhu had earlier served as the Head of Fixed Income at the company. As a CIO, he will now be supervising the management of the company’s investment portfolio of Rs 10,000 crore spread across various assets.
Commenting on his new role, Prabhu said, “Along with my talented and highly-motivated