The government is understood to have appointed S K Roy as the Chairman of Life Insurance Corporation of India (LIC).
Roy, who is presently a managing director in the organisation, would be succeeding D K Mehrotra, whose term as LIC chief ended on May 31.
Roy would be at the helm of the insurance behemoth for a period of five years, official sources said, adding that the notification to this effect would be out soon.
The other candidates who were in fray for this top job were managing director Sushobhan Sarkar and executive director S B Mainak.
Roy joined the largest insurance company in the country in 1981. On May 31, 2013, he assumed charge as managing director of LIC along with Thomas Mathew and Sarkar.
Prior to elevation, he was head of the International Operations. He was also zonal manager of North Central Zone and Eastern Zone of the insurance firm.
LIC, which manages assets worth around Rs 14-lakh crore of over 20 crore policyholders, has the largest market share among 24 players in the industry.