According to a statement from LIC, Siddhartha Mohanty has been chosen to lead the Life Insurance Corporation of India through June 29, 2024. Then, until June 7, 2025, he will hold the positions of Managing Director and Chief Executive Officer. The state-run life insurance company’s interim Chairperson has been Mohanty, who is currently the Managing Director, since March 14. M R Kumar, whose term had ended on March 13, 2023, was replaced by him.
Siddhartha Mohanty Is Appointed As Chairman of LIC – Highlights
Siddhartha Mohanty has been appointed as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024, and subsequently as the Managing Director and Chief Executive Officer until June 7, 2025, as announced by LIC.
Mohanty has been associated with LIC since 1985 when he joined as a trainee officer and has since gained significant experience in the insurance industry, holding various positions such as COO and CEO of LIC Housing Finance Ltd, senior divisional manager in Raipur and Cuttack, and chief in legal and investment monitoring and accounting.
LIC, which manages assets worth more than Rs 44.35 crore as of December 2022, has three managing directors – M Jagannath, Tablesh Pandey, and Mini Ipe.
Meanwhile, Bishnu Charan Patnaik, who was previously the Managing Director of LIC, has been selected by the Appointment Committee of Cabinet to become the Whole-time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI). Patnaik will assume the post from the date of his appointment until he reaches the age of 62.
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