Appointment of Sandeep Batra as Chairman of ICICI Prudential Life

Tags: Economy/Finance Person in news

Sandeep Batra's appointment as Chairman of the Board of Directors of ICICI Prudential Life Insurance Company Limited has been approved by the Insurance Regulatory and Development Authority of India (IRDAI).

An Overview of the News

• Batra will assume the role following the retirement of M S Ramachandran, who has reached the maximum age limit of 75 years. Batra's appointment will take effect from 30 June 2024.

About Sandeep Batra:

• Long-Term Association: Batra has been associated with ICICI Group since 2000.

• Executive Director at ICICI Bank: He has served as an Executive Director on the Board of ICICI Bank since 2018.

• Board Memberships: Batra serves on the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, and ICICI Ventures.

• Founding Member: He was one of the founding members of ICICI Prudential Life, holding the position of Chief Financial Officer (CFO) from September 2000 to 2006.

• Previous Roles: Batra has held various positions including Executive Director and Board member from January 2014 to July 2018, and also served as a Group Compliance Officer at ICICI Bank.

About M. S. Ramachandran:

• Non-Executive Independent Director: Ramachandran is the current Non-executive Independent Director and Chairman of the ICICI Prudential Board.

• Corporate Leadership Experience: He has previously served as the Chairman of Indian Oil Corporation Limited, Chennai Petroleum Corporation Limited, among others.

• Involvement in Governance: Ramachandran has been a Member of the Governing Council of India Habitat Centre.

• Directorship at ICICI Bank: Additionally, he has served as a Director on the Board of ICICI Bank Limited.

About ICICI Prudential Life

• It was established on July 20, 2000, as a public limited company according to the Companies Act of 1956.

• Operations began in 2001 following its incorporation.

• The company is jointly promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.

• Mr. Anup Bagchi serves as the Managing Director and CEO.

• The headquarters of ICICI Prudential Life is located in Mumbai, Maharashtra.