Siddhartha Mohanty Reappointed MD and CEO of LIC

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Siddhartha Mohanty, who served as Chairman of Life Insurance Corporation(LIC) from April 2023 to June 2024, has been re-designated as Managing Director (MD) and Chief Executive Officer (CEO) effective from June 30, 2024.

An Overview of the News

• Siddhartha Mohanty served as Chairman of LIC from April 2023 until June 29, 2024.

• He was additionally appointed as MD and CEO of LIC starting from June 2024 until June 7, 2025.

• He initially held the interim chairman position from March 2023 for a term of 3 years.

• Currently, LIC has four other Managing Directors: M. Jagannath, Tablesh Pandey, Sat Pal Bhanoo, and R. Doraiswamy.

Background of Siddhartha Mohanty:

• Siddhartha Mohanty began his career with LIC as an apprentice officer in 1985. 

• Over nearly 40 years, he has held various roles within LIC, including Executive Director (Legal) and Chief Operating Officer (COO) at LIC Housing Finance Limited (HFL).

• From 2019 to 2021, he served as the Managing Director (MD) and Chief Executive Officer (CEO) of LIC HFL.

• Siddhartha Mohanty has also held positions such as Senior Divisional Manager in Raipur (Chhattisgarh) and Cuttack (Odisha) during his tenure at LIC.

• Currently, he holds the position of Director on the Board of Kenindia Assurance Limited, a Life and Non-Life Insurance Company based in Kenya.

About LIC

• It is India's largest life insurance company and investment company.

• Known for innovative and profitable policies.

• Sets benchmarks in the insurance market.

• It is owned by the Government of India and under the Ministry of Finance.

  • Chairman: Siddhartha Mohanty

  • Headquarters: Mumbai, Maharashtra

  • Established: 1956