Insurance News Details

Government appoints Siddhartha Mohanty as Chairman of LIC

(28-Apr-23   16:58)

The government on Friday appointed Siddhartha Mohanty as the chairman of Life Insurance Corporation of India till June 2024.

Mohanty, who had been serving as the interim chairman of the corporation since March 14, 2023, will be the managing director and chief executive officer of the insurance behemoth from June 2024 till June 2025.

After MR Kumar's term as chairman ended on March 14 of this year, the government had previously approved the appointment of Mohanty as the interim chairman of LIC for a period of three months.

The Financial Services Institutions Bureau (FSIB) recommendation came after it evaluated four candidates for the top LIC job.

FSIB, an autonomous body tasked with selecting top managers of state-run financial institutions and lenders, had recommended the candidature of Siddhartha Mohanty, one of the four managing directors at LIC, as the next chairman of the insurer that is India's biggest institutional investor.

Mohanty, who will be the first MD & CEO of the life insurance major, is a postgraduate in political science and also holds a degree in law. He also holds a postgraduate degree in business management and is a licentiate from the Insurance Institute of India. In a career spanning over three decades in the corporation, Mohanty has made his mark in the areas of marketing, HR, investments, legal, and personnel.

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