Life Insurance Corporation (LIC), India’s largest insurer, has announced that Siddhartha Mohanty, the current Managing Director (MD) of LIC Housing Finance, will be taking on the role of Chairman for a period of three months, starting March 14. This comes as the current Chairman, MR Kumar, has not received an extension and his term is set to end on March 13.
According to a stock exchange filing by LIC, the Department of Financial Services, Ministry of Finance, Govt of India, has conveyed the approval of the Competent Authority for entrusting financial and administrative powers and functions of Chairperson, LIC in the interim to Siddhartha Mohanty, Managing Director, in addition to his own duties, until the assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest.
Siddhartha Mohanty was appointed as the MD and CEO of LIC Housing Finance on February 1st, 2021, replacing TC Suseel Kumar, who retired on January 31, 2021. He was also nominated to serve as the MD of LIC until his superannuation on June 30, 2023.
LIC currently has one Chairman and four MDs, including Bishnu Charan Patnaik, Ipe Mini, Siddhartha Mohanty, and Raj Kumar.
With a gross written premium of life insurance, LIC ranks as the fifth-largest life insurer in the world and the tenth-largest by total assets. It has the largest market share compared to the second-largest life insurer in the Indian market. With 13.35 lakh agents and ₹27.80 crore in policies being serviced, the LIC is also the third-strongest insurance brand globally.
About LIC:
The Life Insurance Corporation of India (LIC), based in Mumbai, is a public sector life insurance company. It holds the distinction of being both India’s largest insurance company and the biggest institutional investor, managing assets worth ₹41 trillion as of May 2022.
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