Dimple Arora reports on the appointment of Siddhartha Mohanty as the chairman of the life insurance corporation of India (LIC)
LIC is the largest insurance company in India and has a significant presence in the country’s insurance sector. The Chairman of LIC plays a crucial role in overseeing the company’s operations and ensuring that it remains profitable while fulfilling its role as a public sector company. Thus, the appointment of a new Chairman will be closely watched by the insurance industry and the public, as it will have an impact on the future of LIC and the insurance sector in India.
Siddharth Mohanty , new Chairman of LIC is an experienced professional with over three decades of experience in the insurance sector. He has served in various capacities at LIC, including as the Managing Director of LIC Housing Finance Limited and the Chief Executive Officer of LIC Nomura Mutual Fund. Mohanty was appointed as the Zonal Manager of the Western Zone of LIC in October 2020, and on Friday i.e. He was selected by the government to serve as the chairman of the Life Insurance Corporation of India (LIC) till June 29, 2024, on April 28, 2023. According to LIC’s most recent statement, he will thereafter serve as Managing Director and Chief Executive Officer until June 7, 2025.
Since March 14, Mohanty, the present Managing Director, has presided over the public sector life insurer in an acting capacity. He succeeded M. R. Kumar, whose tenure was over on March 13, 2023. He began working with the LIC in 1985 as an apprentice officer and has since amassed a wealth of expertise. Thus, he previously served as COO and CEO of LIC Housing Finance Ltd and has held various positions , such as Senior Divisional Manager of Raipur and Cuttack, Chief (Legal), Chief (Investment Monitoring and Accounting), Executive Director (Legal), etc.
As the new Chairman of LIC, Siddharth Mohanty will have a crucial role in overseeing the company’s operations and ensuring its growth and profitability. LIC is the largest insurance company in India and has a significant presence in the country’s insurance sector. Later, the new Chairman will need to navigate the company through the challenges posed by the COVID-19 pandemic and the evolving regulatory environment.
