Government Appoints Siddhartha Mohanty as New LIC chairman till June ’24

Siddhartha Mohanty has been designated as the chairman of Life Insurance Corporation of India till June 2024. Post which, i.e., from June 2024 to June 2025,  he will become the managing director and chief executive officer of the insurance behemoth.

As of March 14, 2023, Siddhartha Mohanty had been acting as the corporation’s interim chairman. As for his educational qualification, he has a law degree in addition to a master’s degree in political science as well as business administration and a license from the Insurance Institute of India. Mohanty has established himself in the corporate world over the course of a career spanning more than three decades in the departments of marketing, human resources, investments, and law.

Siddhartha Mohanty was recommended by the Financial Services Institutions Bureau (FSIB) for the position of chairman. The Appointments Committee of Cabinet (ACC), which is presided over by Prime Minister Narendra Modi, decided to name Mohanty as the LIC chairman. The Life Insurance Corporation of India’s chairperson position was up for grabs on March 23, according to a statement from the FSIB. The bureau spoke with four contenders for the position.

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Mohanty has a wealth of expertise in the insurance industry and joined LIC in 1985 as an apprentice officer. He has held a number of other positions as well, including senior divisional manager of Raipur and Cuttack, chief (legal), chief (investment – monitoring & accounting), and executive director (legal), among others. He previously held the positions of COO and CEO of LIC Housing Finance Ltd.

At LIC, there are three managing directors, M. Jagannath, Tablesh Pandey, and Mini Ipe at present. As of December 2022, LIC had total assets under management (AUM) of more than Rs 44.35 crore, making it the largest financial organisation in the nation.

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