LIC Chairman Siddhartha Mohanty Re-Designated Managing Director & CEO

State-owned life insurer Life Insurance Corporation (LIC) has redesignated its chairman Siddhartha Mohanty as chief executive officer and managing director with effect from 30 June 2024. It is not yet known if the life insurance company would appoint a new chairperson.

About Siddhartha Mohanty

Siddhartha Mohanty, took charge as Chairperson, LIC of India in April 2023. Prior to that he held the post of Managing Director of LIC of India. A Post graduate with a Masters Degree in Arts in Political Science, he has also got his Bachelor’s Degree in Law and a Post Graduate Certification in Business Management.

He joined LIC, as a Direct Recruit Officer in 1985. During this tenure of more than three and a half decades, he has worked in different capacities and various streams of LIC and has gained rich experience in life insurance Marketing, HR, Legal and Investments.
Amongst the positions he held, most notable were Sr Divisional ManagerIn charge, Regional Manager of Marketing Vertical, Chief of Investment: Monitoring & Accounting , Executive Director Legal and CEO of LIC Housing Finance Ltd , a listed Associate Company of LIC of India and one of the largest Housing Finance
Company in India.

The Companies Act, 2013

The Companies Act, 2013 provides for the split of chairperson and CEO’s position. However, a company can depart from the provision, if permitted by the company’s articles of association. The LIC, which got listed on stock exchanges in May 2022 at a price of R947 per equity share, has been exempted from several provisions Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015. LIC was incorporated under a LIC Act and not under Companies Act, 1956.

The Particulars of LIC of India

Life Insurance Corporation of India is a statutory Corporation established under Section 3 of LIC Act, 1956. The Life Insurance Corporation of India came into existence on 1st September, 1956, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost .

67 year of existence

LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 67 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.

Mission and Vision of LIC of India

Mission

“Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”