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.
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.
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.
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 .
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.
“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.”
A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.
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