Life Insurance Corporation (LIC) has announced the appointment of Ratnakar Patnaik as the new Chief Investment Officer, replacing PR Mishra, who stepped down from the role on April 10. Additionally, PC Paikray has been named the new Chief Risk Officer, taking over from Tablesh Pandey on the same date. Patnaik, who has 32 years of experience in the industry, began his career at LIC as a Direct Recruit Officer in September 1990. This information was disclosed in a filing by the insurer.
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Ratnakar Patnaik, who assumed the role of Chief Investment Officer on April 10, has extensive experience in marketing assignments, having worked in four different zones. He served as Senior Divisional Manager for the Indore and Jamshedpur divisions, and spent three years as Regional Manager in the Eastern zone. Patnaik moved up the ranks and eventually became Chief of Investment – Front Office at the central office. He holds a major in Physics and is a fellow of the Insurance Institute of India. These details were revealed in a filing made by LIC, announcing his appointment.
About the Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is a state-owned insurance and investment company headquartered in Mumbai, India. It was founded in 1956 and is currently the largest insurance company in India in terms of market share. The company offers a range of life insurance products, including term insurance, endowment policies, pension plans, and unit-linked insurance plans (ULIPs), among others. LIC also invests in various sectors, including infrastructure, real estate, and equity markets, and is considered one of the largest institutional investors in India. The company has a vast network of branches and agents across India and is known for its strong customer base and financial stability.
Important takeaways for all competitive exams:
- Life Insurance Corporation Founded: 1 September 1956;
- Life Insurance Corporation Headquarters: Mumbai;
- Chairperson of Life Insurance Corporation: Mangalam Ramasubramanian Kumar.
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