Siddhartha Mohanty appointed as Chairman of LIC
The government announced the appointment of Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024. Following this, he will serve as the Managing Director and Chief Executive Officer until June 7, 2025, as stated by LIC in a release. Mohanty, who is currently the Managing Director, had been serving as the interim Chairperson of the state-run life insurance company since March 14, replacing M R Kumar, whose term ended on March 13, 2023.
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Siddhartha Mohanty appointed as Chairman of LIC: Key Points
- In 1985, Mohanty started working for LIC as a trainee officer and has gained significant experience in the insurance industry.
- He has held various positions in the past, including COO and CEO of LIC Housing Finance Ltd, senior divisional manager in Raipur and Cuttack, and chief in legal and investment monitoring and accounting.
- LIC has three managing directors, M Jagannath, Tablesh Pandey, and Mini Ipe.
- It is the biggest financial institution in the country, managing assets worth more than Rs 44.35 crore as of December 2022.
- The Appointment Committee of Cabinet has given its approval for the selection of Bishnu Charan Patnaik, who was previously the Managing Director of LIC, to become the Whole-time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI).
- Patnaik will assume the post from the date of his appointment until he reaches the age of 62.
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LIC: Important Takeaways
Here some of the Important Takeaways about LIC, Life Insurance Corporation of India:
- History: LIC was established in 1956 by the government of India. It was created to spread life insurance and ensure the economic development of the country.
- Services: LIC provides a range of insurance products, including life insurance, health insurance, pension plans, and unit-linked plans. It also offers group insurance and micro insurance schemes.
- Size: LIC is the largest insurance company in India and one of the largest life insurers in the world. It has a network of over 3,000 branches and more than one million agents.
- Financials: LIC has a strong financial position, with a net worth of over Rs 31 lakh crore (as of 2021). It has consistently been profitable and has a high credit rating.