ICICI Prudential jumps on appointing Anup Bagchi as MD & CEO

ICICI Prudential Life Insurance Company gained 4.85% to Rs 402.50 after the life insurer announced that Anup Bagchi will replace N. S. Kannan as managing director (MD) and chief executive officer (CEO) effective from 19 June 2023.

N. S. Kannan, MD & CEO will superannuate from the services of the company on the completion of tenure of his appointment on 18 June 2023.

Anup Bagchi is presently executive director of ICICI Bank and non-executive director of the company, will take charge as MD & CEO of ICICI Prudential for a period of 5 years with effect from 19 June 2023 or the date of regulatory approvals, whichever is later.

Additionally, the company said that to ensure a seamless transition, Bagchi has been appointed as executive director & chief operating officer with effect from 1 May 2023, subject to requisite approvals.

Anup Bagchi is the executive director of ICICI Bank since February 2017 and is the nonexecutive director of the company since October 2018. He heads the wholesale banking, transaction banking, markets group and proprietary trading group. Prior to this, Bagchi was the MD& CEO of ICICI Securities.

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

The insurance firm's consolidated net profit declined 29% to Rs 221.56 crore on 78% rise in total income to Rs 17778.51 crore in Q3 FY23 over Q3 FY22.

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