LIC's top management set for June reshuffle; govt appoints 2 new MDs

MD & CEO Mohanty's term ends next month

State-owned Life Insurance Corporation (LIC) is set for a reshuffle in its top management in June, with the term of the current managing director and chief executive office (MD &CEO) ending and two new MDs stepping in to replace two outgoing ones. 

 

The Centre appointed Dinesh Pant as MD effective from June 1. He is currently serving as the Executive Director and Actuary. Ratnakar Patnaik, who was previously executive director and chief investment officer, will also assume the role of MD on the same date. While Pant’s term will last till May 2027, Patnaik has been appointed till March 2028. 

 

The term of Siddhartha Mohanty, LIC’s current MD & CEO, is set to end on June 7. 

 

Currently, LIC’s top leadership comprises Mohanty as MD & CEO, along with four MDs — M Jagannath, Tablesh Pandey, Sat Pal Bhanoo and R Doraiswamy. 

 

The terms of Jagannath and Pandey as MDs will conclude at the end of May, while Bhanoo’s and Doraiswamy’s terms will end in December 2025 and August 2026 respectively. 

 

The government had appointed Mohanty as LIC’s chairman in April 2023, till June 2024. He then took over the position of MD & CEO till June 7, 2025, that is until the age of 62 years. He was the first MD & CEO of LIC. 

 

The Life Insurance Corporation of India (Employees) Pension (Amendment) Rules and The LIC Act 1959 was amended in 2021 for doing away with the post of chairman and the appointment of MD & CEO.

 

In 2024-25 (FY25), LIC’s new business premiums (NBP) grew marginally by 1.86 per cent year-on-year (Y-o-Y) to ₹2.27 trillion while its market share in NBP shrunk to 57 per cent. In FY24, its NBP declined 4 per cent Y-o-Y to ₹2.22 trillion with a market share of 58.57 per cent.