Sat Pal Bhanoo takes interim charge as LIC MD & CEO for three months

Following Siddhartha Mohanty's term completion, Sat Pal Bhanoo has been given interim charge as LIC MD & CEO for three months or until a new incumbent is appointed

The central government has entrusted Sat Pal Bhanoo, currently Managing Director at Life Insurance Corporation of India (LIC), with the financial and administrative powers of the MD & CEO position following the completion of Siddhartha Mohanty’s term last week.

 

Bhanoo will hold interim charge for a period of three months—from 8 June to 7 September 2025—or until a regular incumbent assumes office, or until further orders, whichever is earlier.

 

“As per the letter of the Ministry of Finance, Department of Financial Services, dated 7 June, Sat Pal Bhanoo, MD, LIC of India, has been entrusted with the financial and administrative powers and functions of MD&CEO of LIC,” the state-owned insurer said in a statement.

Over three decades of experience at LIC

Bhanoo brings with him over 30 years of experience within the insurance giant. Prior to his elevation as Managing Director, he served as Zonal Manager for LIC’s Central Zone in Bhopal.

 

He has held several key positions, including Senior Divisional Manager for Bangalore-I and Shimla divisions; Regional Manager for Micro Insurance, Corporate Communications, and Personnel & Industrial Relations in LIC’s Northern Zone, New Delhi; and Chief (Marketing/Senior Business Associate) at the Central Office in Mumbai.

 

He has also served as Additional Director at LIC’s Zonal Training Centre in Bhopal. Bhanoo holds a Bachelor's degree in History (Honours) from Himachal Pradesh University, Shimla.

Leadership transitions continue at LIC

LIC’s top management has seen major changes recently. Siddhartha Mohanty, the first MD & CEO of LIC following its structural revamp, completed his term last week.

 

LIC’s leadership structure comprises one MD & CEO and four Managing Directors.

 

Recently, Ratnakar Patnaik and Dinesh Pant were appointed as MDs, replacing M Jagannathan and Tablesh Pandey following their retirement. Pant’s term extends till May 2027, while Patnaik will serve until March 2028.

 

The other two current MDs are Sat Pal Bhanoo, whose term ends in December 2025, and R Doraiswamy, whose term is set to end in August 2026.

New investment and actuarial heads named

In addition to the leadership reshuffle, LIC has announced the appointment of Ramakrishnan Chander as Chief Investment Officer and Ajay Kumar Srivastava as the Appointed Actuary.

 

These changes mark a critical phase in LIC’s executive reorganisation as the state-owned insurer adapts to a more competitive and regulated environment.