He will move to HDFC Bank after that and is expected to be introduced to investors on October 17, when the lender announces its Q2FY27 (second quarter of the financial year 2026-27) results.
Bagchi resigned from ICICI Life on October 1, the day his appointment as the next MD & CEO of HDFC Bank was announced. While he will formally take charge at HDFC Bank on October 27 — succeeding Shashidhar Jagdishan, who completes his six-year tenure a day earlier — Bagchi has been appointed an additional director of the lender with effect from October 2.
In his resignation letter, Bagchi wrote: “I do, and hereby tender my resignation as MD & CEO of ICICI Life Insurance, with effect from the close of business hours on October 13, 2026, as I wish to pursue a new career opportunity outside the organisation.” “I remain committed to supporting the transition in every possible way and ensuring that all responsibilities are handed over smoothly”, he said.
Under Bagchi’s leadership, ICICI Life Insurance, one of the country’s largest private-sector life insurers, crossed the Rs 10,000 crore milestone in annualised premium equivalent (APE) for the first time in FY25. APE grew 15 per cent year-on-year to Rs 10,407 crore, while profit after tax rose nearly 40 per cent to Rs 1,189 crore. The insurer also recorded growth in protection products and new business generation, reflecting its focus on expanding the business while maintaining profitability.
Prior to Bagchi joining ICICI Life, he served as executive director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking, and subsequently wholesale banking. Under his leadership, the Bank became the first private-sector bank in India to surpass a retail mortgage portfolio of Rs 2 trillion.
 "Anup Bagchi")