The Department of Financial Services’ request to name Siddhartha Mohanty, MD and interim chairperson of the Life Insurance Corporation of India (LIC), as chairperson until June 29, 2024, was approved by the Appointments Committee of the Cabinet (ACC) on Friday.
Following that, Mr. Mohanty has been appointed as Chief Executive Officer and Managing Director until June 7, 2025, or until further orders, whichever comes first, in a salary range of 2,25,000 (fixed).
Veteran executive Mohanty will lead LIC
Veteran executive Mr Mohanty will lead LIC at a time when the nation’s largest insurer must learn to conduct business as a publicly owned company that will be accountable to shareholders for its profitability and use of funds under management. The company listed in May of last year in India’s largest initial public offering.
Private insurer competition has grown in recent years, and the new CEO will need to keep an eye out for any negative fallout from recent controversies like its investments in the Adani group of companies and ensure adequate oversight of its staff after SEBI this week prohibited an employee from the insurer’s investment department from the securities market for making early trades in LIC.
Assets under management (AUM) for the insurer totaled 44.35 lakh crore as of December 31, 2022, a rise of 10.5% from 40.1 lakh crore as of that date.
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