The Life Insurance Corporation of India named Sat Pal Bhanoo as the company’s managing director. Sat Pal Bhanoo will succeed Siddhartha Mohanty, who was appointed chairperson of the firm in April. His appointment will be in effect from the date he takes over the position and will last until his retirement on 31st December, 2025.
“Shri Sat Pal Bhanoo, Additional Zonal Manager (In-Charge) Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director, LIC of India vice Shri Siddhartha Mohanty (presently serving as Chairperson) with effect from the date of assumption of charge of office and upto the date of his superannuation (i.e.31.12.2025), or until further orders, whichever is earlier,” LIC said in a regulatory filing.
The insurance company had previously appointed M Jagannath as one of its managing directors, with him taking over on March 13, 2023. The government also authorised Siddhartha Mohanty’s appointment as interim chairman of LIC for three months, beginning March 14, 2023.
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Earlier in May, LIC reported a more than five-fold increase in consolidated net profit for Q4FY23 to Rs 13,191 crore, up from Rs 2,409 crore in the same period the previous year.
