The Central Government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corporation of India for two years, the country’s biggest insurer.
Last month, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Mohanty’s name as chairman of LIC.
According to sources, Mohanty has been appointed as head of LIC till June 7, 2025, when he attains the age of 62 years. The government has appointed BC Patnaik as a Member (Life) of IRDAI till he attains the age of 62 years. The notifications for the two appointments came after the approval of the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, the sources said.
Mohanty, who hails from Odisha, will lead LIC as chairman till June 2024 and then become chief executive till June 2025. He had been serving as interim chairman of the corporation since March 14, 2023.
Mohanty is a postgraduate in political science and also holds a degree in law. Mohanty also holds a postgraduate degree in business management and is a licentiate from the Insurance Institute of India.
