The Appointments Committee of the Cabinet (ACC) approved the appointment of Siddhartha Mohanty as the Chairperson of Life Insurance Corporation of India (LIC) until June 29, 2024. Mohanty has been serving as the Managing Director (MD) and interim Chairperson of the company. Furthermore, he has been named as the Chief Executive Officer and MD of LIC until June 7, 2025, or until further orders, whichever is earlier.
Siddhartha Mohanty is a seasoned executive with extensive experience in the company, which recently went public in May. He will lead LIC at a critical time when it has to conduct its business as a publicly owned company, ensuring profitability to answer to shareholders. LIC also faces increasing competition from private insurers. As the new Chief, Mohanty will need to ensure adequate oversight of employees, especially after the recent Securities and Exchange Board of India (SEBI) action of barring an employee for front-running trades in LIC.
Apart from these challenges, the new Chief will also have to navigate potential controversies, such as the recent investment in the Adani group. As of December 31, LIC’s total assets under management were ₹44.35 lakh crore.
Who is Siddhartha Mohanty?
- Mohanty was one of four managing directors at LIC when insurer launched its IPO.
- He began his career with LIC as a direct recruit officer in 1985 and rose through the ranks to the top position.
- Mohanty has postgraduate degree in political science and degree in law. Mohanty also holds a postgraduate degree in business management and is a licentiate from the Insurance Institute of India.
- Mohanty work areas include marketing, human relations, investments and legal sector.
- Financial Services Institutions Bureau (FSIB) recommended Siddhartha Mohanty’s name for the post of chairman. The decision regarding the appointment of Mohanty as the LIC chairman was taken by the Appointments Committee of Cabinet (ACC) headed by PM Narendra Modi.