Meet Siddhartha Mohanty, the newly appointed Chairperson of LIC

The government recently appointed Siddhartha Mohanty as the new Chairperson of the Life Insurance Corporation of India (LIC). He will hold the position until June 29, 2024, after which he will serve as the Managing Director and Chief Executive Officer until June 7, 2025.

Rising through the ranks at LIC

Mohanty began his career with LIC in 1985 as an apprentice officer and worked his way up through the organization to become its top executive. Over the years, he has gained valuable experience in various areas, including marketing, human relations, investments, and the legal sector.

Mohanty holds a postgraduate degree in political science, a degree in law, and a postgraduate degree in business management. He is also a licentiate from the Insurance Institute of India.

Appointment & recommendations

The Financial Services Institutions Bureau (FSIB) recommended Mohanty's name for the position of Chairman, and the decision regarding his appointment was taken by the Appointments Committee of Cabinet (ACC) headed by Prime Minister Narendra Modi.

LIC is the largest financial institution in India, with total assets under management (AUM) of over Rs 44.35 crore as of December 2022. There are three other managing directors at LIC, including M Jagannath, Tablesh Pandey, and Mini Ipe.