Siddhartha Mohanty: India govt appoints Siddhartha Mohanty as LIC Chairman

India’s government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corp of India until June next year, and chief executive for at least a year after that, according to an official document seen by Reuters.

Mohanty, who is one of the four managing directors at LIC, was already named as chairman in March for three months.

FSIB, an autonomous body tasked with selecting top managers of state-run financial institutions and lenders, had recommended the candidature of Siddhartha Mohanty, one of the four managing directors at Life Insurance Corp (LIC), as the next chairman of the insurer that is India’s biggest institutional investor.
The Financial Services Institutions Bureau (FSIB) recommendation came after it evaluated four candidates for the top LIC job.

In February 2021, Mohanty became managing director. Mohanty began his career at LIC as a direct recruit officer in 1985, and gained experience in various departments — marketing, HR, investments, legal, and personnel. Before taking over as MD of LIC, he was MD and CEO of LIC Housing Finance.

LIC’s Q3FY23 gross premium income rose 14.6% YoY to 1.12 lakh crore, driven by a 31.2% YoY increase in single premium, a 10.8% rise in first-year premium, and a 5.9% uptick in renewal premium.

The insurer’s gross VNB margin for individual business in 9MFY23 was 20%, up from 19.96% in FY22, primarily due to a slight improvement in par business.