LIC Appoints Sat Pal Bhanoo as Interim MD & CEO for 3 Months

Sat Pal Bhanoo, the current Managing Director at Life Insurance Corporation of India (LIC), has been entrusted with the interim charge as MD & CEO for three months following Siddhartha Mohanty's term completion. Bhanoo brings over 30 years of experience within the insurer and will hold interim charge from June 8 to September 7, 2025, or until a new incumbent is appointed.

Life Insurance Corporation of India (LIC) has announced the departure of Shri Siddhartha Mohanty, who ceased to be both Managing Director and Chief Executive Officer of the corporation, effective June 7, 2025. Mohanty's term completion was in accordance with a Government of India Notification dated April 28, 2023 [1][2].

In his place, Sat Pal Bhanoo has been entrusted with the interim charge as Managing Director & CEO. Bhanoo brings over 30 years of experience within LIC and will hold the interim position from June 8, 2025, to September 7, 2025, or until a new incumbent is appointed. This transition is part of LIC's ongoing efforts to ensure continuity and stability in its leadership.

Mohanty's tenure saw significant developments, including LIC's focus on group insurance products to boost business. New-age life insurers like Acko, Go Digit, and CreditAccess, licensed in 2023, have also leaned heavily on group insurance policies to drive early growth. Acko's premium collection almost doubled in FY2025 compared to FY2024, while Go Digit recorded Rs 1,068 crore in FY2025, up from Rs 426 crore the previous year [3].

Under Bhanoo's interim leadership, LIC will continue to focus on its strategic initiatives, including the expansion of group and retail insurance products. The new-generation insurance companies have adopted a retail-first approach for general insurance but have gone the group business route for life insurance. This strategy is aimed at quickly building customer trust and setting up internal and sales processes [3].

LIC's interim appointment of Bhanoo is a testament to the corporation's commitment to continuity and stability. As Bhanoo takes the reins, he will be crucial in guiding LIC through this transition period and ensuring the corporation's continued success.

References:
[1] https://www.marketscreener.com/quote/stock/LIFE-INSURANCE-CORPORATIO-137965464/news/Life-Insurance-Corporation-of-India-Announces-Cessation-of-Siddhartha-Mohanty-as-Managing-Director-50185618/
[2] https://www.marketscreener.com/quote/stock/LIFE-INSURANCE-CORPORATIO-137965464/news/Life-Insurance-Corporation-of-India-Announces-Cessation-of-Siddhartha-Mohanty-as-Chief-Executive-Off-50185619/
[3] https://economictimes.indiatimes.com/tech/technology/new-age-life-insurance-firms-tap-group-products-to-boost-business/articleshow/121577555.cms