Winning Bizness Desk
Mumbai. LIC, the country's largest government insurance company, has got a new boss. Siddharth Mohanty took over the charge of chairman of Life Insurance Corporation of India. He has been given the additional charge of chairman for three months from March 14. He is also the Managing Director of LIC. Prior to this, he has also been the MD and CEO of LIC Housing Finance. After not giving extension to Mangalam Ramasubramaniam Kumar, Siddharth has been given this responsibility. In 2019, the government made MR Kumar the chairman of LIC. He got the first extension from July 2021 to March 2022. Then got a second extension from April 2022 to March 2023. The Centre's decision not to extend Kumar's tenure now comes at a time when LIC's investment in Adani Group is under intense scrutiny due to allegations by American short seller Hindenburg Research.
Siddharth Mohanty joined LIC in 1985
Notably, Siddhartha joined LIC in the year 1985 as an apprentice officer. He holds a Master's degree in Political Science from Utkal University, Bhubaneswar and also holds a PG certification in Business Management from Xavier's Institute, Bhubaneswar. Along with this, he has also passed the Licentiate Examination conducted by the Insurance Institute of India in November 2002 and has also worked as the COO, CEO and MD of LIC Housing Finance.
Siddharth is the MD of LIC from 1 February 2021
Siddharth Mohanty was made the MD of LIC on February 1, 2021. He had succeeded TC Sushil Kumar, who retired on January 31, 2021. He will serve in this post till his superannuation on June 30, 2023. LIC is headed by a chairman and four MDs. His records show that Siddharth Mohanty was appointed in February 2021. Notably, LIC is the largest insurance company in India and the fifth largest in the world in terms of Gross Written Premiums (GWP). It is also the tenth largest insurance company in the world by total assets. The company has 13.35 lakh agents and services policies worth Rs 27.80 crore, making it the third strongest insurance brand globally.
