The Appointments Committee of the Cabinet (ACC) on Friday approved the proposal of the Department of Financial Services for the appointment of Siddhartha Mohanty, Managing Director (MD) and interim chairperson, Life Insurance Corporation of India (LIC) as Chairperson till June 29, 2024.
Thereafter, Mr. Mohanty has been named as Chief Executive Officer and Managing Director till June 7, .2025, i.e. up to the date of his attaining the age of 62 years, or until further orders, whichever is earlier, in the pay scale of ₹2,25,000 (fixed).
Mr. Mohanty, a veteran of the company, which listed in May last year in India’s biggest initial public offering, will lead LIC at a time when the country’s largest insurer has to learn to conduct its business as a publicly owned company that will be answerable to shareholders for its profitability and deployment of funds under management.
Competition from private insurers has also intensified in recent years and the new CEO will also have to guard against any adverse fallout from recent controversies such as its investments in the Adani group of companies and ensure adequate oversight of its employees after SEBI this week barred an individual working at the insurer’s investment department employee from the securities market for front-running trades in LIC.
The insurer’s total assets under management (AUM) as on December 31, 2022, were ₹44.35 lakh crore, a 10.5% year-on-year increase from ₹40.1 lakh crore on December 31, 2021..
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