The government has appointed Siddharth Mohanty as the new chairman of Life Insurance Corporation of India (LIC) for two years and will retire from LIC in June 2025.
The Central Government on Friday appointed Siddharth Mohanty as the new chairman of Life Insurance Corporation of India (LIC) for two years. Siddhartha Mohanty, one of the four Managing Directors of LIC, was already named interim chairman for three months in March. Mohanty will retire from LIC in June 2025.
Prior to joining LIC as MD, Mohanty was serving as MD & CEO of LIC Housing Finance, one of the largest mortgage financiers in the country.
Siddharth Mohanty was given the responsibility of interim chairman after former LIC chairman Mangalam Ramasubramaniam Kumar did not get an extension. In 2019, the government made MR Kumar the chairman of LIC. He was on this post till 30 June 2021. LIC is headed by a chairman and four MDs.
Kumar got the first extension from July 2021 to March 2022. Then got a second extension from April 2022 to March 2023. After this, the government had decided not to extend Kumar’s tenure. The decision came at a time when LIC’s investment in the Adani Group was under intense scrutiny due to allegations by American short seller Hindenburg Research.
Government had sold stake in LIC
Last year, the government sold 3.5% of its stake in LIC through an initial public offer, which fetched around Rs 21,000 crore at an issue price of Rs 949 per share. LIC made a stellar debut on the stock exchanges on 17th May and got listed at a discount of over 8% after a successful IPO.
