The Government has appointed LIC Managing Director Sat Pal Bhanoo to the role of CEO and MD for three months starting Sunday. The announcement came hours after Siddhartha Mohanty completed his tenure at the helm and efforts remain to secure a more permanent replacement. The instructions were conveyed to the Life Insurance Corporation of India through a letter from the Ministry of Finance on Saturday.
“The Department of Financial Services, Ministry of Finance, vide its letter dated June 7, 2025 conveyed the approval of the competent authority, entrusting the financial and administrative powers and functions of the CEO and MD of the Corporation, for a period of 3 months with effect from June 8, 2025, that is up to September 7, 2025 or till assumption of charge of the post by the regular incumbent,” the state-owned insurer said in a regulatory filing.
The vacancy was created on June 7 as Mohanty concluded his term as CEO and MD of LIC. He had joined the insurance giant as an apprentice officer in 1985. Bhanoo was promoted to the MD role in 2023 and is currently the senior-most among the four LIC managing directors.
The Life Insurance Corporation of India reported a 38% rise in fourth-quarter profit last week. The Mumbai-based company saw its profit after tax rise to Rs 190.13 billion for the quarter ended March 31 — up from Rs 137.63 billion a year earlier. LIC said that employee costs declined primarily due to a reduction in salary expenses, which had been elevated in the same quarter last year due to the impact of a wage revision.
Costs fell to Rs 59.28 billion from Rs 137.50 billion a year earlier. However, net premium income dropped 3% to 1.48 trillion rupees.
Policy sales in the quarter were under pressure due to new regulations implemented earlier in the fiscal year, which made it more affordable for customers to close their policies before maturity. The insurer had boosted sales prior to the change in norms from October.
(With inputs from agencies)