Life Insurance Corporation of India on Wednesday announced that it has appointed Sat Pal Bhanoo as the managing director of the company. “Shri Sat Pal Bhanoo, Additional Zonal Manager (In-Charge) Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director, LIC of India vice Shri Siddhartha Mohanty (presently serving as Chairperson) with effect from the date of assumption of charge of office and upto the date of his superannuation (i.e.31.12.2025), or until further orders, whichever is earlier,” LIC said in a regulatory filing. Sat Pal Bhanoo will take charge from Siddhartha Mohanty, who has been appointed as chairman of the firm in April.
The insurance major had earlier appointed M Jagannath as one of the managing directors in its board and he had taken charge of the position on March 13, 2023. The government had also approved the appointment of Siddhartha Mohanty as the interim chairman of LIC for three months, effective from March 14, 2023.
Earlier in May, LIC had posted a more than five-fold jump in consolidated net profit for Q4FY23 to Rs 13,191 crore as against Rs 2,409 crore in the same quarter a year earlier. However, the total income of the insurance company during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal.