The central government has approved the premature retirement of Dinesh Pant as Managing Director of Life Insurance Corporation of India (LIC), effective September 24, clearing the way for him to join the Insurance Regulatory and Development Authority of India (Irdai).

“Dinesh Pant has been relieved from the services of the Corporation on account of his voluntary retirement and has ceased to be the Managing Director and KMP with effect from September 24, 2026 after close of the day,” LIC said in an exchange filing.

Pant will also cease to be the chairperson of LIC’s Information Technology Strategy Committee and a member of its Executive Committee and Investment Committee, the corporation said.

The development comes months after the government appointed Pant as a whole-time member (Actuary) at Irdai on June 15. The latest approval of his voluntary retirement from LIC clears the way for him to take up the regulatory position.

Pant assumed charge as LIC’s managing director on June 1, 2025. He joined LIC as a direct recruit officer in 1989 and rose through the ranks from assistant administrative officer to chief actuary and eventually managing director. Interestingly, he was among the few LIC officers to transition into the specialised actuarial function after serving in marketing and operations at prominent branches in India and abroad.

As appointed actuary, Pant was part of LIC’s key management team and played a pivotal role in the planning and launch of the insurer’s Rs 21,000-crore mega IPO in 2022.