Private sector life insurer ICICI Prudential Life Insurance on Thursday said its board of directors has approved the appointment of Anup Bagchi, presently executive director of ICICI Bank, as the next managing director & CEO of the company, with incumbent MD & CEO NS Kannan to superannuate from service on the completion of his tenure in June.
Bagchi, presently non-executive director of the life insurance company, has been appointed as the MD & CEO for a period of five consecutive years with effect from June 19, 2023.
“We wish to inform you that based on the recommendation of the board nomination and remuneration committee (BNRC), the board of directors of the company has, at their meeting held today, noted that NS Kannan, managing director & chief executive officer, will superannuate from the services of the company on the completion of tenure of his appointment on June 18, 2023,” ICICI Prudential Life said in a stock exchange filing.
Based on the recommendation of the BNRC, the board has approved the appointment of Bagchi as the executive director & chief operating officer of the company with effect from May 1, 2023, subject to regulatory approvals, in order to ensure a seamless transition.
Bagchi has been the executive Director of ICICI Bank since February 2017 and the non-executive director of ICICI Prudential Life Insurance since October 2018. He heads wholesale banking, transaction banking, the markets group and the proprietary trading group. He has worked extensively in the areas of retail banking, treasury, investment banking, small-scale industry and payment & settlement systems. He is also on the board of ICICI Prudential Asset Management Company.
ICICI Bank, in a stock exchange filing, said Bagchi has tendered his resignation from the board of the bank with effect from close of business hours on April 30. His appointment as the MD & CEO of ICICI Prudential Life is subject to receipt of requisite approvals from insurance regulator Irdai.
Bagchi had joined ICICI Group in 1992 and had worked in the areas of retail banking, corporate banking and treasury.
“The board of directors of ICICI Prudential Life have placed on record their appreciation of Kannan’s distinguished service and stellar contribution to the growth and success of ICICI Group over the last 30 years across a variety of roles, including as MD & CEO of ICICI Prudential Life and as executive director of ICICI Bank,” the insurance company said, adding that during his tenure at ICICI Prudential Life, Kannan has successfully steered the company through a variety of challenges, including the more recent Covid-19 pandemic challenge, to build the company as a “resilient and well-diversified franchise” that can successfully seize and capitalise on emerging opportunities, and has taken the company forward on the path of doubling its FY19 value of new business by FY23 despite these challenges.
On Thursday, ICICI Prudential Life Insurance’s script on the BSE closed 6.71% higher at `409.65 apiece, after the company informed the stock exchange about the change in directorate.
Notably, the insurance company reported a 28.98% year-on-year decline in its consolidated net profit to `221.56 crore for the third quarter this fiscal. The insurer’s net profit for the third quarter last fiscal stood at `312 crore.
During the third quarter of FY23, first-year premium fell 12.69% y-o-y to `1378.09 crore from `1,547.54 crore for the corresponding period of FY22. Renewal premium, however, rose 5.66% y-o-y at `5,753.31 crore during Q3FY23 against `5,444.88 crore for the same period a year ago. Net premium income witnessed a 4.3% y-o-y growth at `9,464.51 crore.
As on December 31, 2022, the life insurance company’s market share in terms of new business premium stood at 4.19%, which fell 80 basis points y-o-y from 4.99% in the year-ago period.