Siddhartha Mohanty has been appointed as the new chairman of the Life Insurance Corporation of India (LIC), the largest state-owned insurance company in the country. Mohanty, who previously served as the managing director and CEO of LIC Housing Finance Limited, will succeed MR Kumar, whose term ended in March 2021.
Mohanty has more than 35 years of experience in the life insurance industry and has held several positions at LIC, including as an executive director and zonal manager. He is credited with leading LIC Housing Finance Limited’s growth and expansion during his tenure as its CEO.
As the new chairman of LIC, Mohanty will oversee the operations of the company, which has a market share of over 70% in the life insurance industry in India. The company also manages over Rs 32 lakh crore in assets and has a customer base of more than 29 crore policyholders.
Siddhartha Mohanty was appointed as the Chairman of the Life Insurance Corporation of India (LIC) in April 2023. He succeeded MR Kumar, who retired from the position on March 31, 2023.
Prior to his appointment, Mohanty served as the Managing Director and CEO of LIC Housing Finance Ltd. He has been associated with the LIC for over three decades and has held various key positions in the organization.
Mohanty is a graduate in Economics from Ravenshaw College, Cuttack, and a post-graduate in Management from Xavier Labour Relations Institute, Jamshedpur. He has also completed a Senior Executive Program from London Business School.
As the Chairman of LIC, Mohanty will be responsible for leading one of the largest insurance companies in the world. The LIC was founded in 1956 and has been instrumental in providing financial security to millions of Indians. As of 2022, the LIC had a market share of 75.9% in the life insurance sector in India, with assets worth over Rs. 39 lakh crore.
