Govt. names Mohanty as LIC chairperson and first CEO

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CategoryPolity

Last Updated30/04/2023

The Appointments Committee of the Cabinet (ACC) approved the appointment of Siddhartha Mohanty as Chairperson of LIC till June 29, 2024.
He is currently the Managing Director (MD) and interim chairperson of Life Insurance Corporation of India (LIC)

Mr. Mohanty will lead LIC at a time when the country’s largest insurer has to learn to conduct its business as a publicly owned company answerable to shareholders for its profitability.
It is recently been listed in May
Competition from private insurers has also intensified
The new chief will have to guard against any adverse fallout from controversies such as investments in the Adani group and ensure adequate oversight of its employees after SEBI this week barred an employee for front-running trades in LIC.
Total assets under management as on December 31 were ₹44.35 lakh crore.