Government appoints two new managing directors to lic ahead of top level vacancies
TNN | May 16, 2025, 04.56 AM IST
Mumbai: The Centre appointed Dinesh Pant and Ratnakar Patnaik as managing directors of Life Insurance Corporation of India, effective from 1 June 2025, according to stock exchange filings made by the insurer on 14 May. The appointments come ahead of two scheduled retirements at the MD level and signal continuity at the helm of the state-owned life insurer.
Pant, who is LIC’s appointed actuary and executive director (actuarial), will serve as managing director until his superannuation on 31 May 2027, or until further orders, whichever is earlier. Patnaik, the corporation’s chief investment officer and executive director (investment–front office), will hold the MD role until 31 March 2028, the date of his superannuation.
The appointments come amid an expected reshuffle in LIC’s senior leadership. Two of the four existing MDs—M Jagannath and Tablesh Pandey—are due to retire on 31 May 2025. Siddhartha Mohanty, the current CEO and MD, is also set to complete his term on 7 June.
LIC, which was listed on Indian stock exchanges in 2022, continues to operate under close oversight from the govt, which remains its majority shareholder. Leadership changes in LIC are processed through a formal selection mechanism led by the Financial Services Department and approved through official notification.
Both Pant and Patnaik have held key roles within LIC. Pant served in actuarial functions critical to product pricing and risk assessment, while Patnaik oversaw LIC’s investment strategy, a crucial portfolio given the insurer’s significant exposure to equity and debt markets. Their elevation to the top tier of LIC’s leadership indicates an emphasis on internal continuity and domain expertise during a period of transition.
Pant, who is LIC’s appointed actuary and executive director (actuarial), will serve as managing director until his superannuation on 31 May 2027, or until further orders, whichever is earlier. Patnaik, the corporation’s chief investment officer and executive director (investment–front office), will hold the MD role until 31 March 2028, the date of his superannuation.
The appointments come amid an expected reshuffle in LIC’s senior leadership. Two of the four existing MDs—M Jagannath and Tablesh Pandey—are due to retire on 31 May 2025. Siddhartha Mohanty, the current CEO and MD, is also set to complete his term on 7 June.
LIC, which was listed on Indian stock exchanges in 2022, continues to operate under close oversight from the govt, which remains its majority shareholder. Leadership changes in LIC are processed through a formal selection mechanism led by the Financial Services Department and approved through official notification.
Both Pant and Patnaik have held key roles within LIC. Pant served in actuarial functions critical to product pricing and risk assessment, while Patnaik oversaw LIC’s investment strategy, a crucial portfolio given the insurer’s significant exposure to equity and debt markets. Their elevation to the top tier of LIC’s leadership indicates an emphasis on internal continuity and domain expertise during a period of transition.