Siddharth Mohanty has been made the new chairman of Life Insurance Corporation ie LIC. Siddharth is currently the Managing Director (MD) and Chief Executive Officer (CEO) of LIC Housing Finance. He has been given the additional charge of LIC chairman for three months from March 14. Siddharth has been given this responsibility after the current LIC Chairman Mangalam Ramasubramaniam Kumar was not given an extension.

In 2019, the government made MR Kumar the chairman of LIC. He should remain on this post till 30 June 2021. He got the first extension from July 2021 to March 2022. Then got a second extension from April 2022 to March 2023. The Centre’s decision not to extend Kumar’s tenure now comes at a time when LIC’s investment in Adani Group is under intense scrutiny due to allegations by American short seller Hindenburg Research.

Siddharth is the MD of LIC from 1 February 2021
Siddharth Mohanty was made the MD of LIC and Housing Finance on February 1, 2021. He had succeeded TC Sushil Kumar, who retired on January 31, 2021. He is scheduled to serve as the MD of LIC till his retirement on June 30, 2023. LIC is headed by a chairman and four MDs. Bishnu Charan Patnaik, Ipe Mini, Siddharth Mohanty and Raj Kumar. Mangalam Ramasubramaniam Kumar is the current chairman of the company.

LIC India’s largest insurance company
LIC is the largest insurance company in India and the fifth largest in the world in terms of Gross Written Premiums (GWP). It is also the tenth largest insurance company in the world by total assets. The company has 13.35 lakh agents and services policies worth Rs 27.80 crore, making it the third strongest insurance brand globally.