Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Siddhartha Mohanty for the position of chairperson of India’s largest insurer Life Insurance Corporation (LIC) on March 23.
As per guidelines, the chairman is selected from the four managing directors of the company. Mohanty is currently serving as the interim chairperson of LIC for a period of three months, along with discharging his responsibilities as managing director (MD) of the corporation.
The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
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Mohanty is a post graduate in Political Science with a degree in law. He has also done his post-graduation in Business Management and is a Licentiate from the Insurance Institute of India.
LIC's Q3FY23 gross premium income rose 14.6 percent on year to 1.12 lakh crore, driven by a 31.2 percent yearly increase in single premium, a 10.8 percent rise in first-year premium, and a 5.9 percent uptick in renewal premium.