The Financial Services Institutions Bureau (FSIB) announced on Thursday that Dinesh Pant and Ratnakar Patnaik have been appointed as Managing Directors of Life Insurance Corporation of India (LIC). Their appointments are expected to strengthen the leadership of India’s largest insurer.
LIC’s Current Leadership and Performance
LIC is currently led by Siddhartha Mohanty, who serves as the Chief Executive Officer (CEO) and Managing Director (MD). Under his leadership, the company has continued to expand its market presence.
In the third quarter of the current financial year, LIC reported a 16% increase in its consolidated net profit, reaching ₹11,008.7 crore. However, the net premium income saw an 8.62% decline, falling to ₹1.07 lakh crore compared to ₹1.17 lakh crore in the same quarter last year.
LIC’s New Pension Plan
Earlier this week, LIC introduced a new Smart Pension Plan, designed as a non-participating, non-linked savings, and immediate annuity plan. This plan allows individuals between 18 to 100 years to enroll, depending on the chosen annuity option. It offers multiple annuity choices for both single-life and joint-life annuitants, ensuring financial security for policyholders.
LIC Stock Performance
Following these developments, LIC’s stock performed positively in the market. On Thursday, LIC shares closed 1.83% higher at ₹777.90 per share on the BSE, despite the benchmark Sensex declining by 0.27%.
With the appointment of new Managing Directors and the launch of innovative financial products, LIC continues to reinforce its position as a key player in India’s insurance sector.
