The Indian government has announced the appointment of Dinesh Pant and Ratnakar Patnaik as Managing Directors of the Life Insurance Corporation of India (LIC), effective June 1, 2025. Both individuals are currently serving as Executive Directors at LIC, with Pant holding the position of Appointed Actuary & Executive Director (Actuarial) and Patnaik serving as Executive Director (Investment – Front Office) & Chief Investment Officer.
Pant’s appointment as Managing Director will be until May 31, 2027, or until further orders, whichever comes first. Similarly, Patnaik’s appointment will be until March 31, 2028, or until further orders. The appointments come as two existing Managing Directors, Jagannath Mukkavilli and Tablesh Pandey, are set to retire at the end of May 2025.
The top leadership of LIC consists of a CEO & MD, along with four Managing Directors. The appointment of Pant and Patnaik is expected to bring stability and continuity to the organization, given their existing experience and expertise within the company. As Managing Directors, they will play a crucial role in shaping the strategic direction of LIC and overseeing its operations.
The announcement was made through a regulatory filing, and the appointments are subject to the terms and conditions specified by the government. The move is seen as a significant development in the Indian insurance sector, with LIC being one of the largest and most prominent players in the market. With their experience and expertise, Pant and Patnaik are expected to contribute to the growth and success of LIC, and help the organization navigate the evolving landscape of the insurance industry. The appointments are effective from June 1, 2025, and are expected to have a positive impact on the company’s future prospects.