LIC appoints Sat Pal Bhanoo as its interim CEO
What's the story
The Life Insurance Corporation of India (LIC) has appointed Managing Director (MD) Sat Pal Bhanoo, as the interim Chief Executive Officer (CEO).
The appointment is effective from today, and will continue for three months till September 7, 2025, or until a regular incumbent takes charge.
The decision was communicated by the Ministry of Finance in a letter.
Succession
Bhanoo's appointment follows Mohanty's completion of term
Bhanoo's appointment comes after Siddhartha Mohanty completed his term as CEO of LIC on June 7.
Mohanty had joined the insurance giant as an apprentice officer in 1985.
Meanwhile, Bhanoo, who was promoted to the role of MD in 2023, is currently the senior-most among four MDs of the company.
Financial report
LIC's profit surges 38% in Q4
Last week, LIC reported a 38% increase in its fourth-quarter profit.
The Mumbai-based firm saw its profit after tax rise to ₹19,013 crore for the quarter ending March 31, up from ₹13,763 crore a year ago.
However, net premium income fell by 3% to ₹1.48 lakh crore due to new regulations introduced earlier this fiscal year, that made it easier for customers to surrender their policies before maturity.