Govt appoints two MDs for Life Insurance Corporation

The government has appointed M Jagannath and Tablesh Pandey as Managing Directors of Life Insurance Corporation of India (LIC).

The Appointments Committee of the Cabinet (ACC) has approved the appointments, according to a circular issued by the Department of Personnel and Training. The government had last week appointed Siddhartha Mohanty, who is currently serving as the managing director (MD) of LIC, as its Acting Chairperson for three months from March 14.

The Financial Services Institutions Bureau (FSIB) is expected to finalise the name of the new Chairperson for LIC in the coming weeks. Mohanty is considered as the frontrunner for the Chairperson post.

LIC is the largest financial institution in the country with total assets under management (AUM) of over Rs 41.66 lakh crore (as of September 2022)