Who is Siddhartha Mohanty? LIC's first-ever CEO, appointed after record-breaking IPO

When India's Life Insurance Corporation launched its initial public offering in 2022, it was the biggest-ever market debut in India's history, fetching more than Rs 20,000 crore via share sale. This has been followed by changes at the top state-owned insurer, and the post of the Chairman is being phased out as part of this transition.

To emulate the way other listed entities operate, the government has named Siddhartha Mohanty as the first ever Chief Executive Officer of LIC.

Will oversee LIC's transition

Siddhartha Mohanty will lead the insurance firm as its Chairman till June 2024, after which the position will be done away with, and then he will continue as CEO till June 2025.

One of four managing directors at LIC, Mohanty had already been chosen as the Chairman in March for a three-month term on the recommendation of the autonomous body FSIB.

After joining LIC in 1985 as a direct recruit officer, Mohanty has remained with the firm for almost four decades, and worked in different departments.

Worked on all key aspects

He has worked on Human Resources, legal issues, and investments, before becoming a managing director in 2021.

During his journey at the insurer, Mohanty also went on to work as the Chief Operations Officer, before being appointed MD.

Before being selected as LIC's first Chief Executive, Mohanty has already served as the MD and CEO of LIC Housing Finance.

Apart from his post-graduation in business management and licentiate from the Insurance Institute of India, Mohanty has also finished post-graduation in political science along with a law degree.