ICICI Life Insurance appoints Sidharatha Mishra as MD, CEO from October 14 - Who is he?

ICICI Life Insurance Company on Friday ( 2 October) appointed ICICI Bank veteran Sidharatha Mishra as managing director and CEO effective October 14, according to exchange filing.

ICICI Life Insurance Ltd announced the leadership change on Friday, with Anup Bagchi stepping down as Managing Director and CEO at the close of business on 13 October 2026 to pursue opportunities outside the organisation.

The board, which met on 2 October, formally accepted Anup Bagchi's resignation and acknowledged his nearly three-decade contribution to the ICICI Group, including his role in steering the company through a period of growth and resilience.

From management trainee to ICICI Life Insurance MD, CEO: Who is Sidharatha Mishra?

Sidharatha Mishra is set to become Managing Director and CEO of ICICI Life Insurance, after more than 26 years with ICICI Bank. He joined the bank as a management trainee in 1998 and went on to hold roles across branch banking, regional operations and digital channels, according to hiss LinkedIn profile.

Mishra began his career in Hyderabad and later worked in Nagpur and Visakhapatnam before taking up senior retail banking roles in West Bengal, Odisha, Chhattisgarh, Andhra Pradesh and Telangana. From 2018 to 2024, he was Retail Business Head for East and Andhra Pradesh. Since July 2024, he has headed digital channels for ICICI Bank's NRI business.

Mishra will become Chief Operating Officer of ICICI Life Insurance on 6 October and take over as MD and CEO from 14 October, subject to regulatory approval. He holds a science degree and a postgraduate diploma in management from Utkal University.

Sidhartha Mishra currently heads digital channels and partnerships, voice channel, customer service, and the NRI and IFIG groups at ICICI Bank.

Anup Bagchi to step down after 3 decades with ICICI Group

Anup Bagchi will step down as managing director and CEO of ICICI Life Insurance at the close of business on 13 October. Bagchi will also cease to be a key managerial personnel responsible for assessing the materiality of events and overseeing disclosures to stock exchanges under Regulation 30(5) of the SEBI Listing Regulations.

The board credited Bagchi with helping build ICICI Life into a “resilient franchise” during his tenure. His exit marks a leadership change for the insurer after a long career across the ICICI Group, with Sidharatha Mishra set to take over as MD and CEO, subject to regulatory approval.

What ICICI Group Said?

The Board of Directors (the Board), on the recommendation of the Board Nomination and Remuneration Committee (BNRC), at their meeting held today, noted the resignation of Mr. Anup Bagchi as Managing Director and Chief Executive Officer, with effect from close of business hours on Tuesday, October 13, 2026. The Board have placed on record their appreciation of Mr. Bagchi’s contribution to the growth and success of ICICI Group over the last three decades across a variety of roles. During his tenure at ICICI Life, Mr. Bagchi has successfully steered the Company to emerge as a resilient franchise.

Further, the Board, based on the recommendation of BNRC, inter-alia, approved the following matters:

• Appointment of Mr. Sidharatha Mishra, as the Chief Operating Officer, with effect from October 6, 2026.

• Appointment of Mr. Sidharatha Mishra (DIN: 06524169), as an Additional Director and Managing Director & CEO, with effect from October 14, 2026, or date of approval of the Insurance Regulatory and Development Authority of India, whichever is later for a period of five consecutive years, subject to requisite approvals.

Consequent to the resignation, Mr. Anup Bagchi ceases to be Key Managerial Personnel for the purpose of determining materiality of an event or information and for the purpose of making disclosures to stock exchange(s) under Regulation 30(5) of the Listing Regulations.. The letter of resignation of Mr. Anup Bagchi is enclosed as Annexure I.

The requisite disclosures as per Regulation 30 and 51 read with Schedule III of Listing Regulations alongwith the details as required under Para A (7) of Part A of Schedule III of SEBI (Listing Regulations) read with SEBI Master Circular dated January 30, 2026 are enclosed herewith as Annexure II. Mr. Sidharatha Mishra is not debarred from holding the office of Director pursuant to any SEBI Order or Order of any such authority. The Board meeting commenced today at 1:45 p.m. and concluded at 2:15 p.m.