Home / News / India /  LIC appoints M Jagannath as Managing Director

The Life Insurance Corporation of India (LIC) has appointed M Jagannath as its new Managing Director. He has taken charge of the position on 13th March 2023. With his rich experience in marketing, Jagannath joined the Corporation as a Direct Recruit Officer in 1988. 

He has held various important assignments and led large teams successfully. The newly-recruited MD at LIC India has previously worked as Senior Divisional Manager in charge of Ernakulam, Dharwad, and Bangalore I Divisions. He also served as Chief Executive Officer and Manager Director of LIC (Lanka) Ltd., Colombo, Sri Lanka between 2009 and 2013 for a period of four years.

His previous assignment was as Zonal Manager, South Central Zone, Hyderabad, which comprises three states, that is, Telangana, Andhra Pradesh, and Karnataka.

The Financial Services Institution Bureau recommended the name of M Jagannath for the first vacancy of Managing Director in LIC of India in January this year. 

Earlier on Monday, the public-sector insurance company on Monday said that M R Kumar has completed his term as the Chairman. The government has approved the appointment of Siddhartha Mohanty as the interim Chairman of LIC for three months with effect from March 14. 

Mohanty served as the Managing Director at the insurance behemoth.

"Mangalam Ramasubramanian Kumar has ceased to be the Chairperson of the Corporation, with effect from March 13, 2023, after close of business hours, upon completion of his term," LIC said in a regulatory filing on Monday.

The government is set to appoint a full-time chairman at LIC by June, a finance ministry official said, Mint reported. The official said the chairman would be selected from among candidates available within the life insurer and would serve a term of around a year.

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