Mumbai, June 8 (IANS) Life Insurance Corporation of India Managing Director Sat Pal Bhanoo has been entrusted with the financial and administrative powers and functions of the state-owned life insurer’s CEO & MD, with the term of incumbent Siddhartha Mohanty ending on June 7, according to an LIC statement issued on Sunday.

“Sat Pal Bhanoo, Managing Director, LIC of India has been entrusted with the financial and administrative powers and functions of the Chief Executive Officer and Managing Director of the Life Insurance Corporation of India (LIC) for a period of three months with effect from June 8, 2025 up to September 7, 2025 or till assumption of charge of the post by the regular incumbent, or until further orders, whichever is the earliest,” the LIC statement said.

The arrangement has been made as per the letter of the Ministry of Finance’s Department of Financial Services, dated June 7, the statement said.

LIC is currently undergoing a leadership transition. Ratnakar Patnaik and Dinesh Pant have been appointed as the two new Managing Directors from June 1 to replace their outgoing colleagues as part of a broader reshuffle within the LIC’s top management.

Pant, who was an Executive Director in LIC, has been appointed to the post till May 2027. Patnaik, who was the Chief Investment Officer, has been appointed till March 2028.

LIC made a net profit of Rs 48,151 crore for the financial year 2024-25 as compared to Rs 40,676 crore for the year ended March 31, 2024, thereby registering an increase of 18.38 per cent. The Board of Directors have recommended a final dividend of Rs 12 per share for the financial year 2024-25, subject to approval of shareholders.

The country’s largest life insurer registered a new business premium to the tune of an impressive Rs 2,26,669.91 crore in FY25, which includes a record Rs 62,404.58 crore from individual new business.

Individual new business premium for FY25 registered a growth of 8.35 per cent year-on-year basis, the figures showed. However, the group premium during the financial year fell by a marginal 0.40 per cent, to Rs 1,64,265.34 crore from Rs 1,64,925.89 crore last year.

For FY25, LIC sold 1.78 crore new policies, despite the introduction of new surrender value norms effective from October 1, 2024.

–IANS

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