The Central Government has approved the appointment of Ratnakar Patnaik and Dinesh Pant as the Managing Directors of Life Insurance Corporation of India (LIC) with effect from the date of assumption of charge of the office on or after June 1, 2025. Their appointments have come ahead of the upcoming superannuation of two current MDs.

Pant and Patnaik fill the two positions after Jagannath Mukkavilli and Tablesh Pandey, the two current MDs of LIC, retire following the end of their term. They were appointed as MDs in 2023.

“Pant will serve as MD till May 31, 2027 i.e., his superannuation or until further orders, whichever is earlier. Currently, he works in LIC as the appointed Actuary & Executive Director (Actuarial) and Key Managerial Personnel,” the Corporation said in a regulatory filing.

Patnaik will continue as MD till March 31, 2028 i.e., till his superannuation or until further orders, whichever is earlier. Currently, he is the Executive Director (Investment – Front Office) & Chief Investment Officer and Key Managerial Personnel, Central Office (LIC), Mumbai.

LIC Managing Directors Jagannath Mukkavilli and Tablesh Pandey will be superannuating this month-end.  In addition to CEO & MD, the top deck of the LIC comprises four MDs.