The Life Insurance Corporation, a state-owned investment and insurance firm, has named Sat Pal Bhanoo as Managing Director.
Currently, Bhanoo holds the position of Additional Zonal Manager for LIC in the Bhopal location. He will occupy the position of MD, which stood vacant after Siddharth Mohanty was appointed as Chairman of LIC in April 2023. Mohanty was appointed as managing director and chief executive officer of LIC Housing Finance in January 2021.
In an NSE filing dated July 19, 2023, LIC stated, "Sat pal Bhanoo, Additional Zonal Manager (In-Charge) Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director, LIC of India vice Siddhartha Mohanty (presently serving as Chairperson) with effect from the date of assumption of charge of Office and upto the date of his superannuation (31.12.2025), or until further orders, whichever is earlier.”
The Financial Services Institutions Bureau (FSIB) started interviewing candidates for the position in June 2023 only, and Bhanoo was one of the candidates. After interacting with all the candidates, Bhanoo and another candidate, R Doraiswamy were selected and recommended for this position at LIC.
In his new role, Bhanoo brings extensive experience and expertise in the insurance sector. His appointment is being viewed as a significant milestone for both him and LIC of India, to further shape the company's success.
In June 2023, the government appointed MP Tangirala, who serves as Additional Secretary in the Department of Financial Services, as the new Government Director on the Board of LIC, replacing Suchindra Misra.
LIC’s shares closed flat at INR 620.20 on the National Stock Exchange on July 19, showing underperformance compared to the index this year, with a decline of nearly 13% on a year-to-date basis.
In March 2023, the insurance company appointed Tablesh Pandey and M. Jagannath as Managing Directors, to fill the positions left vacant after Raj Kumar and BC Patnaik moved out of the company.