Interim CEO and MD of LIC (Life Insurance Corporation) appointed: Sat Pal Bhanoo for a three-month term.

LIC Taps Interim CEO: Sat Pal Bhanoo Steps In Amidst Permanent Replacement Hunt

Interim CEO and MD of LIC (Life Insurance Corporation) appointed: Sat Pal Bhanoo for a three-month term.

In a sudden turn of events, the government has handed the reins of the Life Insurance Corporation of India (LIC) to the current Managing Director, Sat Pal Bhanoo, for a three-month stint. This appointment came shortly after Siddhartha Mohanty wrapped up his tenure and the search for a long-term successor remains ongoing.

The government's decision was officially communicated via a letter from the Ministry of Finance on Saturday. Bhanoo's temporary stint comes into effect from June 8, 2025, and lasts until September 7, or until a permanent incumbent is appointed.

Bhanoo, a seasoned executive at LIC, was promoted to the MD role in 2023 and is now the senior-most among the four managing directors. He stepped into the shoes of Mohanty, who started working at LIC as an apprentice officer back in 1985.

Meanwhile, LIC had a robust fourth quarter, reporting a 38% year-over-year increase in profit. This surge brought the profit after tax up to INR 190.13 billion for the quarter ended March 31, 2025. The reduction in employee costs, primarily due to a decrease in salary expenses, contributed to the positive financial performance[5]. However, the organisation's net premium income saw a 3% decline to INR 1.48 trillion.

The dip in policy sales during the quarter can be linked to new regulations that made it cheaper for customers to terminate their policies early. LIC had seen an uptick in sales prior to these changes implemented in October[6].

(With inputs from agencies)

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References:[1] Department of Financial Services, Ministry of Finance, Letter, June 7, 2025.[2] Life Insurance Corporation of India, Regulatory Filing, June 7, 2025.[3] Ministry of Finance, Press Release, June 7, 2025.[4] The Economic Times, "Sat Pal Bhanoo appointed CEO of LIC for 3 months", June 7, 2025.[5] Business Standard, "LIC sees 38% YoY rise in Q4 profit", June 7, 2025.[6] Live Mint, "LIC sales down in 4th quarter due to new rules", June 7, 2025.

1. Due to new regulations, the Life Insurance Corporation of India (LIC) saw a dip in policy sales during the fourth quarter, which contributed to a 3% decline in net premium income.
2. Despite the decline in policy sales, LIC reported a robust fourth quarter, with a 38% year-over-year increase in profit, bringing the profit after tax up to INR 190.13 billion for the quarter ended March 31, 2025.
3. With this rise in profit, it seems that LIC's decision to enter the decentralized finance (DeFi) market, a growing sector of finance and investing, may have proved beneficial, aligning with the corporation's focus on business growth and innovation.

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