New Delhi, 13 May 2025: In a key development at the Life Insurance Corporation of India (LIC), Dinesh Pant and Ratnakar Patnaik have been appointed as Managing Directors (MD). The Appointments Committee of the Cabinet (ACC) approved their appointments on Tuesday (May 13, 2025), and both officers will assume charge on June 1, 2025.
The Financial Services Institutions Bureau (FSIB) had selected Pant and Patnaik for the MD posts earlier on February 20, 2025, and recommended their names to the ACC.
Dinesh Pant, currently serving as Executive Director (Actuarial) at LIC’s Central Office in Mumbai, will serve as MD until May 31, 2027, i.e., his date of superannuation, or until further orders, whichever is earlier.
Ratnakar Patnaik, presently Executive Director (INVT – Front Office & CIO) at LIC Central Office, Mumbai, will continue in the MD position until March 31, 2028, his superannuation date, or until further orders.
The appointments come ahead of the retirement of two incumbent MDs—M Jagannath and Tablesh Pandey—on May 31, 2025. Notably, LIC’s current CEO and MD, Siddhartha Mohanty, is also due to complete his term in the first week of June 2025.
The LIC Board comprises five Managing Directors and one MD & CEO.