NEW DELHI: State-run Insurance behemoth Life Insurance Corporation of India (LIC) has appointed M Jagannath as its new Managing Director, who has taken charge of the past on  Monday,13th March 2023. With his rich experience in marketing, Jagannath joined the Corporation as a Direct Recruit Officer in 1988. 

M Jagannath  has held a number of significant positions and effectively managed sizable teams. The newly appointed MD at Life Insurance Corporation of India  was formerly the Ernakulam, Dharwad, and Bangalore-I Divisions' Senior Divisional Manager. 

Between 2009 and 2013, Jagannath  spent 4 years as the Chief Executive Officer (CEO) and Management Director of LIC (Lanka) Ltd. in Colombo, Sri Lanka.

His former position was Zonal Manager for Hyderabad's South Central Zone, which includes Telangana, Andhra Pradesh, and Karnataka.

For the initial position of Managing Director at LIC of India, the Financial Services Institution Bureau proposed M. Jagannath in January of this year.

The public-sector insurance firm announced earlier on Monday that M R Kumar's time as Chairman was up. Siddhartha Mohanty will begin serving as the interim chairman of LIC on March 14 after the government accepted his appointment. 

"Mangalam Ramasubramanian Kumar has ceased to be the Chairperson of LIC, with effect from March 13, 2023, after close of business hours, upon completion of his term," the Life Insurance Corporation of India  said in a regulatory filing on Monday.

the FSIB - Financial Services Institution Bureau - has recommended the names of M Jagannath, the zonal head of South Central Zone of LIC, and Tablesh Pandey (who is currently working in the actuarial department of LIC at its corporate office) as new managing directors of the Corporation.

LIC's debt exposure to Adani Group stands at Rs6,183 cr as of March 5, 2023, says FM

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