(THE NEWSMAN OF INDIA.COM) New Delhi, May 14, 2025: In a significant development in the Indian insurance sector, the Appointments Committee of the Cabinet (ACC) has approved key leadership appointments in Life Insurance Corporation (LIC) of India. The approvals come following proposals submitted by the Department of Financial Services (DFS), Ministry of Finance.

The ACC has cleared the names of two senior LIC officials to be elevated as Managing Directors (MD) of the corporation. These appointments will be effective from June 1, 2025, or the date of assumption of charge, whichever is later.

The appointments are as follows:
Dinesh Pant Appointed MD, LIC of India: Dinesh Pant, currently serving as Appointed Actuary and Executive Director (Actuarial) at LIC’s Central Office in Mumbai, has been appointed as Managing Director.He will take charge and will hold office until the date of his superannuation on May 31, 2027, or until further orders, whichever is earlier.

Ratnakar Patnaik Appointed MD, LIC of India : Ratnakar Patnaik serving as Executive Director (INVT – Front Office & CIO) at LIC’s Central Office in Mumbai, has also been appointed as Managing Director. He will assume office and will serve till his superannuation on March 31, 2028, or until further orders, whichever is earlier.

The necessary communication regarding these appointments has been sent to the Department of Financial Services for further action.

These appointments are seen as crucial in ensuring continued leadership stability and strategic guidance at LIC, India’s largest insurer, as it navigates the evolving financial landscape post its public listing.