(THE NEWSMAN OF INDIA.COM) New Delhi, June 1, 2025 — The Life Insurance Corporation of India (LIC) has welcomed two of its senior-most executives, Ratnakar Patnaik and Dinesh Pant, as its new Managing Directors. Their appointments, notified by the Government of India on May 14, 2025, came into effect from June 1, 2025.

It is worth noting that The Newsman of India had reported in February about the impending elevation of both these officers to the post of Managing Director, highlighting their extensive experience and longstanding contributions to LIC. On May 31, 2025, Managing Directors M. Jagannath and Tablesh Pandey got retired.

Ratnakar Patnaik: A Veteran in Investments and Marketing

Ratnakar Patnaik, born in 1968, joined LIC in March 1990 as a Direct Recruit Officer. A graduate with Honours in Physics and a Master’s in Public Administration, he is also a Fellow of the Insurance Institute of India and holds a Diploma in Health Insurance.

In his distinguished 35-year career at LIC, Ratnakar Patnaik has held critical roles, including Executive Director (Investment–Front Office) and Chief Investment Officer. His leadership in Investment Management and proven track record in Marketing and Customer Service have significantly contributed to the corporation’s operational success.

He has served as Senior Divisional Manager in Indore and Jamshedpur and Regional Manager (Marketing/CLIA) in the Eastern Zone, showcasing his diverse geographical and functional exposure across LIC’s vast organisational structure.

Dinesh Pant: A Rare Blend of Actuarial Expertise and Operational Leadership

Dinesh Pant, who also took charge as Managing Director on June 1, 2025, brings a unique blend of actuarial acumen and extensive field experience. He previously served as the Appointed Actuary and Executive Director (Actuarial) at LIC. A Fellow of both the Institute of Actuaries of India and the UK’s Institute and Faculty of Actuaries,Dinesh Pant holds degrees in Engineering, Law, and an MBA.

Dinesh Pant joined LIC in 1989 and has served in a wide variety of roles, including Appointed Actuary since 2017, where he played a crucial role in shaping LIC’s actuarial and product strategy. His strategic oversight was especially critical during LIC’s landmark IPO in 2022, a major event in the company’s history.

His earlier assignments include leading LIC’s overseas operations in Kenya as General Manager (Life) of Kenindia Assurance, managing key investment functions at LIC’s Corporate Office, and holding senior branch-level positions across India. His rare shift from marketing to actuarial sciences marks him as a distinctive leader in the insurance sector.

He has also served as a permanent special invitee to the LIC Board and contributed to several of its sub-committees, including those on Investments, Risk Management, and With-Profits.

With the dual appointment of Ratnakar Patnaik and Dinesh Pant as Managing Directors, LIC is poised to benefit from a synergy of deep investment expertise and visionary actuarial leadership. Their elevation is expected to steer the corporation through its next phase of growth and innovation in the evolving insurance landscape.