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LIC names Sat Pal Bhanoo as interim MD & CEO for three months
Sat Pal Bhanoo's tenure would begin from June 8, and would continue till September 7, or until a regular CEO assumed charge, or until further orders.
Sat Pal Bhanoo took charge as the managing director of LIC in 2023. He joined the Corporation as Special Batch Direct Recruit Officer in October, 1988.
The Life Insurance Corporation of India, the country’s largest insurer, has appointed Managing Director Sat Pal Bhanoo to temporarily helm the organization following the end of Siddhartha Mohanty’s term as CEO and MD on June 7.
According to a directive issued by the Department of Financial Services under India’s Ministry of Finance, Bhanoo will assume the financial and administrative responsibilities of the CEO from June 8 through September 7, or until a permanent successor is named.
The leadership change comes as LIC undergoes a broader management reshuffle. The insurer recently named two new managing directors—Ratnakar Patnaik and Dinesh Pant—to fill vacancies left by outgoing executives. Patnaik, previously LIC’s chief investment officer, will serve until March 2028, while Pant, formerly an executive director, has been appointed through May 2027.
Bhanoo, who took over as managing director in 2023, brings more than three decades of experience within the Corporation. He joined LIC in 1988 as a direct recruit officer and has held key leadership positions, including Zonal Manager for the Central Zone and Regional Manager for Personnel and Industrial Relations in the North Zone.
He has also led LIC’s divisions in Bangalore and Shimla, guiding operations through volatile market conditions while maintaining business growth. Known internally for emphasizing human resource development and staff empowerment, Bhanoo has been credited with cultivating a motivated workforce aligned with LIC’s mission.
As Chief of Marketing-SBA, he previously oversaw strategy for senior business associates and LIC associates, with a focus on modernizing the insurer’s marketing approach.
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