Sat Pal Bhanoo appointed Managing Director of LIC

economictimes.indiatimes.com:

Sat Pal Bhanoo has been appointed as the Managing Director of Life Insurance Corp (LIC) of India with effect from the date of assumption of charge. Bhanoo is currently serving as the Additional Zonal Manager of LIC in Bhopal. «Sat pal Bhanoo, Additional Zonal Manager (In-Charge) Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director, LIC of India vice Siddhartha Mohanty (presently serving as Chairperson) with effect from the date of assumption of charge of Office and upto the date of his superannuation (31.12.2025), or until further orders, whichever is earlier,» the company said in a filing.

The financial services institutions bureau had in June interacted with 7 candidates for the positions of managing directors in LIC and recommended the names of Sat Pal Bhanoo and Doraiswamy. Last month, the government nominated MP Tangirala, Additional Secretary, Department of Financial Services as Govt Director on the Board of LIC in the place of Suchindra Misra. On Wednesday, the company's shares closed flat at Rs 620.20 on NSE.

The stock has underperformed the index in this year, falling nearly 13% on a year-to-date basis. According to Trendlyne data, LIC has an average target price of Rs 822 and the consensus estimate represents an upside of 32.55% from the current levels. In the recent March quarter, LIC reported multifold growth in net profit at Rs 13,428 crore.

Net premium income fell 8% to Rs 1.31 lakh crore during the March quarter, compared with Rs 1.43 lakh crore in the corresponding quarter of previous year. LIC's first year premium during the reporting quarter stood at Rs 12,811 crore, down 12% from Rs 14,614 crore in the year-ago quarter. Income from investments rose marginally to Rs 67,846 crore