Life Insurance Corporation Of India has informed the Exchange about change in Management. it is to inform that Shri Ratnakar Patnaik, Executive Director (Investment Front Office)) & Chief Investment Officer and Key Managerial Personnel ( KMP ), has taken charge as Managing Director and KMP of the Corporation on June 01, 2025. Consequent to his taking charge as Managing Director, he ceases to be Executive Director (Investment Front Office) & Chief Investment Officer.
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LIC has informed the exchanges that Shri Ratnakar Patnaik, who was serving as Executive Director (Investment – Front Office) and Chief Investment Officer, has been elevated to the position of Managing Director effective June 1, 2025. The appointment follows a Government of India notification dated May 14, 2025. His term runs until March 31, 2028 (his date of superannuation) or until further orders, whichever is earlier. Patnaik is a long-serving internal candidate, having joined LIC in 1990 and held several leadership roles across marketing and investment functions. He holds a Physics (Honours) degree, a postgraduate degree in Public Administration, and is a Fellow of the Insurance Institute of India.
An internal promotion to the top post signals continuity in leadership and strategy for LIC shareholders. With a fixed term through 2028, the appointment provides near-term stability, though the role remains subject to government directions.