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Tablesh Pandey will replace B.C.Patnaik as the MD of LIC of India. B.C.Patnaik ceased to be the MD of the corporation, with effect from 31 March 2023, after close of office hours, upon his superannuation, in terms of Government of India's notification.
Tablesh Pandey was chief risk officer of the corporation and an executive director at LIC of India, central office, Mumbai before being appointed as MD.
Tablesh Pandey is a Bachelor of Technology in Agricultural Engineering and a qualified Associate Member of Actuarial Society of India. He joined LIC as direct recruit officer in February, 1988 and has vast experience in the insurance sector and related fields.
Meanwhile, LIC disclosed that it has increased its stake in Bata India to 5.008% from 4.472% earlier.
LIC bought 6,88,621 shares, or 0.536% equity, at an average cost of Rs 1,569.33 via open market purchase during the period from 3 January 2022 to 29 March 2023.
Bata India is the largest footwear retailer in India, offering footwear, accessories, and bags across brands such as Bata, Bata Red Label, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubble gummers, to name a few.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
The state-run life insurer reported a standalone net profit of Rs 6,334.2 crore in Q3 FY23, steeply higher than Rs 234.91 crore recorded in Q3 FY22. The total premium income rose 14.51% YoY to Rs 1,11,787.60 crore in Q3 FY23.
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