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Ratnakar Patnaik will be replacing P R Mishra as chief investment officer and key management person of the corporation, who has been transferred and posted to another assignment.
Patnaik had joined LIC as a direct recruit officer in September 1990. He has majored in physics and is a fellow of Insurance Institute of India. During last thirty two years, he has worked across four zones, mostly in marketing assignments.
Further, P. C. Paikray will replace Tablesh Pandey as chief risk officer and key management person of the corporation, who has taken charge as managing director of LIC on 1 April 2023.
Paikray joined LIC as direct recruit officer in September 1990 and has vast experience in the Insurance sector – both in marketing and administration. He holds a degree of Bachelor of Science, M.B.A. and FIII. Before taking over charge as Executive Director (ERM/CRO), he was Chief (ERM).
Life Insurance Corporation of India (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.
The scrip rose 0.11% to currently trade at Rs 549.75 on the BSE.
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