New Managing Director of Life Insurance Corporation

• The government has appointed Satpal Bhanu as the Managing Director of Life Insurance Corporation.

• He succeeds Siddhartha Mohanty, who was appointed as the chairman of LIC in April.

• Satpal Bhanu has been appointed till the date of his superannuation on December 31, 2025 or until further orders, whichever is earlier.

• LIC has reported over five times growth in consolidated net profit for Q4FY23 to Rs 13,191 crore.

• The insurance company's total income during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period last fiscal.