Dinesh Pant and Ratnakar Patnaik have been appointed managing directors in Life Insurance Corp., according to a release by the Financial Services Institutions Bureau on Thursday.
LIC is helmed by Siddhartha Mohanty, who currently serves as the chief executive officer and managing director.
The country's largest insurer's consolidated net profit rose 16% in the third quarter of the current financial year to Rs 11,008.7 crore. The net premium income fell 8.62% to Rs 1.07 lakh crore from Rs 1.17 lakh crore in the year-ago period.
Earlier this week, LIC launched a new Smart Pension Plan. The plan is a non-par, non-linked savings and immediate annuity plan. It allows entry from 18 to 100 years, depending on the annuity option. The plan offers a range of annuity options for both single life and joint life annuities.
Shares of LIC closed 1.83% higher at Rs 777.90 apiece on the BSE, compared to a 0.27% decline in the benchmark Sensex.
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