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Motilal Oswal Report
The board of ICICI Prudential Life Insurance Company Ltd. has approved the appointment of Mr. Anup Bagchi as Managing Director and Chief Executive Officer for a period of five years, effective June 19, 2023, subject to regulatory and other approvals.
For a seamless transition, he is appointed as Executive Director and Chief Operating Officer, effective May 01, 2023.
Accordingly, Mr. Bagchi, who holds the position of Executive Director at ICICI Bank Ltd. and heads the wholesale banking business, has resigned, effective April 30, 2023. We await details on the new wholesale business head at ICICI Bank.
The tenure of current MD and CEO, Mr. NS Kannan, will end on June 18, 2023, post which he will superannuate from the company. He has been MD and CEO for five years since June 18, 2018.
ICICI Life has successfully navigated the Covid-19 crisis under Mr. Kannan's leadership and is on track to achieve its stated guidance of doubling the FY19 value of new business by FY23. However, modest premium growth due to pressure from the banca channel has kept the overall stock performance under pressure.
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