ICICI Life Insurance has appointed ICICI Bank veteran Sidharatha Mishra as an additional director, managing director and chief executive officer for a five-year term, effective 14 October 2026, the India-based insurer announced on 2 October.
“Mr. Mishra has over 26 years of experience in the banking sector”, ICICI Life said in a regulatory filing. He most recently headed the digital channels & partnerships, voice channel, customer service, non-resident Indian and international financial institutions groups of ICICI Bank, the insurer added.
He will succeed Anup Bagchi, who has been with the ICICI Group since 1992 and has served as the life insurer’s MD and CEO since June 2023. Following his departure from ICICI Life, Bagchi will take up the position of MD and CEO at HDFC Bank, the lender said in a separate stock exchange announcement.
The leadership transition comes amid broader changes at the insurer, including its recent name change.
Last month, ICICI Prudential Life Insurance officially changed its name to ICICI Life Insurance, after the Registrar of Companies, part of India’s Ministry of Corporate Affairs, approved the change.
The name change stems from a deal struck by Prudential, the insurer’s UK-based joint venture partner. In May, Prudential announced that it would acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and 360 ONE Asset Management.
As a result, Prudential was required to reduce its holding in ICICI Prudential Life Insurance below 10% from the current 21.91% and to cease being classified as a promoter.
As part of that process, in July, ICICI Prudential Life’s board approved a proposal to rename the company.
