ICICI Life names veteran Sidharatha Mishra as new MD & CEO

ICICI Life Insurance has appointed Sidharatha Mishra as its managing director and chief executive officer, replacing Anup Bagchi, who will step down from the position at the close of business hours on October 13, 2026.

According to an exchange filing, Mishra will take charge as the company’s chief operating officer from October 6 and will subsequently be appointed as additional director and MD & CEO from October 14, or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later. His appointment will be for five consecutive years, subject to requisite approvals.

Who is Sidharatha Mishra?

Mishra has over 26 years of experience in banking and currently heads digital channels and partnerships, voice channel, customer service, NRI and IFIG groups at ICICI Bank. He holds a bachelor’s degree in science and a postgraduate diploma in management with a specialisation in finance from Utkal University, Bhubaneswar.

According to his LinkedIn profile, Mishra has spent nearly three decades with ICICI Bank, beginning his career as a management trainee in 1998 and subsequently holding several leadership roles across branch and retail banking. He has served as Zonal Head for retail banking across Odisha and Chhattisgarh, West Bengal, and Andhra Pradesh and Telangana, before becoming Retail Business Head for East and Andhra Pradesh. Since July 2024, he has headed digital channels, NRI business, IFIG, voice channel and customer service at ICICI Bank.

Bagchi resigns to pursue new opportunity

Bagchi tendered his resignation on October 1, citing plans to pursue a new career opportunity outside the organisation. In his resignation letter, Bagchi said, “I wish to pursue a new career opportunity outside the organization.”

He added that he remained committed to ensuring a smooth transition and handover of responsibilities. “I remain committed to supporting the transition in every possible way and ensuring that all responsibilities are handed over smoothly,” Bagchi said.

ICICI Life’s board placed on record its appreciation of Bagchi’s contribution to the growth and success of the ICICI Group over the last three decades. It said that during his tenure at ICICI Life, Bagchi had steered the company to emerge as a resilient franchise.

ICICI Life maintains strong financial profile

The leadership transition comes as ICICI Life maintains a strong financial profile. According to an exchange filing dated October 1, 2026, ICRA has reaffirmed its [ICRA]AAA (Stable) rating on the insurer’s ₹2,600-crore subordinated debt programme. The rating agency said the company’s solvency ratio stood at 2.25 times as of June 30, 2026, against the regulatory requirement of 1.50 times.

ICRA said ICICI Life’s value of new business (VNB) rose 10.9% year-on-year to ₹2,629 crore in FY26, from ₹2,370 crore in FY25. In Q1 FY27, VNB grew 24.9% year-on-year to ₹571 crore.

The insurer’s gross direct premium income increased to ₹53,125 crore in FY26 from ₹48,951 crore, while profit after tax rose to ₹1,608 crore from ₹1,186 crore. Net worth stood at ₹13,631 crore at the end of FY26.

ICICI Bank, the majority shareholder, had increased its stake in ICICI Life to approximately 52.8% as of September 2, 2026, after acquiring an additional 2% stake from the market.