ICICI Life appoints Sidharatha Mishra as MD & CEO as Anup Bagchi steps down

ICICI Life Insurance Company on Friday appointed Sidharatha Mishra as an Additional Director, Managing Director and Chief Executive Officer for a five-year term, subject to regulatory and other requisite approvals. The appointment follows the resignation of Anup Bagchi, who will step down as MD and CEO with effect from October 13, 2026.

Mishra’s appointment as MD and CEO will take effect from October 14, 2026, or the date on which the Insurance Regulatory and Development Authority of India (IRDAI) grants its approval, whichever is later, the company said in an exchange filing.

He will also assume the role of Chief Operating Officer from October 6, ahead of taking charge as the insurer’s chief executive.

Mishra currently holds several leadership responsibilities at ICICI Bank, where he heads digital channels and partnerships, the voice channel, customer service, and the NRI and IFIG groups.

According to the company filing, Mishra has more than 26 years of experience in the banking sector. He holds a bachelor’s degree in science and a postgraduate diploma in management, specialising in finance, from Utkal University, Bhubaneswar.

ICICI Life said none of its directors are related to Mishra. The company also disclosed that he has not been debarred from holding the office of director under any order issued by the Securities and Exchange Board of India (SEBI) or any other authority. His appointment remains subject to the necessary regulatory clearances, including approval from IRDAI.

Bagchi to step down after three decades with ICICI Group

Anup Bagchi will resign as managing director and CEO at the close of business hours on October 13. Following his resignation, he will also cease to be a key managerial personnel responsible for determining materiality of events and making disclosures to stock exchanges under Regulation 30(5) of the SEBI Listing Regulations.

The company’s board, based on the recommendation of its Board Nomination and Remuneration Committee, placed on record its appreciation of Bagchi’s contribution to the growth and success of the ICICI Group over the past three decades.

During his tenure at ICICI Life, the board said Bagchi successfully steered the insurer and helped it emerge as a “resilient franchise”.

Bagchi has held leadership roles across various businesses within the ICICI Group during his career. His departure marks a leadership transition at ICICI Life, with Mishra set to move from his current banking responsibilities into the top role at the insurance company.

The board meeting on Friday commenced at 1:45 pm and concluded at 2:15 pm.