New Delhi: Ratnakar Patnaik was elevated to the rank of Managing Director of the state-owned Life Insurance Corporation of India (LIC) on Sunday.
He was appointed as Managing Director vide Government of India notification dated May 14, 2025, the public sector insurer said in a statement on Monday.
Born in 1968, Patnaik joined the LIC in March 1990 as a Direct Recruit Officer. He is a Graduate with Physics (Honours) and holds a Master’s Degree in Public Administration. He is a Fellow of the Insurance Institute of India and also holds a Diploma in Health Insurance.
“Prior to taking charge as Managing Director of LIC, Shri Patnaik was Executive Director (Investment Front Office) and Chief Investment Officer of the Corporation,” the company stated.
In a career span of 35 years in the LIC, Patnaik has occupied important positions across many geographies. He was the Senior Divisional Manager of Indore and Jamshedpur Divisions and also worked as Regional Manager (Mktg/CLIA) in Eastern Zone.
He has made his mark in the areas of marketing, customer servicing and investment in various capacities over the years.