ICICI Life Insurance appoints Sidharatha Mishra as MD & CEO as Anup Bagchi joins HDFC Bank

ICICI Life Insurance Company on Friday appointed Sidharatha Mishra as its Additional Director, Managing Director and Chief Executive Officer for a five-year term, subject to regulatory and other requisite approvals, as Anup Bagchi resigned from the top post with effect from October 13.

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

Also read: HDFC Bank names ICICI veteran Anup Bagchi as MD & CEO

He will also take over as Chief Operating Officer from October 6.

Mishra brings 26 years of banking experience

Mishra currently heads digital channels and partnerships, voice channel, customer service, and the NRI and IFIG groups at ICICI Bank. He has more than 26 years of experience in the banking sector, according to the filing.

He holds a bachelor’s degree in science and a postgraduate diploma in management, with a specialisation in finance, from Utkal University, Bhubaneswar.

The insurer said none of its directors are related to Mishra. It also disclosed that Mishra is not debarred from holding the office of director under any order issued by SEBI or any other authority.

Also read: HDFC Bank names ICICI veteran banker V.N. Srivatsan as Chief Compliance Officer

ICICI Life board on Bagchi’s contribution

Anup Bagchi, in his resignation letter dated October 1, said he was stepping down as managing director and CEO to pursue a “new career opportunity outside the organization”. His resignation will take effect from the close of business hours on October 13, 2026.

“I remain committed to supporting the transition in every possible way and ensuring that all responsibilities are handed over smoothly,” Bagchi said in the letter addressed to the board of directors.

He also thanked the board, the wider ICICI Group, the management team and stakeholders of the company for the journey and the trust placed in him over the years.

The board, in its Friday filing, placed on record its appreciation of Bagchi’s contribution to the growth and success of the ICICI Group over the last three decades across a variety of roles. During his tenure at ICICI Life, the board said he had successfully steered the company to emerge as a “resilient franchise”.

Following his resignation, Bagchi will also cease to be a key managerial personnel for determining the materiality of events and making disclosures to stock exchanges under Regulation 30(5) of the SEBI Listing Regulations.