MD & CEO Anup Bagchi resigns; board approves Sidharatha Mishra as COO and MD & CEO

ICICI Life Insurance (formerly ICICI Prudential Life) has announced a change in its top leadership.

Fri 2 Oct 2026

MD & CEO Resignation Effective Date

close of business hours on Tuesday, October 13, 2026

New COO Appointment Effective Date

October 6, 2026

MD & CEO Appointment Effective Date

October 14, 2026, or the date of IRDAI approval, whichever is later

MD & CEO Appointment Tenure

five consecutive years, subject to requisite approvals

Incoming MD & CEO Experience

over 26 years of experience in the banking sector

What the company informed the exchanges

The board of ICICI Life Insurance Limited noted the resignation of Mr. Anup Bagchi as Managing Director and Chief Executive Officer, with effect from close of business hours on Tuesday, October 13, 2026. In the same meeting, based on the recommendation of the Board Nomination and Remuneration Committee, the board inter-alia approved two appointments of Mr. Sidharatha Mishra. The board meeting commenced at 1:45 p.m. and concluded at 2:15 p.m.

The resignation

• Mr. Anup Bagchi steps down as Managing Director and CEO with effect from close of business hours on October 13, 2026.
• In his resignation letter, he states that he wishes to pursue a new career opportunity outside the organization, and that he remains committed to supporting the transition and ensuring all responsibilities are handed over smoothly.
• Consequent to the resignation, he ceases to be Key Managerial Personnel for the purpose of determining materiality of an event or information and for making disclosures to stock exchanges.
• The board placed on record its appreciation of his contribution to the growth and success of the ICICI Group over the last three decades, and noted that during his tenure at ICICI Life he steered the company to emerge as a resilient franchise.

The succession

• Mr. Sidharatha Mishra has been appointed Chief Operating Officer with effect from October 6, 2026.
• He has also been appointed as an Additional Director and Managing Director & CEO with effect from October 14, 2026, or the date of approval of the Insurance Regulatory and Development Authority of India, whichever is later.
• The MD & CEO appointment is for a period of five consecutive years, subject to requisite approvals.
• So the handover runs in two steps: the incoming executive first takes charge as Chief Operating Officer, and the MD & CEO role begins on October 14, 2026 or later, once IRDAI approval comes through.

About the incoming MD & CEO

• Mr. Sidharatha Mishra holds a bachelor's degree in science and a postgraduate diploma in management with a specialization in finance from Utkal University, Bhubaneswar.
• He has over 26 years of experience in the banking sector and presently heads the digital channels & partnerships, voice channel, customer service, NRI & IFIG groups of ICICI Bank Limited.
• The company states that none of the directors are inter-se related to Mr. Mishra.
• It also states that he is not debarred from holding the office of director pursuant to any SEBI order or order of any such authority.

How to read this

• This is a change in who runs the company day to day, announced together with the name of the successor and the dates on which each role begins.
• The MD & CEO appointment is not effective immediately: it is dated October 14, 2026, or the date of IRDAI approval, whichever is later, and is subject to requisite approvals.
• The resignation was noted by the board on the recommendation of the Board Nomination and Remuneration Committee.

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