ICICI Life Insurance Company has officially appointed Sidharatha Mishra as managing director and CEO, effective October 14, 2026. According to the latest stock exchange filing, the appointment comes after the resignation of current CEO Anup Bagchi, whose resignation took effect on October 13, 2026. Mishra will succeed Bagchi as head of the life insurance company, marking the completion of the planned succession process. The board meeting was held on October 2, 2026, with the appointment approved for a five-year term subject to approval from the Insurance Regulatory and Development Authority of India. Mishra has also been appointed as an Additional Director on the company's board, demonstrating his expanded role in the organization.
ICICI Prudential Life Insurance had been preparing for this significant leadership change, with sources indicating the company was likely to announce its next chief executive appointment before Monday. The actual transition timeline has now been confirmed with the official appointment of Sidharatha Mishra as the new MD & CEO. As per the latest regulatory filing, the insurer announced the appointment following Bagchi's resignation effective October 13. The appointment comes in line with earlier reports that ICICI Prudential Life was considering an internal candidate from the wider ICICI Group for the top job. In his resignation letter dated October 1, 2026, Bagchi stated he was stepping down to pursue a "new career opportunity outside the organisation". Bagchi is set to join HDFC Bank as Managing Director and CEO from October 27, 2026, replacing Shashidhar Jagdishan, with the Reserve Bank of India approving his appointment for a three-year term. Bagchi has been appointed an additional director of HDFC Bank with effect from October 2, meaning he will continue with ICICI Prudential Life until October 13 while serving as an additional director at HDFC Bank during the intervening period.
The company has implemented a phased transition approach with Mishra taking charge as Chief Operating Officer from October 6, 2026, before assuming full CEO responsibilities from October 14. According to the latest regulatory filing, Mishra's term as MD & CEO will take effect from October 14, 2026, or from the date of approval by the Insurance Regulatory and Development Authority of India (IRDAI), whichever comes later. The board meeting on October 2 formally accepted Bagchi's resignation and approved the appointment of Mishra as Additional Director and Managing Director & CEO. This structured approach provides a smooth transition period while maintaining continuity in the company's operations. ICICI Prudential Life will announce its Q2FY27 earnings on October 13, while HDFC Bank is scheduled to announce its results for the same quarter on October 17.
Sidharatha Mishra brings over 26 years of banking experience and currently heads Digital Channels & Partnerships, Voice Channel, Customer Service, NRI & IFIG groups at ICICI Bank Limited. He holds a bachelor's degree in science and a postgraduate diploma in management, specialising in finance, from Utkal University in Bhubaneswar. As reported by Business Standard, Mishra's career at ICICI Bank has been a journey through the bank's retail franchise, spanning from managing a branch to running regional and zonal businesses to overseeing digital channels, partnerships and customer service. Since July 2024, he has headed digital channels, NRI business, IFIG, voice channel and customer service at ICICI Bank. The company confirmed that none of its directors are inter-se related to Mishra, and his appointment is not debarred from holding the office of director pursuant to any SEBI order or order of any other authority.
Under Bagchi's leadership, ICICI Prudential Life Insurance, one of the country's largest private sector life insurers, crossed the ₹100 billion milestone in Annualised Premium Equivalent (APE) for the first time in FY25. According to Business Standard, APE grew 15 per cent year-on-year to ₹104.07 billion, while profit after tax rose nearly 40 per cent to ₹11.89 billion. The insurer also recorded growth in protection products and new business generation, reflecting its focus on expanding the business while maintaining profitability. Prior to joining ICICI Life, Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, overseeing Retail, Business and Rural Banking, and subsequently Wholesale Banking. Under his leadership, ICICI Bank became the first private sector bank in India to surpass a retail mortgage portfolio of ₹2 trillion.
