The board of ICICI Prudential Life Insurance approved the appointment of ICICI Bank Executive Director Anup Bagchi as MD and CEO for 5 years with effect from June 19, the insurer informed the exchanges.

Bagchi, who is currently a non-executive director at ICICI Prudential Life, will replace the current head, N. S. Kannan, who will vacate the post following the end of his term on June 18. The appointment is subject to regulatory and shareholder approvals.

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Kannan has spent over thirty years in the ICICI Group, wherein, prior to heading the life insurance arm, he was Executive Director at ICICI Bank. During his tenure, he steered the insurer through Covid-19 and doubled the value of the new business (VNB) from FY19 to FY23.

To ensure a seamless transition, Bagchi will be appointed as Executive Director and COO of the insurer from May 1, also subject to regulatory approvals, the company said.

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Bagchi has been an ED at ICICI Bank since February 2017 and heads the Wholesale Banking, Transaction Banking, Markets Group and Proprietary Trading Group. He is also on the Board of ICICI Prudential Asset Management Company and Comm Trade Services, and served as the MD and CEO of ICICI Securities prior to this. He had joined ICICI Group in 1992 and has worked in retail banking, corporate banking, and treasury.