ICICI Prudential Life Insurance Company Ltd announced the resignation of Anup Bagchi as Managing Director and Chief Executive Officer, effective close of business hours on October 13, 2026. The board has approved Sidhartha Mishra as the new MD & CEO, subject to regulatory approval.

The Board of Directors noted the resignation on the recommendation of the Nomination and Remuneration Committee (BNRC). In his resignation letter dated October 1, 2026, Bagchi stated he wishes to pursue a new career opportunity outside the organization. He expressed commitment to ensuring a smooth transition of responsibilities.

Leadership transition plan

The board approved a phased leadership change to ensure continuity. Sidhartha Mishra will assume the role of Chief Operating Officer starting October 6, 2026. He will then take over as Additional Director and Managing Director & CEO from October 14, 2026, or the date of approval by the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later. His tenure is for five consecutive years, subject to requisite approvals.

Mishra brings over 26 years of experience in the banking sector. He currently heads digital channels, partnerships, voice channels, customer service, and NRI/IFIG groups at ICICI Bank Limited. He holds a bachelor's degree in science and a postgraduate diploma in management with a specialization in finance from Utkal University, Bhubaneswar.

Key dates and roles

What the numbers show

The transition highlights a strategic shift towards internal promotion from within the broader ICICI Group ecosystem. Mishra’s background in banking digital channels and partnerships at ICICI Bank suggests a potential focus on leveraging cross-selling opportunities and digital distribution networks for the life insurance arm. This move aligns with the board’s appreciation of Bagchi’s role in steering the company into a resilient franchise over three decades, indicating a continuity of strategy through familiar leadership rather than an external overhaul.

ICICI Prudential Life Insurance shareholders have approved a special resolution to change the company’s name to ICICI Life Insurance Limited. The postal ballot process concluded on September 19, 2026, with the resolution passing by an overwhelming majority of 99.9994%.

The approval allows the company to proceed with consequential alterations to its Memorandum and Articles of Association, subject to regulatory clearances from the Registrar of Companies, the Insurance Regulatory and Development Authority of India (IRDAI), and stock exchanges.

Voting Results Breakdown

The remote e-voting facility was provided by National Securities Depository Limited (NSDL). A total of 1,323,265,093 votes were polled out of 1,450,811,823 shares held by eligible members as of the cut-off date of August 14, 2026.

Promoters and promoter group voted unanimously in favour of the resolution. Institutional investors also showed full support, while non-institutional public shareholders approved the move with 99.81% backing.

Regulatory and Procedural Compliance

The postal ballot notice was dispatched electronically on August 20, 2026, in compliance with Ministry of Corporate Affairs circulars. Advertisements were published in Financial Express and Loksatta to inform members of the voting process.

Alwyn D'Souza & Co., Company Secretaries, served as the scrutinizer for the process. The firm confirmed that the voting procedure adhered to Section 108 and Section 110 of the Companies Act, 2013, as well as Regulation 44 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

What the Numbers Show

The near-unanimous support across all shareholder categories indicates strong alignment between management and stakeholders regarding the rebranding strategy. With promoters holding approximately 73.6% of the total share capital (1,068,580,669 out of 1,450,811,823 shares), their complete endorsement was critical to securing the requisite majority for this special resolution.