Sidharatha Mishra to head ICICI Life as Anup Bagchi moves to HDFC Bank

Sidharatha Mishra: ICICI Life Insurance Limited, formerly ICICI Prudential Life Insurance Company Limited, has appointed Sidharatha Mishra as its next Managing Director and Chief Executive Officer. The appointment follows the resignation of Anup Bagchi, who is stepping down to pursue a new career opportunity outside the organisation. The company announced the changes in a filing to the stock exchanges on October 2.

Sidharatha Mishra: Board accepts resignation

The board of directors, acting on the recommendation of its Board Nomination and Remuneration Committee, noted Bagchi’s resignation as Managing Director and CEO. It will take effect from the close of business hours on Tuesday, October 13, 2026.

The board 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. It said that during his tenure at ICICI Life, he had successfully steered the company to emerge as a resilient franchise. Bagchi has led the insurer since 2023.

In his resignation letter, Bagchi said he remained committed to supporting the transition in every possible way and to ensuring that all responsibilities are handed over smoothly. He thanked the board, the ICICI Group, the management team and all stakeholders for the trust placed in him over the past years.

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Sidharatha Mishra: A two-step appointment for Mishra

The board approved two appointments for Mishra. He will first join the company as Chief Operating Officer with effect from October 6, 2026. This gives him about a week inside the organisation before Bagchi’s departure takes effect.

He will then be appointed Additional Director and Managing Director and CEO with effect from October 14, 2026, or the date of approval from the Insurance Regulatory and Development Authority of India, whichever is later. The term is five consecutive years and is subject to requisite approvals. The final start date will therefore depend on when the regulator clears the appointment.

Sidharatha Mishra: Background of the incoming CEO

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

His current responsibilities cover how customers are reached and served, from digital platforms and partner tie-ups to call-centre operations and services for non-resident Indians. These areas are also central to life insurance, where distribution and post-sale service play a large part in how a company grows and retains customers.

Sidharatha Mishra: Bagchi’s next role

HDFC Bank said on October 1 that its board had approved Bagchi’s appointment as Managing Director and CEO for three years, with effect from October 27, 2026. The appointment is subject to shareholder approval and to terms, including remuneration, approved by the Reserve Bank of India.

At HDFC Bank, Bagchi will succeed Sashidhar Jagdishan, whose term ends on October 26. Jagdishan had informed the board in August that he would not seek reappointment.

Sidharatha Mishra: Leadership change across the ICICI Group

With these moves, the insurer will be led by a banker from within the ICICI Group, while Bagchi, who has spent the past few years running a life insurance business, will lead one of the country’s largest private sector banks. The sequence of dates is tight: Mishra joins as COO on October 6, Bagchi leaves ICICI Life on October 13, and Mishra is due to take over as MD & CEO from October 14, subject to approvals.

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