ICICI Prudential Life Insurance has named Sidharatha Mishra as its next managing director and chief executive officer. He replaces Anup Bagchi, who is leaving to become MD and CEO of HDFC Bank. The company disclosed the change in a stock exchange filing dated 2 October 2026, after a board meeting the same afternoon.
The timeline
According to the filing, as reported by Business Standard and Cafemutual:
- 1 October 2026: Bagchi resigned, after HDFC Bank announced his appointment as its MD and CEO.
- 6 October 2026: Mishra joins ICICI Prudential Life as chief operating officer, giving him about a week of overlap before the handover.
- 13 October 2026: Bagchi's last working day, ending at close of business.
- 14 October 2026: Mishra is due to take over as MD and CEO, or on the date IRDAI approves the appointment, whichever is later.
The board has approved Mishra for a term of five years. Insurance company CEO appointments need the regulator's approval, so the 14 October date depends on IRDAI.
Who is Sidharatha Mishra
Mishra has spent about 26 years at ICICI Bank. Reports describe his current role as heading the bank's digital channels and partnerships, voice channel, customer service, NRI and IFIG groups. He holds a science degree and a postgraduate diploma in management, with a finance specialisation, from Utkal University in Bhubaneswar.
The appointment keeps a long-standing pattern. Business Standard notes that the life insurer has been led by executives from ICICI Bank since 2000.
Bagchi's exit
Bagchi has worked within the ICICI Group for about three decades. In its filing, the insurer's board acknowledged his "contribution to the ICICI Group over the last three decades". Business Standard reports that the company's July–September quarter (Q2 FY27) results will be the last announced under his leadership.
His departure comes as the life insurance industry faces IRDAI's draft proposal to cap distribution commissions, which is open for comments until 25 October 2026. The draft singles out bank-led sales (bancassurance), noting banks sourced about ₹68,000 crore of life premium as corporate agents, so the incoming CEO takes charge while that debate is under way. Neither source says how the new leadership plans to respond to it.
What it means for policyholders
A change of chief executive does not change existing policies. Terms, premiums, nominees, maturity values and claim processes for ICICI Prudential Life policies stay as set out in each policy contract. Customers do not need to do anything because of this announcement. Policyholders with a pending claim or service request can continue through the insurer's usual channels.