ICICI Prudential Life Insurance has appointed Siddhartha Mishra as its Managing Director and Chief Executive Officer for a five-year term, following the resignation of Anup Bagchi. Bagchi tendered his resignation with effect from the close of business on October 13, 2026, and is set to take over as MD and CEO of HDFC Bank, India’s largest private-sector lender.
Key Facts
- Anup Bagchi resigned as MD and CEO of ICICI Prudential Life, effective October 13, 2026, citing a new career opportunity outside the organisation.
- The board appointed Siddhartha Mishra as Additional Director and MD & CEO for five years, taking charge from October 14, 2026 or the date of IRDAI approval, whichever is later.
- Mishra will first serve as Chief Operating Officer from October 6, 2026, and brings more than 26 years of banking experience from ICICI Bank.
- Bagchi, with the ICICI Group since 1992, moves to HDFC Bank as MD and CEO for a three-year term; the Reserve Bank of India approved the appointment on October 1, with his term beginning October 27.
- ICICI Prudential Life shares closed at 448.05 rupees on October 1, up 0.96% on the day of the announcement.
Who Is Siddhartha Mishra, the Incoming ICICI Prudential CEO
Mishra currently heads digital channels and partnerships, the voice channel, customer service, non-resident Indian and international financial institutions and government groups at ICICI Bank. He holds a bachelor’s degree in science and a postgraduate diploma in management specialising in finance from Utkal University in Bhubaneswar, and has spent more than 26 years in banking.
The board said the appointment signals continuity of strategy through familiar leadership from within the broader ICICI Group ecosystem, rather than an external overhaul. Analysts note that Mishra’s background in digital channels and partnerships points to a likely focus on digital distribution and cross-selling between the bank and its life insurance arm.
Bagchi’s Three-Decade ICICI Journey Ends
Anup Bagchi has been associated with the ICICI Group since 1992 and held leadership roles across treasury, retail and wholesale banking, investment banking and digital financial services. He previously served as MD and CEO of ICICI Securities and as executive director at ICICI Bank before leading the life insurer.
In his resignation letter dated October 1, Bagchi said he was leaving to pursue a new career opportunity outside the organisation and pledged to support the transition and ensure a smooth handover. The board placed on record its appreciation for his contribution over three decades and his role in building the company into what it called a resilient franchise.
Bagchi to Lead HDFC Bank
Bagchi’s departure is linked to his appointment as MD and CEO of HDFC Bank for a three-year term. The Reserve Bank of India approved the appointment and his remuneration on October 1, with the term scheduled to begin on October 27. HDFC Bank’s board appointed Bagchi as an additional director with effect from October 2, subject to shareholder approval under the Companies Act, 2013.
The move is one of the most significant business leadership changes in Indian banking this year, shifting a three-decade ICICI veteran to the top job at the country’s largest private lender.
Conclusion
With Mishra taking the COO role on October 6 and the CEO chair from October 14 pending regulatory approval, ICICI Prudential Life has set out a staged handover designed to avoid disruption. Investors will now watch how quickly the IRDAI approval arrives — and how Mishra’s digital-first banking background reshapes the insurer’s distribution strategy.
