ICICI Prudential Life Insurance on Thursday named ICICI Bank veteran Anup Bagchi as its Managing Director & Chief Executive Officer (MD & CEO) with effect from June 19. Bagchi will take over as the chief executive of ICICI Prudential Life from N S Kannan, who will superannuate on June 18, 2023.

"The Board of Directors of ICICI Prudential Life Insurance Company Limited, at its meeting held today, approved the appointment of Anup Bagchi as Managing Director & CEO of ICICI Prudential Life Insurance Company with effect from June 19, 2023 or the date of receipt of IRDAI approval, whichever is later, subject to the approval of its shareholders," ICICI Bank said in a regulatory filing.

Shares of ICICI Prudential closed 6.71 per cent higher at Rs 409.65 a share on the BSE. As part of the transition, the Board of ICICI Prudential Life has also approved his appointment as the Executive Director & COO with effect from May 1, 2023 subject to receipt of requisite approvals.

Accordingly, Bagchi, presently the Executive Director of ICICI Bank has tendered his resignation from the board with effect from close of business hours on April 30, 2023.

Bagchi had joined the ICICI Group in 1992 and had worked in the areas of retail banking, corporate banking and treasury.