NEW DELHI - India's government on Friday named Siddhartha Mohanty as the first chief executive of the Life Insurance Corp of India (LIC), the country's biggest insurer.

Mohanty, a veteran of the company which listed in May last year in India's biggest initial public offering, will lead LIC as chairman until June 2024 and then become chief executive until at least June 2025, according to a government document seen by Reuters.

Mohanty was previously one of four managing directors at LIC, initially taking on the additional role of chairman in March for three months.

However, the chairman position will be phased out, bringing LIC into line with the country's other listed companies.

The government had earlier considered appointing a private-sector professional as chief executive of LIC, which has assets under management of about $542 billion, sources told Reuters in December.

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Andrew Heavens, Kirsten Donovan)