LIC Housing Finance Limited has announced the appointment of Shri Sandeep Kumar as its Chief Operating Officer, effective May 13, 2026. The Board of Directors approved the change in Senior Management Personnel on the recommendation of the Nomination and Remuneration Committee, in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Senior Management Personnel Change

The following change in Senior Management Personnel was approved by the Board on May 13, 2026:

Profile of Shri Sandeep Kumar

Shri Sandeep Kumar commenced his career with Life Insurance Corporation of India in 1991 as a Direct Recruit Officer of the 18th (A) Batch. He holds a Master's degree in Mathematics from the University of Delhi. His career spans more than three decades, during which he held several key positions across marketing and administrative functions within LIC of India.

His professional journey includes the following key roles and assignments:

• Branch Manager, Bikaner Division — his first marketing assignment
• Senior Branch Manager and Chief Manager, Delhi Division-II and Vadodara Division
• Marketing Manager, Nadiad and Ahmedabad Divisions of LIC of India
• Senior Divisional Manager In-charge, Nadiad Division and Delhi-III Division
• Secretary (Marketing), Northern Zone, Central Office of LIC of India
• Chief Personnel, Central Office of LIC of India
• Director & CEO, LIC HFL Financial Services Limited, Mumbai — appointed in 2025 upon elevation to the Zonal Manager Selection Cadre

His personal interests include reading, travelling, and playing chess.

Regulatory Disclosure

The intimation was filed by the Company Secretary and Compliance Officer, Varsha Hardasani, in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The disclosure confirms that there is no relationship between the appointee and any of the directors of the company, as the provision is noted as not applicable.

LIC Housing Finance has received a maintained Underweight rating from Morgan Stanley, with the global brokerage setting a target price of ₹450. While the firm acknowledged several positive operational developments in the latest results, it pointed to structurally weak loan growth as a persistent concern that continues to weigh on the outlook.

PAT Beat Supported by NIMs and Cost Efficiency

Morgan Stanley noted that LIC Housing Finance delivered a beat on profit after tax (PAT), supported by a combination of higher net interest margins (NIMs) and lower operating costs. The brokerage also highlighted improving asset quality and moderating credit costs as additional positives during the period under review. These factors collectively contributed to a better-than-expected bottom-line performance.

Loan Growth Remains a Structural Concern

Despite the earnings beat, Morgan Stanley flagged loan growth as a key structural weakness for LIC Housing Finance. The following table summarises the loan growth metrics highlighted by the brokerage:

The slowdown in individual home loan growth to 3.60% is particularly notable given that this segment forms the core of LIC Housing Finance's lending business. Morgan Stanley's Underweight stance reflects its view that this structural weakness in loan growth offsets the near-term positives from margin improvement and cost control.

Morgan Stanley's Rating and Target Price

The key parameters of Morgan Stanley's assessment are outlined below:

Morgan Stanley's maintained Underweight rating on LIC Housing Finance underscores the brokerage's cautious stance, balancing near-term operational improvements against the broader challenge of sluggish loan book expansion. The 4% YoY overall loan growth and 3.60% individual home loan growth remain central to the brokerage's reservations about the company's growth trajectory.