Life insurance Corp of India has appointed Vinay Shah as the new managing director and chief executive director of its mortgage loan arm and listed entity LIC Housing Finance, after government elevates Sunita Sharma to managing director of LIC earlier this week.
Shah was executive director.
Shah has been with LIC since 1983. Prior to this assignment, he was executive director marketing. He took over the business as ED in April 2015.
He has looked after areas of new product launches in the last two years. He was zonal manager western zone.
The housing finance company had grown profit by 19.2% during the third quarter.
It has strong asset quality. However, in the past few quarters, developer loan segment has been growing faster than the retail loan growth.