People walk past a screen displaying Mahindra and Mahindra logo in Mumbai. File
Mahindra & Mahindra Ltd. (M&M) and Manulifehave entered into an agreement to establish a 50:50 life insurance joint venture, subject to regulatory approval.
This new venture will strengthen Mahindra and Manulife’s existing footprint in India.
The joint venture aims to offer long-term savings and protection solutions tailored to the diverse and growing needs of India’s population.
Upon regulatory approval, this joint venture will expand on the collaboration between Mahindra and Manulife in India, following the launch of Mahindra Manulife Investment Management in 2020.
The total capital commitment from each shareholder is up to Rs 3,600 crores (US$400 million), it is expected that each shareholder will invest Rs 1,250 crores (US$140 million) in the first 5 years.
Anish Shah, Group CEO & Managing Director, Mahindra Group said, “Mahindra brand strength, deep distribution capabilities in rural and semi-urban India and execution excellence make life insurance a logical extension towards our goal of building a comprehensive financial services portfolio. Manulife is the best natural partner for us given their global capabilities in insurance products, underwriting and reinsurance.”
“With a focus on leveraging technology the joint venture will build an efficient, customer-centric insurer in India. We are confident that this joint venture offers a very compelling opportunity to create meaningful value for our shareholders,” he said.
Phil Witherington, President and CEO, Manulife said, “Today marks an important milestone as we seek to enter one of the world’s fastest growing insurance markets – India. This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future.”
“We have a trusted partner in Mahindra Group, with whom we already have a successful asset management collaboration, and we see tremendous opportunity to build on our efforts by leveraging their deep distribution network alongside our industry-leading agency distribution and insurance expertise,” he said.
Following the signing, Mahindra and Manulife teams will work together to apply for an insurance license.
Published – November 13, 2025 09:47 am IST
