Mahindra & Mahindra (M&M) and Canada’s Manulife have announced a 50:50 life insurance joint venture to strengthen their financial services presence in India, pending regulatory approval
The total capital commitment of each shareholder is up to ₹3,600 crore (US$400 million), and we expect each shareholder to invest ₹1,250 crores (US$140 million) in the first five years, M&M said.
The new venture will strengthen Mahindra and Manulife’s existing footprint in India and underlines their commitment to improving the financial well-being of customers in one of the world’s fastest growing markets.
Focus on national reach
Mahindra & Mahindra stated that the company’s vision is to be the No. 1 life insurance company in rural and semi-urban India and serve urban customers through leadership in protection solutions.
“The strength of the Mahindra brand, deep distribution capabilities in rural and semi-urban India and excellent execution make life insurance a logical extension of our goal of building a comprehensive portfolio of financial services. 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 believe this joint venture represents a highly attractive opportunity to deliver meaningful value to our shareholders create,” said Dr. Anish Shah, Group CEO & Managing Director, Mahindra Group.
In line with India’s insurance vision
The joint venture aims to provide long-term savings and protection solutions tailored to the diverse and growing needs of India’s population by 2047, in line with India’s vision of ‘Insurance for All’.
“Today marks an important milestone in our quest to enter one of the fastest growing insurance markets in the world: India. This will further strengthen our diverse portfolio and position us for tremendous growth in the mega-economy of the future. We have a trusted partner in Mahindra Group, with whom we already have a successful asset management partnership, and we see great opportunities to build on our efforts by leveraging their deep distribution network in addition to our industry-leading distribution and insurance expertise in the areas of agencies,” said Phil Witherington, President and CEO of Manulife.
Published on November 13, 2025
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