Mumbai, November 13, 2025:
Mahindra & Mahindra Ltd. (M&M) and Canada’s The Manufacturers Life Insurance Company (Manulife) have entered into a 50:50 joint venture to establish a new life insurance company in India. The partnership aims to combine Mahindra’s deep presence across rural and semi-urban markets with Manulife’s global expertise in life insurance and financial products.
The proposed company will be incorporated as a public limited entity and will focus on providing long-term savings and protection solutions aligned with India’s “Insurance for All by 2047” vision. Both Mahindra and Manulife will hold equal ownership, with each committing up to ₹3,600 crore over the next ten years. The initial investment will be ₹1,250 crore each within the first five years.
Announcing the development, Dr. Anish Shah, Group CEO & Managing Director, Mahindra Group, said the joint venture is a logical step in expanding Mahindra’s financial services portfolio.
“With Manulife’s global insurance expertise and our strong rural distribution network, we aim to create a customer-centric insurer that leverages technology and innovation,” he said.
Phil Witherington, President & CEO, Manulife, added,
“This marks our entry into one of the world’s fastest-growing insurance markets. Together with Mahindra, we aim to bridge the protection gap and strengthen financial inclusion in India.”
The joint venture follows the earlier success of Mahindra Manulife Investment Management, launched in 2020. The new venture will further expand the group’s presence in the financial services ecosystem, covering lending, asset management, and now life insurance.
India’s life insurance industry, currently valued at over US $20 billion in annual new business premiums, is growing at nearly 12% CAGR. Despite this growth, insurance penetration remains low, offering significant potential for expansion.
Industry analysts expect India to emerge as the fourth-largest life insurance market globally within the next decade, driven by rising incomes, digital adoption, and a favorable regulatory climate.
Upon receiving regulatory approvals, Mahindra and Manulife will proceed with incorporation and apply for an insurance license.
Kotak Investment Banking served as financial advisor to Mahindra, while AZB & Partners and Debevoise & Plimpton LLP acted as legal advisors to Mahindra and Manulife respectively.