Mahindra & Mahindra Ltd. (M&M) has officially entered into a joint venture agreement with The Manufacturers Life Insurance Company (Manulife) to establish a new life insurance company in India. Announced on November 12, 2025, during a Board meeting, this joint venture aims to leverage Mahindra’s extensive distribution network in rural areas alongside Manulife’s urban insurance expertise. Each company will maintain a 50% stake in the new entity, which is projected to have a total capital commitment of ₹3,600 crores (approximately USD 400 million) over the next ten years. The venture is part of a broader strategy to enhance financial well-being across India, particularly in rural and semi-urban markets.

The joint venture seeks to align with India’s “Insurance for All” vision by 2047, aiming to address the country’s significant protection gap in the life insurance sector. With the life insurance market in India surpassing USD 20 billion in new business premiums and growing at a 12% CAGR, this partnership is poised to capture a share of the expanding market. The collaboration builds on the successful launch of Mahindra Manulife Investment Management in 2020 and aims to provide tailored long-term savings and protection solutions for the diverse needs of the Indian population.

Leaders from both companies expressed confidence in the potential of this partnership. Dr. Anish Shah, Group CEO of Mahindra, emphasized that their established brand strength and distribution capabilities make this venture a logical step in building a comprehensive financial services portfolio. Phil Witherington, President and CEO of Manulife, highlighted the venture as a significant milestone in accessing one of the world's fastest-growing insurance markets. Following this announcement, both companies will work on securing the necessary regulatory approvals to officially launch their joint venture, marking a new chapter in India's insurance landscape.