Mahindra & Mahindra Ltd. has announced the formation of a 50:50 life insurance joint venture with The Manufacturers Life Insurance Company (Manulife), aiming to enhance their presence in the rapidly growing Indian insurance market. The Board of Directors approved the joint venture agreement on November 12, 2025, which will create a new company dedicated to providing life insurance services. This joint venture, referred to as JVCo, is expected to be incorporated as a public limited company, subject to regulatory approvals, with both companies committing ₹3,600 crores (approximately $400 million) over the first 10 years of operation.

The joint venture seeks to address the significant protection gap in India's insurance market while aligning with the country's “Insurance for All” vision by 2047. By leveraging Mahindra's extensive distribution network in rural and semi-urban areas and Manulife’s expertise in urban insurance solutions, the partnership aims to cater to the diverse needs of Indian consumers. The companies plan to offer a variety of long-term savings and protection solutions, targeting both urban and rural demographics, thereby enhancing financial security for millions of Indians.

Dr. Anish Shah, Mahindra's Group CEO, emphasized the strategic importance of this partnership, highlighting Mahindra's strengths in distribution and execution as pivotal to the joint venture's success. Manulife's President and CEO, Phil Witherington, echoed this sentiment, noting that this collaboration marks a significant milestone in entering one of the world’s fastest-growing insurance markets. Following the signing of the agreement, both companies will work together to secure an insurance license, with the goal of becoming a leading player in India's life insurance sector.