Mahindra & Mahindra Ltd. has officially entered into a 50:50 joint venture with The Manufacturers Life Insurance Company (Manulife) to launch a life insurance company in India. The agreement, approved by the company's Board of Directors on November 12, 2025, aims to provide tailored long-term savings and protection solutions to meet the diverse needs of the Indian population. With an anticipated total capital commitment of ₹3,600 crores (approximately US$400 million) over the first ten financial years, both companies will invest ₹1,250 crores (around US$140 million) each within the first five years.

This joint venture is poised to strengthen Mahindra and Manulife’s existing presence in India, particularly targeting rural and semi-urban markets while also serving urban customers. The venture aligns with India's “Insurance for All” vision by 2047, an initiative aimed at enhancing insurance coverage across the nation. The life insurance market in India has demonstrated robust growth, surpassing US$20 billion in new business premiums, with a 12% CAGR over the past five years. This growth potential highlights the significant opportunity for expansion in a market that still faces a high protection gap and low insurance penetration.

Dr. Anish Shah, Group CEO & Managing Director of Mahindra Group, emphasized the strategic partnership, stating that leveraging Mahindra’s distribution capabilities alongside Manulife’s expertise will create a customer-centric insurer poised for success in one of the world’s fastest-growing insurance markets. Phil Witherington, President and CEO of Manulife, echoed this sentiment, noting that this joint venture represents a critical milestone in their efforts to tap into India’s burgeoning economy. Following the signing, teams from both companies will work to secure an insurance license, marking the next step in their collaborative journey.