Mahindra & Mahindra Ltd. and The Manufacturers Life Insurance Company (Manulife) have announced a 50:50 joint venture to establish a life insurance company in India, with a total capital commitment of ₹3,600 crore (approximately $400 million). The board of Mahindra approved this venture during a meeting on November 12, 2025, with the agreement executed later that evening. Both companies will hold equal shares in the new entity, which aims to enhance financial services in India, particularly targeting the rural and semi-urban markets as well as urban customers.

The joint venture, referred to as JVCo, seeks to provide innovative savings and protection solutions aligning with India's goal of "Insurance for All" by 2047. This initiative aims to bridge the existing protection gap in India, which has seen new business premiums in life insurance surpass $20 billion and grow at an annual rate of 12% over the past five years. With Mahindra's extensive distribution network and Manulife's expertise in insurance products, the partnership is positioned to become a leader in the rapidly expanding life insurance market.

Leaders from both companies underscored the strategic importance of this collaboration. Dr. Anish Shah, Group CEO of Mahindra, emphasized the potential for creating a customer-centric insurer, while Phil Witherington, President and CEO of Manulife, noted the venture as a significant step into one of the world's fastest-growing insurance markets. Following the agreement, teams from both organizations will work on securing the necessary insurance license to operationalize the joint venture, enhancing their commitment to delivering comprehensive financial solutions to India's diverse population.