Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have officially announced a 50:50 joint venture to establish a life insurance company in India. This strategic partnership, which was approved by M&M’s Board of Directors on November 12, 2025, aims to enhance both companies' presence in one of the fastest-growing insurance markets globally. The new venture will focus on providing long-term savings and protection solutions, particularly targeting rural and semi-urban populations, while also catering to urban customers through advanced protection offerings. The collaboration is part of India's vision for “Insurance for All” by 2047, underscoring the commitment to improving financial well-being for a diverse customer base.

The joint venture will see both Mahindra and Manulife commit a total of up to ₹3,600 crores (approximately US$400 million) over the first ten years, with each company expected to invest ₹1,250 crores (around US$140 million) in the initial five years. This significant financial backing aims to address the substantial protection gap in India’s life insurance market, which has recently surpassed US$20 billion in new business premiums, experiencing a 12% CAGR over the past five years. By leveraging Mahindra’s extensive distribution network and Manulife’s expertise in urban insurance solutions, the venture is well-positioned to tap into the robust growth potential offered by India's rising middle class and supportive regulatory environment.

Dr. Anish Shah, Group CEO & Managing Director of Mahindra Group, emphasized the importance of this partnership, noting that their combined strengths in distribution and execution will create a customer-centric insurance provider. Phil Witherington, President and CEO of Manulife, echoed this sentiment, highlighting the joint venture as a pivotal move into one of the world's most promising insurance markets. The collaboration builds on the successful launch of Mahindra Manulife Investment Management in 2020, indicating a strong foundation for this new venture. Together, Mahindra and Manulife are poised to create significant value for their stakeholders while contributing to the growth of the life insurance sector in India.