Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have officially announced the formation of a 50:50 life insurance joint venture in India, following the approval of their Board of Directors on November 12, 2025. This new venture aims to enhance their presence in one of the world's fastest-growing insurance markets, with a total capital commitment of ₹3,600 crore (approximately US$400 million), split evenly between the two companies. Both M&M and Manulife will each invest ₹1,250 crore (around US$140 million) in the first five years to establish a robust infrastructure for the venture, which will focus on providing tailored long-term savings and protection solutions.

The joint venture is particularly focused on addressing the diverse needs of the Indian population, aligning with the country's vision for "Insurance for All" by 2047. Leveraging Mahindra's extensive distribution network in rural and semi-urban areas and Manulife's urban customer engagement expertise, the collaboration is poised to create significant value by enhancing customer-centric offerings and incorporating advanced technologies. India's life insurance market has recently surpassed US$20 billion in new business premiums, growing at a 12% CAGR over the past five years, highlighting a substantial opportunity for growth in a market characterized by low penetration rates and a considerable protection gap.

Dr. Anish Shah, Group CEO & Managing Director of Mahindra Group, emphasized the strategic importance of this joint venture in expanding their financial services portfolio. He noted that Manulife's global capabilities in insurance products create a strong partnership to build an efficient, customer-oriented insurer in India. Mr. Phil Witherington, President and CEO of Manulife, echoed this sentiment, stating that entering the Indian market represents a pivotal step for their future growth, supported by Mahindra's trusted distribution network and proven expertise. This collaborative effort is expected to significantly bolster their market presence and deliver long-term benefits to shareholders.