Mahindra & Mahindra Partners Manulife To Enter India’s Life Insurance Market With Rs 7,200 Crore JV

Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have entered into a joint venture agreement to establish a life insurance business in India, subject to regulatory clearances. The board of Mahindra approved the agreement on November 12, 2025, according to the company’s stock exchange filing.

Under the agreement, the new joint venture company (JVCo) will be incorporated as a public limited company, with both Mahindra and Manulife holding 50% each of the paid-up share capital. The move marks a strategic expansion of Mahindra’s financial services portfolio and Manulife’s growing interest in India’s burgeoning insurance sector.

Rs 7,200 Crore Commitment to Build India’s Next Big Insurer
Under the joint venture agreement, each partner will commit up to Rs 3,600 crore, bringing the total combined investment to Rs 7,200 crore (US$800 million). Of this, both Mahindra and Manulife are expected to invest Rs 1,250 crore (US$140 million) each in the first five years.

The joint venture aims to offer long-term savings and protection products aligned with India’s “Insurance for All” vision by 2047. It will leverage Mahindra’s strong presence in rural and semi-urban areas and Manulife’s expertise in insurance and reinsurance to build a customer-centric insurer.

“A Compelling Opportunity to Create Value”: Mahindra CEO
Commenting on the partnership, Dr. Anish Shah, Group CEO & Managing Director, Mahindra Group, said, “Mahindra’s brand strength, deep distribution capabilities in rural and semi-urban India, and execution excellence make life insurance a logical extension of our financial services portfolio. Manulife is the best natural partner for us given their global expertise. This joint venture offers a very compelling opportunity to create meaningful value for our shareholders.”

“Strengthening Our Footprint in a Mega Economy”: Manulife CEO
Phil Witherington, President and CEO of Manulife, said, “Today marks an important milestone as we seek to enter one of the world’s fastest growing insurance markets – India. This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future.”

He added that Mahindra’s distribution strength combined with Manulife’s insurance expertise presents an opportunity to deliver value-driven products across segments.

India’s Insurance Market: Strong Tailwinds Ahead
India’s life insurance market, with new business premiums surpassing US$20 billion, has grown at a 12% CAGR over the past five years. Despite the growth, penetration remains low, offering significant long-term potential. According to McKinsey, India is poised to become the world’s fourth-largest life insurance market in the next decade.

Following the signing, Mahindra and Manulife will jointly apply for a life insurance license. Kotak Investment Banking acted as the financial adviser to Mahindra Group, with AZB & Partners and Debevoise & Plimpton LLP as legal counsels to the two companies, respectively.

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