Mahindra & Mahindra and Canadian insurer Manulife have announced a 50:50 life insurance joint venture in India, aiming to tap into one of the world’s fastest-growing insurance markets.
The proposed partnership, subject to regulatory approval, builds on the duo’s existing collaboration, which began with the 2020 launch of Mahindra Manulife Investment Management. Each partner will commit up to ₹3,600 crore in capital, with ₹1,250 crore to be invested over the first five years.
Mahindra Group CEO Dr. Anish Shah said the venture would leverage technology to create a customer-first insurer. “We are confident that this joint venture offers a very compelling opportunity to create meaningful value for our shareholders,” Shah stated.
Phil Witherington, President and CEO of Manulife, called the move a “milestone” in expanding into India. “This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future,” he said.
Following the signing, both companies will jointly apply for an insurance license. The venture will focus on rural and semi-urban coverage while also targeting urban markets with protection-first insurance products. The goal is to align with India’s national “Insurance for All” vision by 2047.
Kotak Investment Banking advised Mahindra on the financial front, while AZB & Partners and Debevoise & Plimpton LLP served as legal counsels to Mahindra and Manulife respectively.
This marks a significant expansion for Manulife in Asia and signals Mahindra’s continued push into India’s growing financial services sector, where insurance penetration remains low but rising.
