Key Highlights
- Mahindra and Manulife to form a 50:50 life insurance JV in India.
- JV to focus on long-term savings and protection solutions.
- Each partner to commit up to ₹3,600 crore over 10 years.
- Mahindra Finance signs term sheet to distribute JV products.
- JV agreement executed on 12 November 2025
- JV to be incorporated as a public limited company.
- Both partners to hold 50 percent of paid-up share capital.
Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have announced an agreement to establish a 50:50 life insurance joint venture in India. The new entity will operate in the life insurance segment, focusing on long-term savings and protection solutions tailored to India’s expanding financial market.
According to the company’s exchange filing, M&M’s Board approved the partnership on 12 November 2025. The joint venture company (JVCo) will be incorporated as a public limited company under the Companies Act, 2013. Once operational, both shareholders will hold an equal 50% stake in the JVCo.
The collaboration aims to combine Mahindra’s extensive network across rural and semi-urban India with Manulife’s global expertise in life insurance, underwriting, and agency-led distribution. The partners plan to drive customer-centric solutions and strengthen access to insurance products across diverse market segments.
Mahindra Finance, which holds a Composite Corporate Agency licence, has signed a term sheet with M&M and Manulife. Upon the establishment of the JVCo, Mahindra Finance will distribute the new entity’s insurance products under a formalised arrangement.
Both shareholders have committed a capital investment of up to ₹3,600 crore each over the first ten years, with an estimated ₹1,250 crore expected from each side in the first five years. The joint venture agreement was executed on 12 November 2025 at 11:40 p.m., and the companies will now proceed to apply for an insurance licence.
The companies highlighted India’s strong growth potential in the life insurance sector, supported by rising incomes, increasing protection needs, and regulatory reforms. The JV builds on the existing partnership between Mahindra and Manulife, which already collaborate through Mahindra Manulife Investment Management.