Home / Business and Economy / Mahindra & Mahindra Launches $800M Life Insurance Venture with Manulife
Mahindra & Mahindra Launches $800M Life Insurance Venture with Manulife
13 Nov
Summary
- Mahindra & Mahindra and Manulife establish 50:50 life insurance joint venture
- Aims to be top insurer for rural and semi-urban India, and urban customers
- Total capital commitment of up to ₹3,600 crore ($400 million) for first 10 years
On November 13, 2025, Indian automaker Mahindra & Mahindra (M&M) announced that it has established a 50:50 life insurance joint venture with Canadian financial services firm Manulife. The new venture aims to become the leading life insurance provider for rural and semi-urban India, as well as serve urban customers through innovative protection solutions.
The joint venture will be subject to regulatory approval, but once established, it will expand on the existing collaboration between Mahindra and Manulife in India. The two companies already operate an investment management platform, Mahindra Manulife Investment Management, which was launched in 2020.
For the first 10 years, the total capital commitment from each shareholder will be up to ₹3,600 crore or $400 million. Both M&M and Manulife are likely to invest up to ₹1,250 crore each during the first five years of the joint venture.
Anish Shah, Group CEO and MD of the Mahindra Group, stated that the focus will be on leveraging technology to build an efficient, customer-centric insurer in India. He expressed confidence that this joint venture offers a compelling opportunity to create meaningful value for shareholders.
The move comes as India's life insurance market continues to grow, with new business premiums surpassing $20 billion and a Compounded Annual Growth Rate of 12% over the last five years. However, the country still has a high protection gap and low insurance penetration, providing long-term growth potential.
