Mahindra & Manulife Cement Partnership to Build 50:50 Life Insurance JV in India with ₹7,200 Crore Commitment

Updated: November 13, 2025 09:57

Image Source : The Economic Times

Mahindra & Mahindra and Canada’s Manulife have agreed to form a 50:50 life insurance joint venture in India, backed by a capital commitment of ₹7,200 crore. The JV aims to blend Mahindra’s rural reach with Manulife’s global expertise to become a leading insurer for India’s diverse population.

Mahindra and Manulife Join Forces to Tackle India’s Growing Life Insurance Market

Mahindra & Mahindra Ltd. and Manulife today announced a strategic agreement to establish a 50:50 life insurance joint venture in India, pending regulatory approvals. The venture lays out an ambitious capital plan of ₹3,600 crore ($400 million approx.) from each partner, aiming for a combined capital of ₹7,200 crore over the JV’s evolution.

This partnership seeks to leverage Mahindra’s expansive distribution network across rural and semi-urban India alongside Manulife’s expertise in insurance product development, underwriting, and agency management. Together, they aim to build a technology-driven, customer-centric insurer focused on protection and long-term savings solutions tailored for India’s growing middle class and underpenetrated insurance markets.

The JV aligns with India’s “Insurance for All” vision by 2047, targeting enhanced financial inclusion and protection solutions across urban and non-urban demographics.

Anish Shah, Group CEO and MD of Mahindra Group, expressed confidence citing complementary strengths and the immense growth potential in India’s life insurance sector. Manulife’s President and CEO Phil Witherington highlighted the JV as a major step to expand their legacy in one of the fastest-growing global financial markets.

Key Highlights:

Mahindra and Manulife form 50:50 life insurance JV in India; pending regulatory approval.

Total capital commitment ₹7,200 crore; initial ₹1,250 crore investment each over five years.

JV to leverage Mahindra’s rural distribution and Manulife’s global insurance expertise.

Focus on technology-driven, customer-centric life insurance solutions.

JV supports India’s “Insurance for All” vision targeting financial inclusion by 2047.

Promises significant growth opportunity amid India’s rapidly expanding insurance market.

Source: Economic Times, Business Standard, Moneycontrol, Financial Express (2025)