Mahindra & Mahindra, Manulife Sign 50:50 JV Pact to Enter India’s Life Insurance Market

Mumbai, November 13, 2025: In a strategic move to strengthen their footprint in India’s growing life insurance sector, Mahindra & Mahindra Ltd (M&M) and The Manufacturers Life Insurance Company (Manulife) have formally entered into a 50:50 joint venture. This collaboration aims to leverage Mahindra’s deep distribution network across rural and semi-urban India and Manulife’s global expertise in insurance to offer tailored life insurance and protection solutions.

Joint Venture Structure

The decision follows a board meeting held on November 12, 2025, where M&M approved the formation of the joint venture, with the agreement executed the same night. The new entity will be incorporated as a public limited company and operate a full-fledged life insurance business in India. The partnership marks a significant expansion in M&M’s financial services portfolio, aligning with its long-term vision of delivering comprehensive financial solutions to a wide customer base.

Under the agreement, Mahindra & Mahindra and Manulife will each hold 50% of the paid-up share capital, either directly or through affiliates. Each partner will nominate two directors to the joint venture’s board, ensuring active participation in governance and strategic oversight. Both companies have committed to a capital infusion of up to ₹3,600 crore each over the first ten years, demonstrating their long-term commitment to the venture.

Key Commercial Terms

Based on the information available in the agreement, the joint venture will exclusively undertake and look after the life insurance and related service business. Mahindra is the rights holder when it comes to changes in approval in the company’s capital structure and revisions in any annual business plans, alongside the distribution strategy. The company has the right to appoint, remove, or replace certain key management personnel.

Strategic Vision

According to the company’s press release, the joint venture aims to emerge as a leader in India’s life insurance industry, with a strong focus on rural and semi-urban markets. At the same time, it plans to build a protection-led franchise for urban customers. The venture’s core strengths combine Mahindra’s extensive distribution network with Manulife’s global insurance expertise, creating a platform well-positioned to deliver tailored, long-term life insurance solutions across diverse customer segments.

Mahindra Group company’s Group CEO & MD, Dr Anish Shah, said that the partnership would aid in building a highly effective and comprehensive financial services portfolio. He further added that Mahindra’s deep presence in rural India and Manulife’s global capabilities.

Manulife’s President & CEO, Phil Witherington, mentioned India as one of the world’s fastest-growing insurance markets. He expressed confidence in the long-term growth opportunities, which are supported by demographic and economic tailwinds.

Share Price Update

The share price of Mahindra & Mahindra Ltd was trading at ₹3,732, which was a 0.58% dip as of 10:44 AM. Mahindra & Mahindra Ltd shares have gained 33% in the last year, 22% in the last six months, and 4.31% in the last 5 days.

REF: https://nsearchives.nseindia.com/corporate/Shaibya_13112025002557_SEIntimationOutcomeofBoardMeeting13112025.pdf

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