Manulife Financial Corporation and Mahindra & Mahindra (M&M) are forming a 50:50 life insurance joint venture in India. The partnership was announced in a 12 November press release by Manulife, noting that the deal remains subject to regulatory approvals.
The venture aims to become the leading life insurer for rural and semi-urban areas in the world’s fifth-largest economy. Each shareholder has committed up to $400m in total capital, with an expected investment of around $140m from each party over the first five years.
The joint venture seeks to provide long-term savings and protection solutions that address the diverse needs of India’s population, aligning with the country’s “Insurance for All” vision by 2047. By combining Mahindra’s extensive rural distribution network with Manulife’s established agency expertise in urban markets, the partnership aims to strengthen customer engagement, embrace digital innovation, and deliver sustainable value.
Manulife President and CEO Phil Witherington said, “We have a trusted partner in Mahindra Group, with whom we already have a successful asset management collaboration. We see tremendous opportunity to build on our efforts by leveraging their deep distribution network alongside our industry-leading agency distribution and insurance expertise.”
Mahindra Group CEO and Managing Director Dr Anish Shah added, “By leveraging technology, the joint venture will build an efficient, customer-centric insurer in India. We are confident this partnership presents a compelling opportunity to create meaningful value for our shareholders.”
The collaboration follows a period of rapid growth in India’s life insurance sector, which recently exceeded $20bn in new business premiums, expanding at a 12% compound annual growth rate (CAGR) over the past five years.