Mahindra & Mahindra, Manulife Sign Pact for 50:50 Life Insurance JV

Mahindra & Mahindra (M&M) Ltd has announced a 50:50 life insurance joint venture (JV) with Manulife, subject to regulatory approvals. The partnership aims to strengthen their existing collaboration and expand into the life insurance segment.

According to the exchange filing on November 13, the JV’s vision is to become the leading life insurer for rural and semi-urban India, while also serving urban customers through protection-focused solutions.

Capital Commitment and Structure

Both M&M and Manulife will commit up to ₹3,600 crore ($400 million) over the first 10 years.

• Each partner is expected to invest up to ₹1,250 crore in the first five years.

• The JV will be incorporated as a public limited company.

• Both partners will nominate two directors each to the JV’s board.

• Mahindra will retain the right to restrict any changes in the capital structure beyond agreed terms.

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Strategic Focus and Market Potential

The JV will aim to deliver long-term savings and protection solutions, aligning with India’s “Insurance for All” vision by 2047.

It will leverage Mahindra’s wide distribution reach in rural and semi-urban India and Manulife’s agency expertise in urban markets.

M&M said the venture will use technology to create a customer-centric, efficient insurance provider in India.

Expanding Partnership

The collaboration builds on their existing partnership through Mahindra Manulife Investment Management, an investment platform launched in 2020.

Industry Context

India’s life insurance market has surpassed $20 billion in new business premiums and has been growing at a 12% CAGR over the past five years. M&M noted that the low insurance penetration and high protection gap provide long-term growth potential, positioning India among the fastest-growing insurance markets globally.

Stock Performance

Mahindra & Mahindra shares ended 0.2% lower at ₹3,740.3 on Wednesday, after hitting a record intraday high of ₹3,781. The stock has gained 21% so far in 2025.

Key Highlights:

• JV Stake: 50:50 between M&M and Manulife

• Total Commitment: ₹3,600 crore over 10 years

• Initial Investment: ₹1,250 crore each (first 5 years)

• Structure: Public limited company

• Focus: Rural & semi-urban insurance growth

• Stock Performance: ₹3,740.3, up 21% YTD

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