Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company ("Manulife") have announced the formation of a 50:50 life insurance joint venture (JVCo.) in India, approved by M&M's Board on 12th November 2025. The joint venture agreement was executed on the same date. This new venture aims to provide life insurance and related services, subject to regulatory approvals. Key details of the joint venture include: * Shareholding: M&M will hold 50% of the paid-up share capital in the JVCo., with the remaining 50% held by Manulife or its affiliate. * Capital Commitment: Each shareholder will commit up to ₹3,600 crore (US$400 million) over the first ten financial years. Each expects to invest ₹1,250 crore (US$140 million) in the first 5 years. * Strategic Vision: The JV's vision is to become the #1 life insurance company for rural and semi-urban India, and a leader in protection solutions for urban customers, aligning with India's "Insurance for All" vision by 2047. * Board Representation: Both M&M and Manulife will have the right to nominate two directors to the JVCo.'s board. * Special Rights for M&M: M&M will have rights to restrict changes in the JVCo.'s capital structure, approve and amend its annual business plan and distribution strategy, and appoint/replace/remove certain key management personnel. * Related Party Transaction: Manulife is a related party through its subsidiary(ies), and transactions arising from the JVA will be at arm's length. Dr. Anish Shah, Group CEO & Managing Director, Mahindra Group, stated, "Mahindra brand strength, deep distribution capabilities in rural and semi-urban India and execution excellence make life insurance a logical extension towards our goal of building a comprehensive financial services portfolio. Manulife is the best natural partner for us given their global capabilities in insurance products, underwriting and reinsurance." Mr. Phil Witherington, President and CEO, Manulife, added, "This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future." This partnership builds on their existing collaboration, Mahindra Manulife Investment Management, launched in 2020. The teams will now work to apply for an insurance license.
