admin Mahindra and Manulife announce a 50:50 life insurance joint venture, with a Rs 7,200 crore capital plan to tap India’s fast-growing protection market.
The Mahindra Manulife JV marks a major move in India’s insurance sector. Mahindra & Mahindra and Canada-based Manulife have agreed to create a 50:50 joint venture. The two companies plan to set up a new life insurance business in India. The deal is subject to regulatory approval. However, both sides are confident about the opportunity.
Each partner will commit up to ₹3,600 crore. The initial investment will be ₹1,250 crore over the first five years. Once approvals come through, the JV will apply for a license and begin building operations. Kotak Investment Banking advised Mahindra, while AZB & Partners handled legal support. Meanwhile, Debevoise & Plimpton LLP advised Manulife.
This partnership expands the success of Mahindra Manulife Investment Management, their mutual fund JV launched in 2020. Since then, both companies have gained strong market experience. Therefore, the new insurance venture aims to use this foundation to capture India’s fast-growing protection market.
The new insurer will focus on rural and semi-urban areas. These regions continue to have low insurance penetration. Moreover, the JV plans to use digital tools to improve customer access and reduce costs. Dr. Anish Shah, MD and CEO of Mahindra Group, said the JV will create “meaningful value” for stakeholders. He also highlighted the role of technology in building an efficient, customer-centric insurer.
Phil Witherington, President and CEO of Manulife, called the partnership a “significant milestone.” He said the deal strengthens Manulife’s Asia strategy. Additionally, he believes India offers tremendous long-term growth potential.
The Mahindra Manulife JV also aligns with India’s national goal of “Insurance for All” by 2047. The company plans to design simple protection and savings products for different income groups. As a result, the JV could play a key role in expanding financial security across the country.
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