Mahindra & Mahindra, Manulife to Form ₹7,200-Crore Life Insurance Joint Venture in India
Mahindra & Mahindra (M&M) and Canada-based Manulife have announced a 50:50 joint venture to enter India’s life insurance sector, with each partner committing up to ₹3,600 crore ($400 million). Both companies are expected to invest ₹1,250 crore ($140 million) within the first five years, subject to regulatory approval. The venture aims to strengthen their presence in one of the world’s fastest-growing financial markets and expand access to long-term savings and protection solutions.
India’s life insurance industry has crossed $20 billion in new business premiums, growing at a 12% CAGR over the last five years. Despite this growth, the market continues to have low penetration and a high protection gap—factors that provide strong long-term potential. With rising GDP, a growing middle class, and a favourable regulatory landscape, India is projected to become the world’s fastest-growing life insurance market and the fourth largest globally. The sector currently hosts 27 life insurance players.
M&M Group MD & CEO Anish Shah said Manulife’s global expertise makes it an ideal partner for building a tech-driven, customer-centric insurer focused on rural, semi-urban, and urban markets. Manulife President & CEO Phil Witherington called the move a significant step in expanding into a “mega economy” of the future. He added that the new JV, supported by Mahindra’s vast distribution network and their own strong agency capabilities, positions Manulife for substantial growth in India.
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