• Mahindra & Mahindra and Manulife form a 50:50 life insurance joint venture in India
• Both partners to invest up to Rs 3,600 crore each, starting with Rs 1,250 crore over five years
• New insurer to focus on tech-led, customer-centric solutions across urban and rural India

Mahindra & Mahindra (M&M) and Canada-based Manulife have joined forces to set up a new life insurance company in India, marking the next phase of their partnership in financial services. The two companies will hold equal stakes in the joint venture, backed by a total capital commitment of Rs 7,200 crore.

Initially, each partner will invest Rs 1,250 crore over the first five years, with plans to scale up their contribution to Rs 3,600 crore each. The joint venture is awaiting regulatory approval before applying for an insurance license and launching operations.

The move builds on the success of their existing collaboration, Mahindra Manulife Investment Management, which entered India’s mutual fund space in 2020. With the new venture, both firms aim to tap into India’s fast-growing life insurance market, driven by rising awareness and an under-served population in smaller cities and rural regions.

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Dr. Anish Shah, MD & CEO of Mahindra Group, said the partnership will create a modern, customer-focused insurer leveraging technology to deliver value and efficiency. Phil Witherington, President & CEO of Manulife, called the collaboration a “significant milestone” in their Asia expansion strategy.

The new company aims to support India’s vision of ‘Insurance for All by 2047’, offering tailored protection and savings products across income segments.