November 13, 2025 : In a significant development for India’s financial and insurance sector, Mahindra & Mahindra Group (M&M) has announced a 50:50 joint venture with global insurance major Manulife Financial Corporation to expand its footprint in the life insurance business in India.
The partnership, which aims to combine Mahindra’s deep understanding of the Indian market with Manulife’s global expertise in financial and insurance solutions, is expected to create a powerful synergy in one of the world’s fastest-growing insurance markets.
According to official sources, the venture — to be branded under “Mahindra Manulife Life Insurance” — will focus on offering a comprehensive range of life insurance, retirement, and investment-linked products tailored for Indian consumers.
A Strategic Step Toward Financial Inclusion
The collaboration marks Mahindra’s renewed focus on the financial services ecosystem, where it already has a strong presence through Mahindra Finance and other subsidiaries. With this partnership, Mahindra aims to deepen its presence in the life insurance sector, particularly in Tier 2 and Tier 3 cities, where financial literacy and insurance penetration remain low.
Commenting on the partnership, Anish Shah, Managing Director & CEO of Mahindra Group, said:
“This joint venture reflects our vision to empower every Indian with access to trusted, affordable, and innovative financial protection solutions. Together with Manulife, we aim to bridge the protection gap and strengthen long-term financial security for families.”
Manulife’s Entry into India’s Booming Market
For Manulife Financial Corporation, one of North America’s largest insurance and wealth management firms, this partnership marks a major strategic move into India — a market that has witnessed double-digit growth in life insurance premiums over the past decade.
Roy Gori, President & CEO of Manulife, shared his enthusiasm:
“India’s life insurance sector offers immense growth potential driven by its young population, rising incomes, and increasing awareness of financial planning. Partnering with Mahindra allows us to bring our international experience and innovative digital capabilities to millions of Indian customers.”
Manulife, headquartered in Toronto, has a presence across 20 global markets, including major Asian economies such as China, Indonesia, Malaysia, and the Philippines. Its expansion into India aligns with its broader Asia-Pacific growth strategy, focused on emerging economies with low insurance penetration but strong growth prospects.
Focus on Digital Transformation and Customer Experience
Both Mahindra and Manulife emphasized that technology and digital transformation will be central to the new venture’s strategy. The JV will leverage AI-driven underwriting, digital onboarding, and personalized product offerings to simplify the customer journey.
The partners also plan to introduce innovative insurance products designed for specific Indian demographics — such as self-employed professionals, rural households, and millennials seeking affordable life cover combined with savings options.
The JV aims to integrate with Mahindra’s existing financial ecosystem, offering insurance solutions through its Mahindra Finance branches, auto dealerships, and rural network spanning over 400,000 villages.
Industry Reactions and Market Outlook
Industry experts have welcomed the move, calling it a timely collaboration given the Indian government’s push toward financial inclusion and digital insurance adoption.
According to IRDAI (Insurance Regulatory and Development Authority of India) data, India’s life insurance penetration currently stands at around 3.2% of GDP, which is below the global average. Analysts believe that global-local partnerships like Mahindra-Manulife could help bridge this gap through innovation and outreach.
Rajesh Narain Gupta, Managing Partner, SNG & Partners, noted:
“With Mahindra’s strong brand trust and Manulife’s international experience, the joint venture could become a significant player in India’s life insurance segment within the next five years.”
Regulatory Approvals and Future Roadmap
The formation of the joint venture is subject to approval from IRDAI and the Competition Commission of India (CCI). Once approved, the company is expected to start operations within the next 6–9 months.
The partners will contribute equal equity and share governance responsibilities, with a balanced board structure that includes representatives from both Mahindra and Manulife.
The initial focus will be on establishing a digital-first distribution model, followed by the gradual expansion of physical branches in major cities and towns. The JV also plans to launch training programs for financial advisors, aiming to build a network of certified insurance professionals across India.
A Boost for India’s Insurance Ecosystem
This partnership highlights the growing international confidence in India’s financial services market. With increasing consumer awareness and favorable regulatory support, the life insurance sector is poised for rapid expansion.
Experts believe that the entry of established global players like Manulife could spur competition, leading to better product innovation, customer-centric policies, and improved claim settlement experiences for policyholders.
For Mahindra, the move represents another step toward diversifying its business portfolio and aligning with its long-term goal of building financial resilience and inclusion across India.
Conclusion
The Mahindra-Manulife 50:50 life insurance joint venture is set to redefine how Indians perceive and access life insurance. By merging global expertise with local reach, the partnership aims to make financial protection simpler, more accessible, and more trustworthy for millions.
As both partners prepare to roll out operations, the Indian insurance landscape may soon witness one of its most dynamic collaborations yet — a perfect blend of innovation, trust, and financial empowerment.
Summary
Mahindra & Mahindra and Manulife have announced a 50:50 joint venture to launch Mahindra Manulife Life Insurance, combining global expertise and local reach to expand India’s life insurance market.