Mahindra & Mahindra Ltd. (M&M) and Canadian insurer Manulife Financial Corporation have agreed to form a life-insurance joint venture in India, with each holding a 50 % stake. The venture is still subject to regulatory approvals from the Insurance Regulatory and Development Authority of India (IRDAI).
The companies plan a total investment of up to ₹3,600 crore over the next 10 years, with about ₹1,250 crore from each partner in the first five years. The JV will focus on long-term savings and protection products for individuals, combining Manulife’s global insurance experience with M&M’s strong rural and semi-urban network.
The partnership targets India’s growing life-insurance market, especially in areas where financial penetration is low. The venture is expected to start operations within 15–18 months and may take 10–12 years to break even.
India’s life-insurance sector has been growing steadily, with new business premiums for individual policies rising 12.1 % year-on-year in October 2025, highlighting a strong demand for insurance products across the country.
This collaboration also aligns with India’s broader goal of increasing insurance penetration nationwide, offering financial protection and long-term savings solutions to a larger population.