Mahindra and Manulife Take Next Step Toward Indian Insurance Venture

Mahindra and Manulife Take Next Step Toward Indian Insurance Venture

Mahindra Group and Manulife have formally incorporated their planned Indian life insurance joint venture after receiving approval from India’s Ministry of Corporate Affairs, marking a significant milestone in their ambitions to build a digitally driven insurer in one of the world’s fastest-growing insurance markets.  

Mumbai- and Hong Kong-based partners Mahindra and Manulife announced on Monday that their joint venture company has been incorporated under the name Mahindra Manulife Insurance Limited (MMIL). The move follows regulatory approval from the Ministry of Corporate Affairs and advances plans first unveiled in November 2025 to establish a new life insurance business in India.  

The venture will operate as a 50:50 partnership, combining Mahindra’s extensive presence across India with Manulife’s global insurance expertise. The companies said MMIL aims to become a customer-focused, AI-native and digitally led life insurer, leveraging technology to simplify insurance products and improve customer engagement.  

According to the partners, the new insurer will draw on Mahindra’s market reach and Manulife’s capabilities in product innovation, underwriting and agency-led distribution. The company plans to offer a range of protection and long-term savings products tailored to the needs of Indian consumers.  

Focus on Protection Gap

A key objective for MMIL will be addressing India’s sizeable protection gap. The venture intends to target both rural and semi-urban markets while also building a strong position in protection solutions for urban customers. The partners said they are committed to establishing a trusted, technology-driven insurer aligned with India’s long-term economic development and the government’s vision of «Insurance for All.»  

The launch provides Manulife with a stronger foothold in the rapidly expanding Indian insurance market, while Mahindra broadens its presence in financial services through a partnership with one of the world’s leading insurance and wealth management groups.  

Manulife serves more than 37 million customers globally and, at the end of 2025, employed more than 37,000 people and worked with over 106,000 agents across 25 markets worldwide. Mahindra, meanwhile, is one of India’s largest multinational conglomerates, employing approximately 324,000 people in more than 100 countries.