By CIO Insider Team
 

Mahindra & Mahindra and Manulife joined hands to establish a 50:50 life insurance joint venture, subject to regulatory approval, strengthening their existing Indian consumers.

The JV will expand on the collaboration between Mahindra and Manulife in India, following the successful launch of Mahindra Manulife Investment Management in 2020. The total capital commitment from each shareholder is up to Rs 3,600 crore, with each shareholder expected to invest Rs 1,250 crore in the first 5 years.

Following the signing, Mahindra and Manulife teams will work together to apply for an insurance license.

"Kotak Investment Banking acted as financial adviser and AZB & Partners acted as legal counsel to Mahindra Group. Debevoise & Plimpton LLP acted as legal counsel to Manulife," according to reports.

Commenting on the JV, Dr Anish Shah, Group CEO & Managing Director, Mahindra Group says, “With a focus on leveraging technology the joint venture will build an efficient, customer-centric insurer in India. We are confident that this joint venture offers a very compelling opportunity to create meaningful value for our shareholders.”

“Today marks an important milestone as we seek to enter one of the world’s fastest growing insurance markets – India. This will further strengthen our diverse portfolio and position us for tremendous growth in a mega economy of the future," says Phil Witherington, President and CEO, Manulife.

The venture aims to cater to rural and semi-urban India, and to serve urban customers through leadership in protection solutions. The joint venture aims to offer long-term savings and protection solutions tailored to the diverse and growing needs of India’s population, in line with India’s “Insurance for All” vision by 2047.

Also Read: Amazon Expands Same-Day Grocery Delivery to Perishable Foods

India’s life insurance industry recorded a sharp revival in October 2025, with new business premiums rising 12.1 percent year-on-year to Rs 34,007 crore, marking the second straight month of double-digit expansion. The upturn reflects a combination of stronger demand for individual recurring-premium products, a favorable base effect, and the boost from the GST reduction on individual life policies, which helped sustain sales momentum across insurers.

Also Read: Captiv Techno Solutions: Emergence Of A Game Changer Specialist In The Technology Realm

The growth, though slightly below the 13.2 percent rise seen a year earlier, represents a strong rebound from the 5.2 percent contraction in August 2025. Premium collections were supported primarily by the individual segment, where non-single premium policies saw renewed traction as consumers shifted towards recurring-payment products.

Also Read: OpenAI Confirms your ChatGPT Conversations Could Land in Police Hands

Private insurers continued to gain share in this segment, while LIC maintained its lead in single-premium and group business. Non-single premiums grew 21.3 percent in October, compared with 9.7 percent a year earlier, as the impact of last year’s regulatory changes on surrender values normalized.