Mahindra, Manulife Form 50:50 Life Insurance Joint Venture in India

After the successful launch of Mahindra Manulife Investment Management in 2020, the JV will build on the partnership between Mahindra and Manulife in India, subject to regulatory permission. Each shareholder is anticipated to contribute INR 1,250 crore during the first five years, for a total capital commitment of up to INR 3,600 crore.

Mahindra and Manulife to Apply for Insurance License

The teams from Mahindra and Manulife will collaborate to apply for an insurance licence after the agreement. "The Mahindra Group received legal advice from AZB & Partners and financial advice from Kotak Investment Banking. Manulife received legal advice from Debevoise & Plimpton LLP," the official statement stated.

The joint venture would create an effective, customer-focused insurer in India, according to Dr Anish Shah, Group CEO & Managing Director, Mahindra Group, who made the statement. The Mahindra Group is certain that this joint venture presents a strong chance to generate significant value for our investors. Today is a significant milestone as Manulife aims to join India, one of the fastest-growing insurance markets in the world, according to Phil Witherington, President and CEO of Manulife. This will further solidify the band's varied portfolio and set Manulife up for future megaeconomic growth.

In addition to serving urban clients by being a pioneer in protection solutions, the company seeks to serve rural and semi-urban India. In keeping with India's "Insurance for All" objective by 2047, the joint venture seeks to provide long-term savings and security options catered to the various and expanding needs of the country's citizens.

India’s Insurance Market Going for a Spin

October 2025 saw a dramatic resurgence in the life insurance sector in India, with new business premiums increasing 12.1% annually to INR 34,007 crore, the second consecutive month of double-digit growth. Stronger demand for individual recurring-premium products, a favourable base impact, and the increase in sales momentum for individual life insurance plans due to the GST reduction are all factors contributing to the upturn.

The growth marks a robust recovery from the 5.2% contraction in August 2025, even though it is marginally less than the 13.2% increase observed a year earlier. The individual sector was the main source of support for premium collections, and as consumers began purchasing recurring-payment products, non-single premium plans gained popularity again. While LIC continued to dominate the single-premium and group market, private insurers continued to increase their market share in this sector.

As the effect of last year's legislative adjustments on surrender values normalised, non-single premiums increased 21.3% in October as opposed to 9.7% in the same month the previous year.