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Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have entered into a joint venture agreement to establish a life insurance business in India, subject to regulatory clearances. The board of Mahindra approved the agreement on November 12, 2025, according to the company’s stock exchange filing.

Under the agreement, the new joint venture company (JVCo) will be incorporated as a public limited company, with both Mahindra and Manulife holding 50% each of the paid-up share capital. The move marks a strategic expansion of Mahindra’s financial services portfolio and Manulife’s growing interest in India’s burgeoning insurance sector.

Rs 7,200 Crore Commitment to Build India’s Next Big Insurer

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