Mahindra & Mahindra Ltd. (M&M) and Canadian financial services major Manulife have announced, on November 13, plans to establish a 50:50 joint venture in the life insurance sector in India, subject to regulatory approvals.

“Subject to regulatory approvals” means the proposed joint venture can only begin operations after it receives formal clearance from financial regulators such as the Insurance Regulatory and Development Authority of India (IRDAI) ensuring that the partnership complies with all legal and industry requirements.

The announcement follows M&M’s analyst meeting on November 13, where Group CEO and Managing Director Anish Shah described life insurance as a “logical extension” of the company’s financial services portfolio, driven by strong brand trust and a vast rural distribut

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