M&M, Manulife enter into agreement to establish 50:50 life insurance joint venture

Shares of M&M traded flat after the Mahindra & Mahindra group announced a new joint venture in the field of life insurance, by partnering with Manulife, a Canadian insurance company. The shares trade in red at ₹3,733, down by 0.5%

Mahindra & Mahindra (M&M) and Manulife have agreed to establish a 50:50 life insurance joint venture, subject to regulatory approval. This new venture will strengthen Mahindra and Manulife’s existing footprint in India and underscores their commitment to enhancing the financial well-being of customers in one of the world’s fastest-growing markets. The vision is to be the number one life insurance company for 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. Combining Mahindra’s deep access and extensive distribution in rural and semi-urban areas with Manulife’s proven quality agency capabilities catered to urban customers, the joint venture will create long-term value by driving customer centricity and leveraging new technologies.

Upon regulatory approval, this joint venture will expand on the collaboration between Mahindra and Manulife in India, following the successful launch of Mahindra Manulife Investment Management in 2020.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.