On November 12, 2025, Manulife Financial Corporation and Mahindra & Mahindra Ltd. have entered into an agreement to establish a 50:50 life insurance joint venture in India, subject to regulatory approval. The total capital commitment from each shareholder is up to US$400 million (approximately C$550 million), with each shareholder expected to invest US$140 million (about C$192 million) within the first five years. This venture aims to combine Mahindra’s deep distribution reach in rural and semi-urban India with Manulife’s agency expertise in urban markets, focusing on delivering long-term savings and protection solutions tailored to India’s diverse population. The initiative supports India’s “Insurance for All” vision by 2047, addressing the country’s significant protection gap and low insurance penetration. India’s life insurance market has surpassed US$20 billion in new business premiums, growing at a 12% CAGR over the past five years, and is positioned to become the world’s fastest-growing and fourth-largest life insurance market in the next decade, driven by robust economic growth and a rising middle class. This partnership builds on the companies’ successful asset management collaboration launched in 2020.

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