Mahindra and Canada’s Manulife have formally incorporated their life insurance joint venture as Mahindra Manulife Insurance Limited, following approval from the Ministry of Corporate Affairs, advancing the partnership toward launch.
Announced on 1 June, the incorporation is the next step after the two companies agreed in November 2025 to set up a 50:50 life insurance venture. The new entity, Mahindra Manulife Insurance Limited, still requires further regulatory approvals before it can begin operations.
The venture is structured around complementary strengths, pairing Mahindra’s distribution reach with Manulife’s product innovation, underwriting and agency-led distribution. It is positioned as a digital-first, AI-native life insurer targeting India’s protection gap through long-term savings and protection products, with a focus on rural and semi-urban markets alongside protection solutions for urban customers, in line with the “Insurance for All” vision.
Mahindra, founded in 1945, holds a leadership position in farm equipment, utility vehicles, IT and financial services in India and is the world’s largest tractor company by volume. Manulife, headquartered in Toronto, served over 36 million customers globally with more than 37,000 employees and over 109,000 agents as of the end of 2024, operating across Canada, Asia and Europe, and primarily as John Hancock in the United States.
