New Delhi [India], June 1 : Mahindra Manulife Insurance Limited has been incorporated following approval from the Ministry of Corporate Affairs, marking the next step in the 50:50 joint venture between Mahindra and Manulife announced on November 12, 2025. The new entity will focus on building a simple, customer-first, AI-native and digitally led life insurer.
The newly incorporated venture is positioning itself as a digital-first insurer built around customer protection. According to the Mahindra group press release, MMIL "brings together Mahindra's strong presence in India with Manulife's global expertise to build a simple, customer-first, AI-native and digitally led life insurer." By combining Mahindra's distribution reach with Manulife's strengths in product innovation, underwriting and agency-led distribution, the JV will focus on policyholder protection and "offer holistic, need-based financial solutions."
MMIL has set its sights on India's large protection gap. The company said it will address this through a range of long-term savings and protection products, with a strong focus on rural and semi-urban markets while also building leadership in protection solutions for urban customers. "The partnership combines Mahindra's wide distribution reach with Manulife's strengths in product innovation, underwriting, and agency-led distribution," the release stated. The partners are committed to establishing MMIL as "a trusted, digital, technology-driven and AI-native insurer aligned with India's long-term growth and the vision of 'Insurance for All.'"
Founded in 1945, the Mahindra Group is a multinational federations of companies with 324,000 employees in over 100 countries. It holds leadership positions in farm equipment, utility vehicles, IT and financial services in India and is the world's largest tractor company by volume. The group also has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate, with a focus on ESG and rural prosperity, the company said.
Manulife Financial Corporation, headquartered in Toronto, Canada, is an international financial services provider operating across Canada, Asia, Europe and as John Hancock in the US. Through Manulife Wealth & Asset Management, it offers investment, advice and retirement services globally. As of end-2024, Manulife had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners serving over 36 million customers worldwide, according to the release.