Mahindra and Manulife have confirmed the incorporation of their life insurance joint venture as Mahindra Manulife Insurance Limited (MMIL), following approval from the Ministry of Corporate Affairs, the companies announced from Mumbai and Hong Kong on June 1.
The 50:50 partnership was first announced on November 12, 2025. The incorporation marks the next step toward launching the business.
MMIL will combine Mahindra’s market reach in India with Manulife’s strengths in product innovation, underwriting, and agency-led distribution, positioning itself as an AI-native, digitally-led life insurer. The venture will target 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, aligned with the vision of “Insurance for All.”
The Mahindra Group, founded in 1945, employs 324,000 people in over 100 countries and is the world’s largest tractor company by volume, with leadership positions in farm equipment, utility vehicles, information technology, and financial services in India.
Manulife, headquartered in Toronto, operates across Canada, Asia, and Europe, and primarily as John Hancock in the United States. At the end of 2025, it had more than 37,000 employees, over 106,000 agents, and served over 37 million customers across 25 markets. It trades as MFC on the Toronto, New York, and Philippine stock exchanges, and under 945 on the Hong Kong stock exchange.