Manulife and Mahindra launch $800M life insurance venture in India’s booming market
Manulife, a global financial services company with over 36 million customers worldwide, has partnered with Mahindra & Mahindra to launch a life insurance joint venture in India. The 50:50 venture, expected to invest Rs 7,200 crore (approximately $800 million), aims to tap into India's fast-growing insurance market.
India's high protection gap and low insurance penetration present a significant opportunity for growth. Anish Shah, Mahindra Group's CEO & MD, sees life insurance as a logical extension for their financial services portfolio. Phil Witherington, Manulife's President and CEO, shares this optimism, stating that India is a fast-growing insurance market with substantial potential.
The joint venture, expected to launch after receiving an insurance license, will focus on rural and semi-urban India. Each partner will invest Rs 3,600 crore, with teams from both Mahindra and Manulife working together. This is not the first collaboration between the two companies, having previously partnered in investment management with Mahindra Manulife Investment Management.
With a combined workforce of over 146,000 employees and agents, and thousands of distribution partners, Manulife and Mahindra & Mahindra bring significant resources to the venture. The life insurance market in India has grown at a 12% CAGR over the past five years, reaching $20 billion in new business premiums, indicating a promising future for the joint venture.
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