Mahindra & Mahindra Limited has incorporated Mahindra Manulife Insurance Limited (MMIL) as a joint venture company with Manulife Holdings (Bermuda) Limited. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on 29th May 2026. MMIL will have its registered office in Mumbai, Maharashtra. The incorporation follows the initial announcement made on 13th November 2025 and a subsequent update on 24th April 2026.
MMIL is structured as a 50:50 joint venture. The company has an authorized and paid-up capital of Rs 1 crore, divided into 10,00,000 equity shares of Rs 10 each. Mahindra & Mahindra Limited and Manulife Holdings (Bermuda) Limited have subscribed to 5,00,000 equity shares each at Rs 10 per share, aggregating to Rs 0.50 crore per partner. The subscription has been made in cash.
The joint venture will conduct life insurance business as defined under the Insurance Act, 1938. The Insurance Regulatory and Development Authority of India (IRDAI) had already issued a no-objection certificate for the incorporation of the life insurance company.
MMIL plans to address India's protection gap through a range of long-term savings and protection products. The venture will focus on rural and semi-urban markets while also building leadership in protection solutions for urban customers. Mahindra's distribution reach will combine with Manulife's expertise in product innovation, underwriting, and agency-led distribution for the new insurer.
The joint venture marks the next step in the partnership announced between Mahindra and Manulife for life insurance business in India. MMIL will offer need-based financial solutions with a focus on policyholder protection.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.