By Robb M. Stewart

Manulife Financial is expanding its insurance operations in India, teaming up with Mahindra & Mahindra to establish a joint venture in the fast-growing market.

The companies signed an agreement to forge a 50-50 venture that will offer long-term savings and protection service tailored to India's diverse population.

Manulife said the goal is to become the top life insurance company for rural and semi-urban India, bringing together Mahindra's access and distribution in the country with its agency capabilities catering to urban customers. The venture will build on an existing relationship between the companies following the 2020 launch of Mahindra Manulife Investment Management.

The Canadian financial service provider said each company will commit up to $400 million, and it is expected they each invest $140 million in the venture's first five years.

The Toronto-based company estimates India is set to become the fastest growing life insurance market over the next decade, and is on track to become the fourth largest globally. The life insurance market has supposed $20 billion in new business premiums, growing at a compound annual rate of 12% in the last five years, yet it still has low insurance penetration, Manulife said.

"This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future," Manulife President and Chief Executive Phil Witherington said.

Manulife said it will work with Mahindra to apply for an insurance license in India.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 12, 2025 14:13 ET (19:13 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.