Mahindra & Mahindra and Manulife Insurance have won regulatory approval from India’s government for a planned equally owned digitally-led life insurance joint venture (JV) called Mahindra Manulife Insurance (MMI).
The two insurers revealed plans for MMI in November and have now incorporated the entity.
In November the parties expressed their expectation each to invest up to $140m in the first five years.
Phil Witherington, president and CEO of Manulife, said the venture would “further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future”.
Anish Shah, Mahindra’s group CEO and managing director, added life underwriting was “logical extension towards our goal of building a comprehensive financial services portfolio”.
Today the JV partners said MMI would “aim to address India’s large protection gap through a range of long-term savings and protection products, with a strong focus on rural and semi-urban markets, while building leadership in protection solutions for urban customers”.
India’s government has a goal of society being completely insured by 2047.
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