TSX/NYSE/PSE: MFC     SEHK: 945

Manulife Financial Corporation (TSX:MFC) and Mahindra & Mahindra Ltd. (M&M) today announced that the two companies have entered into an agreement to establish a 50:50 life insurance joint venture, subject to regulatory approval. This new venture will strengthen Manulife and Mahindra's existing footprint in India and underscores their commitment to enhancing the financial wellbeing of customers in one of the world's fastest-growing markets. The vision is to be the #1 life insurance company for rural and semi-urban India, and in serving urban customers through leadership in protection solutions.

The joint venture aims to offer long-term savings and protection solutions tailored to the diverse and growing needs of India's population, in line with India's "Insurance for All" vision by 20471. Combining Mahindra's deep access and extensive distribution in rural and semi-urban areas with Manulife's proven quality agency capabilities catered to urban customers, the joint venture will create long term value by driving customer centricity and leveraging new technologies.

This joint venture will expand on the strong collaboration between Manulife and Mahindra in India, following the successful launch of Mahindra Manulife Investment Management in 2020.  The total capital commitment from each shareholder is up to US$400 million (Rs 3,600 crores) and we expect each shareholder to invest US$140 million (Rs 1,250 crores) in the first 5 years.