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Bold by Design M&M Analyst Call Dr Anish Shah | 13 November 2025
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Why Life Insurance? 2 A compelling opportunity … will create meaningful value Strong right to win … in partnership with Manulife Extension of financial services … accretive to MMFSL ROA Expect to invest ~INR 250 Cr / year for the first 5 years … ~ 1/3rd of dividend from MMFSL #1 life insurer for rural and semi-urban India Serving urban customers through leadership in protection solutions
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A Compelling Opportunity 3 332% 252% 251% 153% 143% 85% Sum Assured/GDP % Source: Crisil, IRDAI, McKinsey • Demographics Middle to high income households growing rapidly… 50% of population by FY30 • Need for insurance Rising disposable income and awareness Security for family an important factor • Significant access gap Rural is 65% of population & 45% of GDP Only 2% life insurance branches in rural areas High protection gap in India Rural and semi-urban opportunity
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Critical Success Factors 4 • High Brand Trust and recall • Control over distribution • Strong underwriting & product capability led by top tier global JV partner • Execution Excellence
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… Ideal Global Partner 5 Leading Canadian life insurer and asset manager with top-3 Pan-Asian scale US$ 1.1 Tn AUM*, 36 million customers Track record of operating a quality agency force Strong in-house reinsurance capabilities Delivering consistent returns … 16.2% Core ROE in 2024 * Includes administration
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Our Right to Win Brand trust Existing customer base in Tier 2/3 cities Ready distribution & branch network Treasury relationships to unlock Banca Product know-how Underwriting & Risk management Re-insurance & Investment expertise Strong Asia experience in agency managementLeadership in Tech, Digital and AI Present Success Factors Our Unique Proposition 6
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Financial Services Footprint 7 Lending Building comprehensive financial services offerings Asset Management Existing financial businesses Extension Life Insurance x Insurance Broking
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Our Approach Protection focus • Mahindra brand stands for Trust, key lever for protection product • Protection focus will further enhance Mahindra brand Digital-enabled ecosystem • Digitization in sales, servicing & operations driving growth and efficiencies • Direct distribution with D2C1 and O2O2 conversion play Premier Agency Network • High quality, premier advisory agency • Best in class operating metrics (persistency, surrenders, claim settlement) for customers, distributors, employees Mahindra Finance: Distribution • Uniquely positioned with 1,345+ pan-India branches • Deep rural and semi-urban consumer coverage in ~500,000 villages and 8,000+ towns • Access to 25 lakh+ live customers resulting in a large premium base 8 Sharp and Focussed strategy (not a “Me-Too”) To be the #1 life insurer for rural and semi-urban India Serving urban customers through leadership in protection solutions 1. Direct to Consumer 2. Online to Offline
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Capital Required • Mahindra commitment: ~ INR 250 Cr / year for the first 5 years Total ~ INR 3,600 Cr over 10 years • Global reinsurance expertise Financial Returns 9 INR 18,000 – INR 30,000 Cr valuation in 10 years Well positioned to create further value Accretive for Mahindra Finance ROA
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In Summary … 10 Strong Right to Win Meaningful Potential Market-leading Returns Ability to Execute
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Thank You