Mahindra & Mahindra (M&M) Investor Update summary

Market Opportunity and Strategic Rationale

• Rural India, with 65% of the population and 45% of GDP, has only 2% of life insurance branches, highlighting a significant protection gap and growth potential.

• Rapidly growing middle to high income households, with 50% of the population expected in this segment by FY30, are driving increased insurance demand.

• Rising disposable income and awareness are boosting the need for family security through insurance products.

Partnership and Competitive Advantages

• Partnership with Manulife, a leading Canadian insurer with US$1.1 trillion AUM and strong Pan-Asian presence, brings global expertise, reinsurance capabilities, and a proven agency force.

• Brand trust, extensive customer base in Tier 2/3 cities, and a ready distribution network of 1,345+ branches covering 500,000 villages and 8,000+ towns, reaching over 2.5 million live customers, provide a strong foundation for growth.

Execution Strategy and Operational Focus

• Focus on protection products, leveraging Mahindra's brand trust, digital-first ecosystem, and Mahindra One customer database for targeted offerings.

• Premier agency network, direct-to-consumer, online-to-offline distribution, and four channels: branch network, agency, select banker partnerships, and digital platforms.

• Emphasis on best-in-class operating metrics, including persistency, surrenders, claim settlement, and monthly monitoring for alignment with long-term value creation.