Mahindra Finance gets IRDAI nod to sell insurance products as corporate agent

New Delhi, May 22 (PTI) Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers.

The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing.

The registration as ‘Corporate Agent (Composite)’ will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance — both group and individual, it said.

The process would augment the company’s existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street.

Mahindra Finance Managing Director & CEO Raul Rebello said, “This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance’s 1360+ branches, thereby enhancing their experience.”

The corporate agency licence will enable Mahindra Finance to solicit, procure and carry on the business of selling, distribution, advertising, marketing of all kinds of insurance products/ services, including life insurance, health insurance, and general insurance, on behalf of various insurance companies as a corporate agent as permitted by IRDAI, it said.

Focused on the rural and semi-urban sector, the non-banking finance company (NBFC) has over 10 million customers and an asset under management of over USD 11 billion.

The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.

Shares of Mahindra Finance were trading at Rs 266.80, up 1.31 per cent over previous close, on the BSE.