Mahindra & Mahindra Limited has informed the Exchange about Investor Presentation
Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India
Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com
13th November 2025
National Stock Exchange of India Limited "Exchange Plaza", 5th Floor, Plot No.C/1, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051.
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001.
The Luxembourg Stock Exchange 35A Boulevard Joseph II, L-1840 Luxembourg.
London Stock Exchange Plc 10 Paternoster Square London EC4M 7LS.
Sub: Presentation for Analyst / Institutional Investor Meeting
This is further to our letter dated 13th November 2025, wherein we had given an advance intimation of the M&M Analyst Meeting scheduled to be held today i.e. Thursday, 13th November 2025 at 9:00 a.m. (IST), in terms of Regulation 30(6) read with Para A (15) (a) of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause 19 of the Industry Standards Note on Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
We are enclosing a presentation to be made at the M&M Analyst Meet being held today.
Please note that no unpublished price sensitive information is proposed to be shared by the Company during the aforesaid Meeting.
The Analyst/ Meet is being convened to discuss the outcome of the recently concluded Board Meeting of the Company. Due to the urgency of this matter, this Meeting is being scheduled at a shorter notice, in accordance with applicable Regulations. Further, no one-on-one meetings are proposed either preceding or succeeding the Analyst Meet.
This intimation is also being uploaded on the Company’s website at https://www.mahindra.com
Kindly take the same on record.
Yours sincerely, For MAHINDRA & MAHINDRA LIMITED
SAILESH KUMAR DAGA COMPANY SECRETARY
Encl.: as above
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 6897 5500 | Fax: +91 22 22875485 | Email: group.communication@mahindramail.com | mahindra.com | CIN No. L65990MH1945PLC004558
Bold by Design
M&M Analyst Call
Dr Anish Shah | 13 November 2025
Why Life Insurance?
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
2
A Compelling Opportunity
High protection gap in India
Rural and semi-urban opportunity
Sum Assured/GDP %
% 2 3 3
% 2 5 2
% 1 5 2
• 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
% 3 5 1
% 3 4 1
• Significant access gap
% 5 8
Rural is 65% of population & 45% of GDP Only 2% life insurance branches in rural areas
Source: Crisil, IRDAI, McKinsey
3
Critical Success Factors
• High Brand Trust and recall
• Control over distribution
• Strong underwriting & product capability led by top tier global JV partner
• Execution Excellence
4
… Ideal Global Partner
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
5
Our Right to Win
Brand trust
Existing customer base in Tier 2/3 cities
Ready distribution & branch network
Treasury relationships to unlock Banca
Leadership in Tech, Digital and AI
Present Success Factors
Our Unique Proposition
Product know-how
Underwriting & Risk management
Re-insurance & Investment expertise
Strong Asia experience in agency management
6
Financial Services Footprint
Building comprehensive financial services offerings
Lending
Asset Management
Insurance Broking
Life Insurance
x
Existing financial businesses
Extension
7
Our Approach
To be the #1 life insurer for rural and semi-urban India Serving urban customers through leadership in protection solutions
Protection focus
• Mahindra brand stands for Trust, key lever for protection product • Protection focus will further enhance Mahindra brand
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
Premier Agency Network
• High quality, premier advisory agency • Best in class operating metrics (persistency, surrenders, claim settlement) for
customers, distributors, employees
Digital-enabled ecosystem
• Digitization in sales, servicing & operations driving growth and efficiencies • Direct distribution with D2C1 and O2O2 conversion play
1. Direct to Consumer 2. Online to Offline
8
Sharp and Focussed strategy (not a “Me-Too”)
Financial Returns
Capital Required
• Mahindra commitment:
~ INR 250 Cr / year for the first 5 years
Total ~ INR 3,600 Cr over 10 years
• Global reinsurance expertise
INR 18,000 – INR 30,000 Cr valuation
in 10 years
Well positioned to create further value
Accretive for Mahindra Finance ROA
9
In Summary …
Strong Right to Win
Meaningful Potential
Market-leading Returns
Ability to Execute
10
Thank You