Press Release

Mahindra and Ola to drive Entrepreneurship and Smart Mobility across India.

Integrated package comprising Mahindra cars, financing, insurance and services

To target 40,000 driver partners; aim US$ 400 million of vehicle sales and financing in 2 years

Mumbai, September 8, 2016 : Mahindra & Mahindra Ltd., part of the US$ 17.8 billion Mahindra Group, have signed an MOU to enter into a strategic alliance with the country's largest shared transportation platform, Ola to empower 40,000 driver partners across India by 2018.

Through this strategic alliance, they aim overall vehicle sales and financing of over US$ 400 million (Rs. 2,600 crores). Ola's driver partners can now avail of an integrated and attractive 'Mahindra-Ola' package which will include Mahindra cars at special prices, attractive financing with zero down payment, and the best NBFC interest rates, subsidized insurance premiums, comprehensive maintenance packages, as well as exclusive benefits on the Ola platform.

This unique alliance, which brings together two of India's most prominent brands, seeks to encourage micro-entrepreneurship amongst drivers, to address India's growing mobility needs. Mahindra and Ola will also explore other areas of joint collaboration to build the next generation of mobility solutions including those for unique transportation use cases.

According to Anand Mahindra, Chairman, Mahindra Group, "This is an initiative whose time has come, one that meets the current and future needs of Indian consumers, particularly younger ones who prefer shared mobility solutions. It also has a positive social impact on the lives and prospects of at least 40,000 driver owners, and their families. To me, this is an important strategic alliance for the Mahindra Group, one that I believe will change the contours of our industry, while giving us the first mover advantage in the fast growing Sharing Economy of India."

BhavishAggarwal, Co-Founder and CEO, Ola said, "We are delighted to work with an iconic Indian brand like Mahindra to further our mission of building mobility for a billion Indians. As part of the strategic alliance between the two companies, we have created a unique solution to help tens of thousands of aspiring driver-entrepreneurs realize their dreams. Our alliance with Mahindra will help build significant scale by innovatively building more mobility options and newer use cases in the time to come."

The Mahindra-Ola package focuses on financial inclusion by empowering driver partners who otherwise may not be able to invest in a car, to purchase one at a highly affordable price, and at upto zero down payment. It will also support drivers with accident insurance and scholarships for their children. This aligns with Mahindra's Rise philosophy of empowering people with the right products and services to enhance the quality of their lives, and Ola's focus on building an ecosystem that supports the entrepreneurial growth of driver-partners across the country.

Amidst the rapidly growing sharing economy, this strategic alliance will create immense synergies and address the country's growing need for mobility offerings, which will play a key role in the realization of India's socio-economic development agenda.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 17.8 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013. Visit us at www.mahindrainsurance.com

About Ola:

Founded in Jan 2011 by IIT Bombay alumni BhavishAggarwal and Ankit Bhati, Ola (formerly Olacabs), is India's most popular mobile app for personal transportation. Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient, transparent and quick service fulfilment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 102 cities can book from over 450,000 vehicles across cabs, auto-rickshaws and taxis. Ola has also introduced a range of shared mobility services on its platform like Ola Shuttle and Ola Share for commute and ride-sharing respectively. The app is available on Windows, Android and iOS platforms. Please visit www.olacabs.com and https://www.olacabs.com/media for more information

For media queries
Varsha Chainani

(Mahindra Group)
Mobile: +91 9987340055
Email: chainani.varsha@mahindra.com

Soumitra R. Chand

(Ola)
Mobile: +91 9535044316
Email: media@olacabs.com

Seriza D'souza

(Adfactors PR)
Mobile: +91 9920636980
Email: seriza.dsouza@adfactorspr.com

Mahindra Insurance Brokers introduces innovative 'Pay-As-You-Can' model to increase insurance penetration.

Digitally-enabled distribution platform to start off by tapping e-wallets

Mumbai, July 7, 2016: Mahindra Insurance Brokers Ltd. (MIBL), has introduced an innovative "Pay-As-You-Can" digitally-enabled model that is set to redefine the distribution of insurance solutions and drive insurance penetration in India. This socially progressive initiative will provide customers access to insurance products, with the flexibility of paying premium based on their affordability. This model will enable any service provider with a large customer base, to offer affordable and tailor-made insurance covers to their customers in a seamless manner.

As a first step, MIBL has entered into a strategic partnership with Citrus Pay, a leading payment solutions company, to provide a short-term Personal Accident cover as a value-add to their loyal customers. This customised Group Personal Accident cover has been underwritten by Religare Health Insurance Company Limited.

To qualify for a Personal Accident cover, designed for Citrus Pay customers, all that the customers need to do is spend a specified amount from their mobile wallet. Once the customer reaches the limit, they can simply avail the policy by sharing nominee details through an SMS or email, following which, the policy details will be sent to them and they will be entitled to a Personal Accident cover for a month.

Research shows that long-term commitment towards premium payments is one of the main reasons why people choose not to buy insurance. Other aspects that hinder purchases include cumbersome procedures, lack of trust and dissatisfying experiences. This "Pay-As-You-Can" model will enable any service provider to offer its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by MIBL’s wide network of 400+ locations across India, and its in-house Customer Contact Centre.

According to the Internet and Mobile Association of India (IMAI), around 63% of mobile users make various payments using their mobile phones. "Pay-As-You-Can" will tap into this rapidly growing segment. In addition to simplifying the insurance buying process for the customer, it will also address the key concern that has been limiting insurance penetration in India, with respect to making long-term commitments towards premium payment.

Speaking at the launch, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra & Mahindra Financial Services Ltd. & President - Financial Services Sector and Member of the Group Executive Board of the Mahindra Group said, "We see technology playing an increasingly important role in facilitating deeper insurance penetration in the country. At Mahindra Insurance Brokers, the team has been continuously reinventing its offerings and effectively leveraging new age technology to drive positive change. The ultimate goal of Mahindra Insurance Brokers is to reach every Indian household with an insurance solution."

Dr Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd. said, "We believe that this 'Pay-As-You-Can' business model will help transform the distribution landscape for the Indian insurance industry. The uniqueness of this model lies in its creating solutions around 'affordability' of the customer, and weaving it with simplicity, flexibility and convenience of the insurance buying process. We are delighted to partner with Citrus Pay, which shares our philosophy of bringing simple and innovative solutions to add value to customers."

"Citrus wallet has always been about offering convenience and value to its consumers. This partnership with Mahindra Insurance Brokers is another such step in this regard. Customer satisfaction is our first priority and at the launch of this model, we will be offering a limited-period free Personal Accident insurance cover to our valued customers," said Jitendra Gupta, Founder & Managing Director, Citrus Pay.

Anuj Gulati, Managing Director & Chief Executive Officer, Religare Health Insurance Company Ltd., said, "We are pleased to be associated with a leading e-payment platform like Citrus, in their endeavour to safeguard their patrons from financial risks arising out of unforeseen mishaps, and recognize the value that Mahindra Insurance Brokers brings to this association."

Mahindra Insurance Brokers will soon make this "Pay-As-You-Can" model available to other service providers with extended product offerings from various insurance companies.

About Mahindra Insurance Brokers Ltd.

Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 17.8 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), MIBL is a one-stop shop for insurance solutions.

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises and Retail customers, and a range of products for Life and Non-Life insurance. It also offers risk management services, portfolio management and claims handling services. MIBL helps in protection of health, wealth and life in under-served markets, by providing innovative insurance solutions to over 1,50,000 villages. MIBL also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 30 countries.

MIBL is the world's First Insurance Broking Company to achieve People CMM® Maturity Level 3, demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has been recognized as one of India's Top 100 "Best Companies to Work For" in 2016 by Great Place to Work Institute® in collaboration with The Economic Times, which showcases Trust, Pride and Camaraderie exhibited by all its employees.

Visit us at www.mahindrainsurance.com

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 4 million customers and has an AUM of over USD 6 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,100 offices across the country and is the first Non Banking Finance Company from India to form a part of Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

Mahindra Asset Management Company Private Limited (MAMCPL) a wholly owned subsidiary of Mahindra Finance has received the approval from the market regulator for establishing Mutual Fund business in India.

The Company has a Joint Venture in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world's largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category in 2013.
Visit us at www.mahindra.com

About Citrus Pay

Citrus Pay is leading the revolution towards mobile and digital payments across all spheres of a consumer's life. As India's fastest growing fintech company, Citrus provides consumer payments & mobile banking services. It partners with the top airlines, utilities, marketplaces, and 10000 other merchants to enable seamless, secure payments for 21 million consumers. Citrus is known for introducing industry first payment solutions such as 1-click checkout, wallet for cabs, consumer analytics, native mobile app payments etc. Few of the credible merchants associated with Citrus are PVR, INOX, BookMyShow, ShopClues, Jet Airways, Indigo, GoAir, TinyOwl, Faasos, Grofers, ZoomCar, Airtel, etc.

Media contact information: Metabelle Lobo

General Manager, Group Communications
Mahindra and Mahindra Ltd.
Tel: +91 22 24975178
Mobile: +91 9769212078
Email: lobo.metabelle@mahindra.com

Mahindra Insurance Brokers - First Insurance Broking Company in the World to achieve the Global Benchmark.

Appraised & Rated at Maturity Level 3 to the People Capability Maturity Model® (People-CMM®)

(L to R ) Mr. Vinay Deshpande, Chief People Officer, Mahindra & Mahindra Financial Services Sector; Mr. Rajesh Naik, Lead Appraiser, QAI India handing over the Certificate to Dr. Jaideep Devare Managing Director, MIBL & Mr. Ramesh Iyer, , Managing Director, Mahindra & Mahindra Financial Services Ltd. and President – Financial Services Sector and Member of Group Executive Board of the Mahindra Group

  • MIBL Philosophy : ““Happy employees tend to make happy customers”
  • Implementation of capability maturity model to create high-performance and high-maturity culture
  • Adoption of international best people practices

January 18, 2016, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model® (People-CMM®), thus becoming the first insurance broking company globally to achieve this international benchmark. MIBL joins the league of top companies practising People-CMM® such as Accenture, Computer Sciences Corporation, Wipro, CMC, Mahindra & Mahindra Financial Services Ltd., Tata Consultancy Services, L&T Infotech, etc.

P-CMM® is an organizational transformation model from the CMMI® Institute, USA. The CMMI® Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI)® for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL’s achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

P-CMM® is an organizational transformation model from the CMMI® Institute, USA. The CMMI® Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI)® for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL’s achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd. and President – Financial Services Sector and Member of Group Executive Board of the Mahindra Group, said, “We are truly delighted that MIBL has become the first insurance broker globally to achieve this international benchmark. It is a reflection of the organization’s steadfast commitment to the development of its people, its focus on adding value to its customers, and driving positive change in the lives of people.”

Dr Jaideep Devare, Managing Director, MIBL, commented, “We are extremely honoured to have achieved People-CMM® Maturity Level 3 for Human Capital Development. Our focus on best practices has been driven by our desire and commitment to deliver a best-in-class service experience to our valued customers. Our customers deserve the best and we have endeavoured to develop our people capabilities to match and exceed customer expectations. This achievement reinforces MIBL’s continued commitment to develop and enhance skills and capabilities of our team.”

Rajesh Naik, the lead appraiser from QAI India said, “MIBL has a robust framework for employee growth, supported by a collaborative culture, a competency framework, internal job posting, educational assistance, and focus on internal promotions. MIBL is also the world’s first company in the insurance sector to have achieved Maturity Level 3 of the People CMM®. Powered by a strong and flexible people management system, I am sure MIBL has the potential to become one of the best organizations in the world.”

“MIBL’s appraisal at Level 3 of the PCMM Model is an endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture,” said Vinay Deshpande - Chief People Officer, Mahindra & Mahindra Financial Services Sector.

About Mahindra Insurance Brokers Limited

The company’s long-term Vision is: To be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020.

Mahindra Insurance Brokers Limited (MIBL) is a subsidiary of Mahindra & Mahindra Financial Services Limited (MMFSL). MIBL has a Composite Broking license enabling it to operate as a Direct as well as a Reinsurance broker. MIBL is one of the few insurance broking companies in India to have adopted Quality Management systems ISO 9001:2008 certification. MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost effective, customized solutions to ensure total customer satisfaction. MIBL’s role, in short, encompasses various activities right from risk profiling to claims administration for customers. MIBL acts as an intermediary between the customer and the insurance company, representing the customer. MIBL co-ordinates with the insurers and re-insurers to get the best rate and the most ideal risk protection cover for their customers.

As on today, the insurance solutions developed by MIBL have reached out to over 150,000 villages and have serviced over 6 million cases in the rural and semi-urban markets.

MIBL’s vision also goes well beyond the horizon as it sets its eyes on the global market by spreading its wings globally and developing relationships in over 25 countries in reinsurance broking business.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance (MRHFL) a subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

The Company has a JV in US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

For further enquiries please contact:

Sunil Gate

General Manager, Group Communications

Mahindra and Mahindra Ltd.

Mahindra Towers, Worli,

Mumbai - 400018

Mobile: +91 98230 93000

Email: gate.sunil@mahindra.com

Rural India rises with Mahindra Insurance Brokers.
  • 10-year journey successfully completed in 2014
  • 5 million customers serviced since inception, of which 1.14 million were serviced in last fiscal alone
  • Over 1,00,000 customers serviced in Punjab in the last five years by offering them various insurance solutions, reaching the benefits to over 5,000 villages
  • F2015 Performance
  • 1.14 million Retail cases serviced
  • 750 Commercial customers serviced
  • Rs.1,003 crores Gross Premium generated
  • Rs.126 crores Income,
  • Rs.172 crores Net Worth
  • Rs.65 crores PBT
  • Rs.43 crores PAT

Chandigarh August 18, 2015: Mahindra Insurance Brokers Ltd. (MIBL) began life with an equity capital of Rs.50 lakhs, and all of 14 people. Today, it numbers over 700 people, with PAT of Rs. 42.9 crores in F2015. Its solutions now reach over 1 lakh villages across India. From pioneering innovative solutions like Loan Suraksha, MIBL has continued to diversify its offerings with solutions like Arogya Suraksha which is for health insurance in addition to Motor insurance solutions. In September 2012, the company’s valuation stood at Rs. 520 crore.

Premium generated has grown from Rs. 24 crore in F2005 to Rs. 1003 crores in F2015, reflecting its strong growth trajectory. MIBL has been a profit-making and dividend-paying company from year one. It started with a Profit After Tax (PAT) of Rs.1.73 crore in its very first year of operations, and also declared a dividend in the first year. A cash surplus and zero-debt company, its net worth as of March 31, 2015 was Rs.172 crores.

“As far as India is concerned, our Vision is to be India’s No. 1 insurance broker by 2015. We already occupy a leading position, and this dream is well within our reach. To give you an idea of how fast we are growing, the number of cases serviced since inception up to December 2014 crossed the 5 million mark, and in the last financial year alone, we serviced 1 million cases. Our ultimate goal is to reach every Indian household with an insurance solution,” says Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd., who is one of the members of the company’s Founding Team.

MIBL provides Health, Wealth and Life solutions; covering health, vehicles/tractors and life insurance solutions across rural India. In short, providing, “Arogya, Dhan, Sampada”.

“We are also very enthused with the vision of the new government at the Centre which intends to focus on health insurance for all, especially in rural India,” says Dr. Devare.

Protecting Rural India

MIBL has developed several innovative solutions like Loan Suraksha and Arogya Suraksha, specially designed to adapt to the prevailing conditions in rural and semi-urban areas.

Loan Suraksha is a customised, innovative insurance solution offered to Mahindra Finance vehicle loan customers, through which, in the unfortunate event of the customer’s death, the outstanding loan amount is waived off and the vehicle can be retained by the customer’s family. MIBL co-created this unique solution along with Mahindra Finance and an insurance company, with a focus on customer centricity. Very often, there is no doctor present in a village to issue a death certificate. To facilitate the process of claim settlement for the customer’s family, MIBL worked with the insurance company to accept the proxy of a Panchayat or Sarpanch’s letter to this effect.

In Punjab, MIBL has serviced over 1,00,000 customers in the last five years by offering them various insurance solutions, reaching the benefits to over 5,000 villages across Punjab.

From a million to a billion

Having crossed the 1.14 -million mark of cases serviced in F2015, MIBL now aspires to reach out to a billion people in India.

MIBL’s vision also goes well beyond the horizon as it sets its eyes on the global market.

A few years ago, MIBL added the Commercial line of business to focus on the Small and Medium Enterprises (SME) segment to offer risk management solutions. It also realised that if it wanted to be competitive and grow even bigger, it needed to evolve into a Composite broker which would encompass reinsurance broking as well. MIBL got a licence for reinsurance broking which allowed it to spread its wings globally. The company already has relationships in over 25 countries.

The company’s long-term vision: To be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020.

For this pioneering company, the past – and the future – can perhaps be best summed up in three words, Aspire, Arise and Achieve. This eventful journey of 10 years has been very satisfying for the entire team. “It is incredibly fulfilling to be able to transform the lives of people and thereby drive positive change. Settling claims is the biggest learning for us. Years later, when you see the same families rehabilitated, you feel really good that you were able to make a difference. In fact, I think we have been living the credo of Mahindra’s Rise philosophy – Accept No Limits, Alternative Thinking and Driving Positive Change – since inception”, says Dr Devare.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance (MRHFL) a subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

The Company has a JV in US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

Visit us at www.mahindra.com

Our Social Media Channels:

For further enquiries please contact:

Sunil Gate

General Manager, Group Communications

Mahindra and Mahindra Ltd.

Mahindra Towers, Worli,

Mumbai - 400018

Mobile: +91 98230 93000

Email: gate.sunil@mahindra.com

Mahindra Insurance Brokers launches Health Insurance Awareness Campaign in Rural India.

Aurangabad, March 27, 2015: Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading insurance brokers, recently launched a specially designed unique Health insurance Awareness campaign in association with LeapFrog Investments and KfW in the rural and semi-urban markets in India. MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions.

The Health insurance Awareness campaign branded ‘Swasthya Bima Jaagriti Abhiyaan’ is being rolled out in a phased manner and, in Phase I, is expected to cover 100 villages. Phase I went live from March 22, 2015, simultaneously at 8 locations across 4 states - Uttar Pradesh, West Bengal, Tamil Nadu and Maharashtra. The campaign utilizes various media like a short movie especially created for this purpose, skits to actively engage villagers and provide information in an easily understandable way, banners, leaflets, and basic Health Check-up Camps run by qualified doctors to aid in early detection and prevention of diseases and provide solutions for routine health issues.

Globally, Health Insurance is recognized as an effective tool for covering the hospitalization and medical expenses of people and it is a proven method for preventing people from falling into the debt trap due to unaffordable medical expenses. In India, however, awareness on the benefits of Health Insurance is low, and in rural areas it is abysmally low.

Speaking on the occasion of the launch in Aurangabad, Dr. Jaideep Devare, Managing Director of MIBL said, “From the Market Research we conducted before the designing of our campaign, it emerged that Health Insurance in general, carries with it a high degree of misunderstanding and suspicion, particularly in rural India. In addition, the lack of formal education on financial services has led to a proliferation of misinformation. Hence, we decided to concentrate our efforts to educate the target population about the potential benefits. MIBL is in a unique position to provide this type of education given our brand, reach, and Company mission. We hope that, through this campaign, we are able to increase overall adoption of ethical insurance alternatives, and help protect low income families from devastating life events that can be hedged against”.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs.

The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

Visit us at http://www.mahindrafinance.com

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

Visit us at www.mahindra.com

Our Social Media Channels:

For further enquiries please contact:

Ruzbeh Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group

Phone: +91 22 2490 1441

Email: group.communications@mahindra.com

For further enquiries please contact:

Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group

Phone: +91 22 2490 1441

Email: group.communications@mahindra.com

R. Balaji

Vice President - Strategy & Marketing

Mahindra & Mahindra Financial Services Ltd.

Phone: +91 22 6652 6000

Email: r.balaji@mahindra.com

Mahindra Insurance Brokers receives Celent Model Insurer Asia Award in Data Mastery & Analytics category.

March, 2015, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading insurance brokers, received the Celent Model Insurer Asia Award in the “Data Mastery & Analytics” category at the 5th Annual Celent Model Insurer Asia Awards ceremony held in Singapore on March 11, 2015. MIBL won this prestigious accolade for its ‘FunDo T90’ initiative which aims to align company strategy with team goals and individual aspirations by way of an innovative and engaging gamification application.

“Teamwork and collaboration is an integral aspect of our success at Mahindra Insurance Brokers Ltd. and this unique concept has really encouraged the spirit of healthy competition across the organisation. The team has worked very hard to create and implement this initiative and we are very proud to have been recognised for our endeavours on a global platform,” said Ramesh Iyer, Managing Director - Mahindra & Mahindra Financial Services Limited, and CEO - Financial Services Sector of the Mahindra Group.

Dr. Jaideep Devare, Managing Director, MIBL, receives the award on behalf of MIBL at the Awards function in Singapore

“In addition to driving strategy and performance, ‘FunDo T90’ aims to engage employees and encourage a spirit of collaborative competition. It helps us focus on business and financial parameters and operational targets. And what better platform than India’s most loved sport which breaks all barriers of language and culture! ‘FunDo T90 utilises a ‘T90’ format, inspired by Cricket’s T20 International Premier League or IPL competition. This unique initiative not only improved performance levels but also inspired employees to regularly contribute to enhancing workplace effectiveness,” said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

‘FunDo T90’ was conceptualised with the aim of encouraging employees to achieve their professional targets in an entertaining manner. Accordingly, MIBL developed a learning model christened ‘4E’ which presented information in a pictorial format to ensure better retention. ‘FunDo T90’ reflected the actual structure of the IPL, complete with Players, Teams, Groups, Scores and Leagues. ‘T90’ denoted the 90 days that made up each quarter. A total of 19 teams were formed across the country, including the Head Office, which were then further divided into 4 groups competing against each other. Celent is a research and consulting firm focused on the application of information technology in the global financial services industry. Every year, Celent recognizes excellence in insurance technology in the Asia-Pacific region through their Model Insurer Asia Awards program. The Model Insurer Asia Awards recognize an insurers’ effective use of technology in specific areas.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance's rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs.

The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

Visit us at http://www.mahindrafinance.com

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

Visit us at www.mahindra.com

Our Social Media Channels:

For further enquiries please contact:

Ruzbeh Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group

Phone: +91 22 2490 1441

Email: group.communications@mahindra.com

R. Balaji

Vice President - Strategy & Marketing

Mahindra & Mahindra Financial Services Ltd.

Phone: +91 22 6652 6000

Email: r.balaji@mahindra.com

Mahindra Insurance Brokers Ltd. declared “Broker of the Year” at 18th Asia Insurance Industry Awards 2014.

Mr. K.R. Pherwani, Principal Officer, MIBL receiving the award from Mr. Tsutomu Terayabashi, MD of Tokio Marine Asia Pte Ltd. at the Asia Insurance Awards function

November 4, 2014, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL), part of India’s USD 16.5 billion Mahindra Group, was conferred the “Broker of The Year” award at the 18th Asia Insurance Industry Awards (AIIA) held in Taipei, Taiwan. Mr. K.R. Pherwani, Principal Officer, MIBL received the award on behalf of the company at a gala Awards dinner on November 2, 2014, which also marked the opening of the 27th East Asian Insurance Congress.

Now in its 18th year, the AIIA has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals in the market. The winners were chosen by a distinguished panel of 33 judges drawn from a global cross-section of industry leaders, regulators and experts. The Awards, hosted annually by Asia Insurance Review since 1997, are now a highlight of the insurance calendar in Asia.

“My congratulations to the entire team at MIBL on receiving this prestigious accolade. MIBL has not only been a profit-making and dividend-paying company from day one, it has also made a difference in the lives of thousands in rural India, epitomising the concept of shared value. This award is a clear validation of the success of the company’s business model and its desire to drive positive change amongst its stakeholders,” said Anand Mahindra, Chairman, Mahindra Group.

"Abiding by its Core Values - good corporate citizenship, professionalism, a "customer first" mindset, focus on quality and recognizing the dignity of an individual - Mahindra Insurance Brokers has managed to maintain its exemplary reputation and leadership in an extremely competitive Indian market, by catering to the needs of the underserved, particularly in the rural and semi-urban areas," said the Jury in its citation.

“I am especially delighted that MIBL has won the Broker of the Year award. This is an acknowledgment of the practices followed by our Group, and MIBL in particular, which foster an envisioning, empowering and energising culture; a culture that inspires diversity, innovation and inclusive growth”, said Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd, CEO - Financial Services Sector and Member of the Group Executive Board, Mahindra & Mahindra Ltd.

“The Broker of the Year award is a tribute to all the customers that we service, who are primarily based in rural India. Over the past decade, we have reached 100,000 villages with our solutions and have serviced over 4 million insurance cases. In the three years that we have been in the Reinsurance broking business, we have been able to establish relationships in over 25 countries. We believe in enhancing customer delight, and enabling our customers to Rise by empowering them to create a better future for themselves, their families, and their communities,” said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions. Building on its strengths, MIBL aims to become India’s leading insurance broker by 2015.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

Visit us at www.mahindrafinance.com

Our Social Media Channels:

For further enquiries please contact:

Ruzbeh Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group

Phone: +91 22 2490 1441

Email: group.communications@mahindra.com

R. Balaji

Vice President – Strategy & Marketing

Mahindra & Mahindra Financial Services Ltd.

Phone: +91 22 6652 6000

Email: r.balaji@mahindra.com

Mahindra and LeapFrog in Strategic Partnership to Design and Deliver Insurance Solutions to Millions in Rural India.
  • LeapFrog subsidiary to invest Rs. 80.41 crores (approx. US$ 15m) for 15% shareholding in MIBL
  • MIBL currently valued at Rs. 520 crores (approx. US$ 96m)
  • MIBL has serviced over 2.5 million people since inception in 2004
  • Partnership will help design and deliver insurance solutions to millions in rural India

Mumbai, September 20, 2012 – Mahindra Insurance Brokers Ltd. (MIBL), a leading insurance broker primarily servicing rural and semi-urban India, today announced a strategic partnership with LeapFrog Investments, the world’s largest investor in insurance to under-served consumers. MIBL, which is a wholly-owned subsidiary of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) and a licensed Composite Broker, has achieved extraordinary growth and profitability over the past eight years. It is currently valued at Rs. 520 crores (approx. US$ 96m).

The investment of Rs. 80.41 crores (approx. US$ 15m), which is subject to necessary regulatory approvals, will be through LeapFrog’s subsidiary company, Inclusion Resources Pvt. Ltd., Singapore, for a 15% stake in MIBL. LeapFrog will also be bringing in its international expertise, including in the areas of product design and distribution.

Since inception in 2004, MIBL has serviced over 2.5 million people, enabling them to protect their assets and loans taken for buying tractors and vehicles, and thus their livelihoods on which their families depend. The alliance is expected to have a significant impact on financial inclusion in the country as well as building value for all the stakeholders.

Mr. Anand Mahindra, Chairman, Mahindra Group, hailed the transaction as being transformative for the Indian insurance sector, saying, “Mahindra Finance is one of the largest Non-Banking Financial Companies in India and LeapFrog is the world’s largest investor in insurance for the under-served consumer. This partnership is a perfect alignment between our philosophy of driving positive change and LeapFrog’s socially conscious investment strategy. Together we will provide financial services that protect and enable millions of people to secure their future.”

Dr. Andrew Kuper, President and Founder of LeapFrog said, “Mahindra’s guiding philosophy, Rise, embodies the group’s determination to drive positive change in its customers’ lives. LeapFrog invests in innovative companies that bring critical financial services to the next billion rising consumers. Mahindra’s reach, ethics and ethos make it an ideal partner for us and the MIBL team has an outstanding track record of driving growth, profitability, and social impact. We are keen to support the next leap of reach, performance and innovation for this outstanding business.”

Mr. Bharat Doshi, Chairman, Mahindra Finance, said, “MIBL is playing a significant role in the insurance broking industry in India with a focus on adding value to customers through innovative solutions, superior services and driving positive change in the lives of people. In LeapFrog, we have a strategic partner with world-leading insurance expertise in emerging markets. It is our constant endeavour to add value to our customers through the financial services we offer, and our association with LeapFrog will provide us with an additional platform to touch and transform their lives. The LeapFrog team’s knowledge of distribution and product design sets it apart from other investors and collaborators, and will make a profound difference to our shared mission of industry leadership and social impact.”

MIBL is LeapFrog’s second investment in the Indian market in the last twelve months, reinforcing its commitment to financial inclusion in South Asia. As an impact investment fund, LeapFrog targets both robust financial returns and significant social impact. LeapFrog’s investments currently reach over 8 million people across 6 countries in Africa and Asia, empowering them with financial safety nets and springboards.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

With a majority of India’s population living in rural areas, Mahindra Finance has provided loans to these customers belonging to the low income group, becoming a catalyst in helping rural India surge ahead in a big way. Building on these strengths, MIBL aims to become India’s leading insurance broker by 2015. LeapFrog’s capital and specialist insurance expertise will enable MIBL to further extend its presence in rural and semi-urban communities with expanded product offerings and new initiatives.

About LeapFrog Investments

LeapFrog is a profit-with-purpose fund and the world's largest investor in inclusive insurance and related financial services. Launched with former US President Bill Clinton, the fund invests in companies serving the next billion, the vast untapped market of emerging consumers in Africa and Asia. LeapFrog brings distinctive value-adding support and global best practices in insurance to its portfolio of companies. As one of the leading impact investors globally, LeapFrog aims to generate robust investment returns while reaching out and protecting 25 million low-income and excluded people.

Investors in LeapFrog's high impact investment fund include global banks such as JP Morgan, Triodos, International Finance Corporation, KfW, and the European Investment Bank; leading funds such as Soros EDF, TIAA-CREF, Omidyar Network, FMO, and Calvert; global reinsurers SCOR and Haverford; and development financiers including Proparco and Accion Frontier Investments Group.

www.leapfroginvest.com

Connect with LeapFrog on LinkedIn: http://www.linkedin.com/company/leapfrog-investments

Follow LeapFrog on Twitter @LeapFrogInvest

Mahindra & Mahindra Financial Services Ltd.

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), is part of the US $15.4 billion Mahindra Group, and is one of India’s leading Non-Banking Finance Companies with a pan India presence. Focused on the rural and semi-urban markets, it provides finance for vehicles & tractors and has the largest network of branches amongst NBFCs operating in these areas.

Mahindra Insurance Brokers Ltd. (MIBL) is a wholly-owned subsidiary company of Mahindra & Mahindra Financial Services Ltd., and is a licensed Composite Broker providing Direct and Reinsurance broking services.

About The Mahindra Group

The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.

A USD 15.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.

www.mahindra.com

For further enquiries

Roma Balwani

Senior Vice President – Group Communications

Mahindra & Mahindra Ltd

Phone: +91 22 2490 1441

Email: balwani.roma@mahindra.com

Ms. Tahira Dosani

Director of Global Engagement and Strategic Projects

LeapFrog Investments

Phone: (+61) 424 076 476

Email: tahiradosani@leapfroginvest.com

Mahindra enters Reinsurance Broking Business.

Mumbai, September 27, 2011: Mahindra Insurance Brokers Limited (MIBL), a 100% subsidiary company of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), has received approval from the Insurance Regulatory and Development Authority (IRDA) to enter the Reinsurance Broking business. MIBL has been in the Direct Broking business since May 2004 and has now been granted the Composite Broking licence, allowing the Company to also undertake Reinsurance Broking.

Mr. Ramesh Iyer, Managing Director, Mahindra Finance, and Director, MIBL, said, “We are delighted to enter the Reinsurance Broking business, which is part of our customer-centric approach to business, and our endeavour to expand our footprint in the insurance intermediation market in India and abroad. We see the potential of India to emerge as a strong Asian Reinsurance hub by the turn of the decade, and we would like to play a key role in shaping this vision. Given the credibility built by MIBL with various stakeholders during the past few years in Direct Broking, we have drawn plans to position MIBL as one of the leading international brand names in the insurance broking industry in the years to come.”

Dr. Jaideep Devare, Managing Director, MIBL, said, “We will continue to deliver innovative and customized solutions to our customers, and will invest in expertise, skill and tools that would be required to become a significant player in the market. We have already hired a team of Reinsurance professionals with rich Indian and international experience. This team will be spearheaded by Mr. R. Chandrasekaran, our Chief Reinsurance Strategist, who brings with him over three decades of enriched experience and knowledge of the Indian and international markets, having worked with GIC Re.”

About Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Limited (MIBL) is a 100% subsidiary company of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of US $12.5 billion Mahindra Group. MIBL operates as a Direct Broker, focusing on Commercial and Retail lines of businesses, both in Non-Life and Life insurance. MIBL is one of the few insurance broking companies in India to be awarded the prestigious ISO 9001:2008 Certification for Quality Management Systems.

About the Mahindra Group

The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, vacation ownership, rural and semi-urban financial services, etc. Mahindra has a significant and growing presence amongst others, in the automotive industry, agribusiness, aerospace, automotive components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel and two wheelers.

A US $12.5 billion multinational group based in Mumbai, India, Mahindra employs more than 1,37,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. For four years in a row, Mahindra has featured in the Forbes Asia’s Fab 50 List of the 50 best publicly traded companies in the Asia-Pacific regions. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies.

In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. Its flagship company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India - 2010, created by the Carbon Disclosure (CDP). In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.

For further information, please visit www.mahindra.com

Connect with us on www.facebook.com/mahindragroup

For further information, please contact:

Ms. Roma Balwani

Senior Vice President and Group Head, Corporate Communications

Mahindra & Mahindra Ltd.

Mumbai, India

Phone: (+91 22) 2497 5176

Email: balwani.roma@mahindra.com

Mahindra Group enters Insurance Broking Business.

Mumbai, August 19, 2004: Mahindra Insurance Brokers Ltd. (Mahindra Insurance), a subsidiary of Mahindra & Mahindra Financial Services Ltd. (MMFSL), has recently been granted a direct broker licence by the Insurance Regulatory and Development Authority (IRDA). With the grant of this licence, Mahindra Insurance will now be able to commence direct broking activities for both general and life insurance businesses.

Mahindra Insurance has been capitalized at Rs.50 lacs and has inducted a team of professionals from the general and life insurance businesses. Mahindra Insurance will focus on Corporate and Retail businesses, and will be headquartered in Mumbai. The Company has been empanelled with various insurance companies in India.

On this occasion, Mr. Bharat Doshi, President - Trade & Financial Sector of the Mahindra Group said, “I am delighted with Mahindra Insurance’s foray into the insurance broking business. This new Company has been launched as a part of our Group’s strategy to enter new businesses, where we can establish ourselves as a dominant player in the respective markets in the next 4-5 years. We believe that the insurance broking business is one such business which offers immense potential in India.”

Mr. Ramesh Iyer, Managing Director, MMFSL, and Director, Mahindra Insurance, elaborated, “To begin with, Mahindra Insurance will be able to leverage on Mahindra Finance’s strength in the rural and semi-urban markets for its Retail business, and also effectively utilise the Mahindra Group Companies and its large supplier and dealer base for the Corporate business.”

Mahindra & Mahindra Financial Services Ltd. (MMFSL) is Mahindra Group’s financial services company and is into the business of providing finance for purchase of utility vehicles, agricultural tractors and cars. It focuses on the rural and semi-urban markets and has a network of more than 220 branches across the country, with a net worth of more than Rs. 250 crores and asset base of Rs. 2,500 crores. MMFSL was appointed as the Corporate Agent of OM Kotak Mahindra Life Insurance Co. Ltd. in January 2003 and has now surrendered its Corporate Agency licence to enable Mahindra Insurance to undertake insurance broking business.

Mahindra Insurance Brokers Ltd. is a subsidiary of MMFSL and will undertake direct insurance broking business, both in the general and life insurance segments. It will focus on Retail and Corporate lines of businesses and will be headquartered in Mumbai.

For further information, please contact:

Mr. Charudatta Deshpande

General Manager (Corporate Communications)

Mahindra & Mahindra Ltd.

Mahindra Towers, Worli

Mumbai – 400 018.

Telephone: 022 – 24975176

Mobile: 09892249027

E-mail: deshpande.charudatta@mahindra.com