Mahindra Finance gets corporate agency license from IRDAI for distributing insurance products

Mahindra & Mahindra Financial Services said that it has obtained a Certificate of Registration from IRDAI (Corporate Agency License) to act as a 'corporate agent (composite)' under the Insurance Act, 1938.

This license would enable Mahindra Finance to offer tailored insurance plans to its customer base.

The corporate agency license would help in broadening Mahindra Finances product portfolio by incorporating insurance solutions. It would help customers with their financial and insurance needs being met by a single entity. The process would augment the companys existing sources of revenue and profits as it deploys its common infrastructure of branch network and feet on street.

Raul Rebello, managing director & CEO, Mahindra Finance mentioned, The corporate agency license is a significant moment for us in our journey to empower customers with best products and services alike.

This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finances 1360+ branches, thereby enhancing their experience. By expanding our capabilities and offerings, we aim to promote innovation, benefitting our customers and stakeholders in our journey of being a preferred financier to emerging India.

Mahindra & Mahindra Financial Services (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 10 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.

The NBFCs standalone net profit declined 9.52% to Rs 618.99 crore in Q4 FY24 as against Rs 684.12 crore reported in Q4 FY23. Total income increased by 21.25% year on year to Rs 3,706.10 crore in the quarter ended 31 March 2024.

The scrip rose 0.04% to currently trade at Rs 266.30 on the BSE.

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