Mahindra Finance Secures IRDAI Corporate Agency License To Distribute Insurance Products
This move aims to fulfill customers' financial and insurance needs through a single entity, thereby enhancing convenience and efficiency
Mahindra & Mahindra Financial Services has recently acquired a Certificate of Registration from IRDAI, granting it a 'corporate agent (composite)' license under the Insurance Act, 1938. This license empowers Mahindra Finance to offer customised insurance plans to its extensive customer base.
The corporate agency license is expected to enrich Mahindra Finance's product portfolio by integrating insurance solutions. This move aims to fulfill customers' financial and insurance needs through a single entity, thereby enhancing convenience and efficiency. Leveraging its widespread branch network and field personnel, Mahindra Finance anticipates augmenting its revenue streams and profits.
Raul Rebello, Managing Director & CEO of Mahindra Finance, expressed the significance of the corporate agency license in the company's quest to provide customers with superior products and services. He highlighted the potential of this diversification to generate new revenue streams while delivering personalized services to customers across Mahindra Finance's extensive branch network.
Mahindra & Mahindra Financial Services, a subsidiary of the Mahindra Group, is a prominent non-banking finance company in India, with a strong focus on the rural and semi-urban sectors. With over 10 million customers and assets under management exceeding USD 11 billion, the company is a leading financier of vehicles and tractors, extends loans to SMEs and offers fixed deposits.
In its latest financial results, the NBFC reported a 9.52 per cent decline in standalone net profit to Rs 618.99 crore in Q4 FY24 compared to Rs 684.12 crore in Q4 FY23. However, total income increased by 21.25 per cent year-on-year to Rs 3,706.10 crore for the quarter ended on 31 March 2024.
