Mahindra Manulife Insurance Limited (MMIL) has been incorporated after receiving approval from the Ministry of Corporate Affairs, moving the 50:50 joint venture between Mahindra and Manulife into its next phase. The new insurer will position itself as a digital-first, customer-focused, AI-native life insurance company that prioritises policyholder protection. The partners said MMIL will be built around simple, digitally led distribution and technology-enabled underwriting. MMIL will combine Mahindra's distribution reach with Manulife's global expertise in product innovation and agency-led distribution to offer holistic, need-based financial solutions. The venture intends to address India's protection gap by offering a range of long-term savings and protection products with emphasis on rural and semi-urban markets while also developing protection leadership in urban centres. The company plans to leverage data and AI to simplify customer journeys and expand access to insurance. Mahindra Group (Mahindra), founded in 1945, is a multinational federation of companies with 324,000 employees across more than 100 countries and leadership positions in farm equipment, utility vehicles, information technology and financial services in India. The group is the world's largest tractor company by volume and has significant operations in renewable energy, agriculture, logistics, hospitality and real estate, with an emphasis on environmental, social and governance priorities and rural prosperity. This breadth of distribution and rural presence will support MMIL's stated aim of extending protection to underserved segments. Manulife Financial Corporation (Manulife), headquartered in Toronto, Canada, operates across Canada, Asia and Europe and is present in the United States as John Hancock. Through Manulife Wealth and Asset Management it provides investment, advice and retirement services globally and reported more than 37,000 employees, over 109,000 agents and thousands of distribution partners as of end-2024. The firm serves in excess of 36 mn customers worldwide and will bring scale and product capability to the joint venture.