Mahindra & Mahindra Ltd. (M&M) and Manulife have announced the appointment of Suresh Agarwal as the MD & CEO designate of their proposed life insurance joint venture, subject to regulatory approvals. The agreement to establish a 50:50 life insurance JV was announced in November last year, marking a strategic step by the two companies to strengthen financial wellbeing initiatives in one of the world’s fastest-growing life insurance markets.
Suresh Agarwal brings nearly 30 years of experience across life and general insurance, corporate and retail lending. Over the course of his career, he has spearheaded growth initiatives, executed transformative strategies, and built high-margin business models across multiple channels. He played a key role in establishing and expanding Kotak’s life insurance business and later led Kotak General Insurance through its transition into a joint venture with Zurich Insurance.
Recognised for his expertise in multi-channel distribution, operational efficiency, governance, and high-impact execution, Suresh has delivered exceptional shareholder and customer value across organisations.
He has been serving as MD & Chief Executive Officer of Mahindra Insurance Brokers Limited since September 2025. He will step down from this role on April 30, 2026, and assume his new responsibilities effective May 01, 2026, subject to regulatory approvals.
The joint venture aims to offer long-term savings and protection solutions tailored to India’s diverse and growing population, aligned with the “Insurance for All” vision by 2047. It plans to combine Mahindra’s rural and semi-urban distribution strength with Manulife’s expertise in quality agency, product development, and underwriting capabilities for urban customers.
Speaking on the appointment, Puneet Renjhen, Executive Vice President and Member of Group Executive Board, Mahindra Group said, “Life insurance is a critical pillar in India’s journey towards deeper financial security and inclusion. We are excited to introduce life insurance as a logical extension to Mahindra’s existing financial services offerings. Mahindra’s trusted brand, strong governance, and extensive rural and semi-urban distribution network, together with Manulife’s global insurance expertise, positions us uniquely to build a high-quality, customer-focused life insurance franchise. Suresh brings proven leadership and deep industry knowledge to the joint venture. With today’s leadership appointment, we’re confident that this business will scale with ambition, discipline, and long-term value creation at its core.”
Harshal Shah, Chief Marketing Officer, Asia, Manulife, who also serves as the Manulife Principal Officer of the insurance JV, said, “India represents one of the most compelling long-term opportunities in global life insurance, and we’ve been intentional in choosing the right moment—and the right partner—for our entry. Together with Mahindra, we aim to become the number one choice for customers by being digital-first, focused on their needs, and tailoring solutions to diverse protection priorities. With today’s leadership appointment, we’re excited to build a business that brings meaningful protection and savings to millions.”