Mahindra and Mahindra (M&M) and Manulife have announced the appointment of Suresh Agarwal as the Managing Director and Chief Executive Officer (CEO) designation of their proposed life insurance JV, subject to regulatory approval.
The plan to form a 50-50 life insurance JV was first announced in November last year, highlighting both companies’ commitment to improving the financial wellbeing of customers in the growing life insurance markets.
The joint venture aims to provide long term savings and protection solutions designed to meet the diverse and growing needs of India’s population, supporting the country’s Insurance for All vision by 2047.
As per company, by combining Mahindra’s strong reach and wide distribution across rural and semi urban areas with Manulife’s expertise in agency quality, product development, and underwriting for urban customers, the venture seeks to create long term value through a customer focused approach and the use of new technologies.
Agarwal brings nearly thirty years of experience across life and general insurance, as well as corporate and retail lending. He has driven strong growth, executed major strategic initiatives, and built high margin business models across multiple channels.
He has been part of the Mahindra Group as Managing Director and Chief Executive Officer (CEO) of Mahindra Insurance Brokers since September 2025. He will step down from this role on April 30, 2026 and will assume his new position from May 1, 2026, subject to regulatory approvals.
He spent a large part of his career building and growing Kotak’s life insurance business. He later worked at Kotak General Insurance, where he led the move to form a joint venture between Kotak General Insurance and Zurich Insurance.
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.” he added
Harshal Shah, Chief Marketing Officer, Asia, Manulife, 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.” he added
