Mumbai: Mahindra & Mahindra Ltd. (M&M) and Manulife have announced the appointment of Suresh Agarwal as the Managing Director & CEO designate of their proposed 50:50 life insurance joint venture, subject to regulatory approvals. The agreement to establish the life insurance JV was first announced in November last year, signalling both companies’ intent to strengthen financial security offerings in one of the world’s fastest-growing life insurance markets.
Suresh brings nearly three decades of experience across life and general insurance, corporate and retail lending. Over his career, he has driven growth, led transformative strategies and built high-margin, multi-channel business models. He played a pivotal role in establishing and expanding Kotak’s life insurance business and later led the transition of Kotak General Insurance into a joint venture with Zurich Insurance. He is widely recognised for his strategic foresight in multi-channel distribution, operational efficiency, governance and execution excellence.
Currently serving as MD & CEO of Mahindra Insurance Brokers Limited since September 2025, Suresh will step down from this role on April 30, 2026, and assume his new responsibilities from May 1, 2026, subject to regulatory clearances.
The proposed joint venture aims to offer long-term savings and protection solutions tailored to the evolving needs of India’s population, aligned with the national vision of “Insurance for All” by 2047. The partnership seeks to combine Mahindra’s strong brand equity and extensive rural and semi-urban distribution reach with Manulife’s global expertise in agency development, product innovation and underwriting capabilities, particularly in urban markets. The JV will focus on customer-centricity and leverage technology to build sustainable, long-term value.
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.”
