Strengthening its presence in financial services, Mahindra & Mahindra Ltd. (M&M) and Manulife have announced the appointment of Suresh Agarwal as the MD & CEO designate of their proposed 50:50 life insurance joint venture, subject to regulatory approvals.
The joint venture, first announced in November last year, marks Mahindra’s strategic expansion into life insurance as a logical extension of its existing financial services portfolio. The move underscores the Group’s ambition to deepen its footprint across India’s rapidly expanding financial ecosystem and contribute to the country’s “Insurance for All” vision by 2047.
The proposed venture will offer long-term savings and protection solutions tailored to India’s diverse and growing population. By combining Mahindra’s deep access and extensive distribution network in rural and semi-urban markets with Manulife’s global expertise in quality agency, product development and underwriting capabilities for urban customers, the JV aims to create long-term value while driving customer centricity and leveraging new technologies.
Suresh Agarwal brings nearly 30 years of experience across life insurance, general insurance, corporate and retail lending. He has spearheaded growth initiatives, executed transformative strategies and built high-margin business models across multiple distribution 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. He is recognised within the industry for his strategic foresight in multi-channel distribution, operational efficiency, governance, and high-impact execution, delivering exceptional shareholder and customer value.
Since September 2025, Suresh has been part of the Mahindra Group as MD & Chief Executive Officer of Mahindra Insurance Brokers Limited. He will step down from this role on April 30, 2026, and assume leadership of the life insurance JV from May 01, 2026, subject to regulatory approvals.
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.
