Mahindra & Mahindra Ltd. (M&M) and Manulife have announced the appointment of Suresh Agarwal as the Managing Director & CEO Designate of their proposed life insurance joint venture, subject to regulatory approvals.
The agreement to establish a 50:50 life insurance joint venture was first announced in November last year, underscoring both companies’ commitment to enhancing the financial wellbeing of customers in one of the world’s fastest-growing life insurance markets.
Suresh Agarwal brings nearly 30 years of experience across life and general insurance, as well as 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 distribution channels.
He played a key role in establishing and expanding Kotak’s life insurance business and later moved to Kotak General Insurance, where he led the transition to form a joint venture between Kotak General Insurance and Zurich Insurance. He is widely recognised in the industry for his strategic foresight in multi-channel distribution, operational efficiency, governance, and high-impact execution, consistently delivering exceptional value for shareholders and customers.
Suresh has been part of the Mahindra Group as Managing Director & Chief Executive Officer of Mahindra Insurance Brokers Limited since September 2025. He will step down from this position on April 30, 2026, and assume his new role from May 1, 2026, subject to regulatory approvals.
The proposed joint venture aims to offer long-term savings and protection solutions tailored to the diverse and evolving needs of India’s population, aligned with India’s “Insurance for All” vision by 2047.
By combining Mahindra’s deep access and extensive distribution network in rural and semi-urban markets with Manulife’s proven expertise in agency management, product development, and underwriting capabilities for urban customers, the venture seeks to create long-term value. The focus will remain on customer centricity, operational excellence, and leveraging technology to drive scale and innovation.
Speaking on the appointment, Puneet Renjhen, Executive Vice President and Member of the 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.”
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federations of companies, with 324,000 employees across more than 100 countries. The Group holds leadership positions in farm equipment, utility vehicles, information technology, and financial services in India and is the world’s largest tractor company by volume.
Mahindra also maintains a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Group is focused on global ESG leadership, enabling rural prosperity and enhancing urban living, with the overarching goal of driving positive change in the lives of communities and stakeholders to help them Rise.
