Bengaluru, Feb 23: Mahindra & Mahindra Ltd. (M&M) and Manulife today announced the appointment of Suresh Agarwal as the MD & CEO designate of its proposed life insurance JV, subject to regulatory approvals. The agreement to establish a 50:50 life insurance JV was announced in November last year, underscoring the two companies’ commitment to enhancing the financial wellbeing of customers in one of the world’s fastest-growing life insurance markets.
Suresh has nearly 30 years of experience in life and general insurance, corporate, and retail lending. He spearheaded growth, executed transformative strategies, and built high-margin business models across multiple channels. Suresh has spent significant part of his career in establishing and expanding Kotak‘s life insurance business, followed by his stint at Kotak General insurance, where he led the transition to form a joint venture between Kotak General Insurance Business and Zurich Insurance. He is recognised within the industry for his strategic foresight in multi-channel distribution, operational efficiency, governance, and high-impact execution, delivery of exceptional shareholder and customer value.
Suresh has been part of the Mahindra Group as MD & Chief Executive Officer of Mahindra Insurance Brokers Limited since September 2025. He will step down from this position on April 30, 2026, and will take over his new role from May 01, 2026 subject to regulatory approvals.
The joint venture aims to offer long-term savings and protection solutions tailored to the diverse and growing needs of India’s population, in line with India’s “Insurance for All” vision by 20471. Combining Mahindra’s deep access and extensive distribution in rural and semi-urban areas with Manulife’s proven quality agency, product,development and underwriting capabilities catered to urban customers, the joint venture will create long term value by driving customer centricity and leveraging new technologies.
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.”
