Mahindra-Manulife life insurance JV names Suresh Agarwal as MD & CEO designate

New Delhi: Mahindra & Mahindra (M&M) and Manulife announced the appointment of Suresh Agarwal as Managing Director and Chief Executive Officer designate of their proposed life insurance joint venture, subject to regulatory approvals.

The two companies had announced in November last year that they would set up a 50:50 life insurance JV, marking Mahindra’s entry into life insurance as an extension of its financial services play.

Agarwal has been with the Mahindra Group since September 2025 as MD and CEO of Mahindra Insurance Brokers. He will step down from that role on April 30, 2026, and is slated to take over as MD & CEO of the life insurance JV from May 1, subject to regulatory clearances.

Agarwal has nearly 30 years of experience across life and general insurance, corporate and retail lending. 

He spent a significant part of his career at Kotak, where he helped establish and scale its life insurance business. He later worked at Kotak General Insurance and led the transition to form a joint venture between Kotak General Insurance’s business and Zurich Insurance, the companies said.

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, position 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 will also serve 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.”