Mahindra–Manulife Life Insurance JV Appoints Suresh Agarwal as MD & CEO Designate
Agarwal brings nearly three decades of experience spanning life and general insurance, corporate and retail lending.
Leadership appointment signals operational readiness for 50:50 venture; focus on digital-first protection and long-term savings solutions
Mumbai: Mahindra & Mahindra Ltd. and Manulife have appointed Suresh Agarwal as the Managing Director and Chief Executive Officer designate of their proposed 50:50 life insurance joint venture, subject to regulatory approvals.
The joint venture, announced in November last year, marks the group’s strategic entry into India’s fast-growing life insurance market, with a stated ambition to expand long-term protection and savings coverage in line with the country’s financial inclusion goals.
Agarwal brings nearly three decades of experience spanning life and general insurance, corporate and retail lending. He has played a key role in building and scaling insurance businesses, including leadership positions at Kotak Life Insurance and Kotak General Insurance, where he helped steer strategic expansion and partnership transitions. Since September 2025, he has been serving as Managing Director and Chief Executive Officer of Mahindra Insurance Brokers Limited. He will step down from that role on April 30, 2026, and assume charge of the life insurance venture from May 1, 2026, subject to approvals.
The new entity aims to combine Mahindra’s deep rural and semi-urban distribution network with Manulife’s global strengths in agency management, underwriting, product development and digital capabilities. The partners intend to build a customer-centric, technology-led life insurance franchise targeting diverse protection needs across urban and emerging markets.
Commenting on the appointment, Puneet Renjhen said life insurance is a critical pillar in India’s journey towards deeper financial security and inclusion. He noted that Mahindra’s trusted brand, governance standards and distribution reach, together with Manulife’s global insurance expertise, position the venture to build a high-quality, customer-focused business. He added that Agarwal’s industry experience and leadership would help scale the business with discipline and long-term value creation at its core.
Harshal Shah said India represents one of the most compelling long-term opportunities in global life insurance. He emphasised that the venture aims to become a digital-first insurer focused on tailored solutions and meaningful protection for millions of customers.
The joint venture aligns with the “Insurance for All” vision by 2047 championed by the Insurance Regulatory and Development Authority of India to expand coverage and address India’s protection gap.
With leadership now in place, the Mahindra–Manulife partnership signals its intent to operationalise the venture and compete in a market witnessing steady growth in demand for protection-oriented and savings-linked products.
About Mahindra
Founded in 1945, the Mahindra Group operates across more than 100 countries with leadership positions in farm equipment, utility vehicles, information technology and financial services in India. It is the world’s largest tractor manufacturer by volume and has growing interests in renewable energy, agriculture, logistics, hospitality and real estate.
About Manulife
Headquartered in Toronto, Manulife Financial Corporation is an international financial services provider operating across Canada, Asia and the United States. The company provides financial advice, insurance and health solutions, and manages global wealth and asset management businesses serving millions of customers across 25 markets.
