Mahindra, Manulife Appoint Suresh Agarwal as CEO of Insurance JV

Mahindra & Mahindra (M&M) and Canada-based Manulife have appointed Suresh Agarwal as Managing Director and Chief Executive Officer designate of their proposed life insurance joint venture, subject to regulatory approvals. The leadership announcement marks a key step in operationalising the companies’ planned 50:50 partnership in India’s life insurance market.

The two groups first unveiled plans for the joint venture in November last year, signalling their intent to expand into long-term savings and protection products in one of the world’s fastest-growing insurance markets. The venture aims to align with India’s broader “Insurance for All” vision by 2047, targeting deeper financial inclusion across urban and rural segments.

Agarwal brings nearly three decades of experience across life and general insurance, as well as corporate and retail lending. He played a central role in building and scaling Kotak’s life insurance business and later led the transition of Kotak General Insurance into a joint venture with Zurich Insurance. Within the industry, he is regarded for his focus on multi-channel distribution, governance standards and operational efficiency.

He currently serves as Managing Director and Chief Executive Officer of Mahindra Insurance Brokers Limited, a role he has held since September 2025. The companies said he will step down from that position on 30 April 2026 and assume charge of the new venture from 1 May 2026, subject to regulatory clearance.

The proposed venture will combine Mahindra’s distribution strength in rural and semi-urban markets with Manulife’s underwriting, product development and agency capabilities, particularly in urban segments. The partners have positioned the collaboration as a long-term play centred on customer-centric products and technology-led operations.

Puneet Renjhen, Executive Vice President and Member of the Group Executive Board at Mahindra Group, said the appointment underscores the group’s ambition to build a “high-quality, customer-focused life insurance franchise”. He described life insurance as a critical pillar in strengthening financial security and inclusion in India.

Harshal Shah, Chief Marketing Officer, Asia, at Manulife, who also serves as the Manulife Principal Officer for the joint venture, said India represents one of the most compelling long-term growth opportunities in global life insurance. He added that the partnership aims to build a digital-first business tailored to diverse protection and savings needs.

The appointment places leadership firmly in place as the joint venture moves towards regulatory approval and market entry. With a seasoned executive at the helm, Mahindra and Manulife are positioning the venture to compete in a sector that is expanding rapidly but remains underpenetrated relative to global benchmarks.

The next phase will hinge on regulatory clearances and execution — particularly in balancing scale ambitions with disciplined underwriting and distribution in a competitive landscape.

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