In a significant leadership move within India’s insurance sector, Mahindra & Mahindra Ltd. (M&M) and Manulife have appointed Suresh Agarwal as MD & CEO designate of their proposed life insurance joint venture, subject to regulatory approvals.
Agarwal brings nearly 30 years of experience across life insurance, general insurance, corporate and retail lending. His track record includes spearheading expansion strategies, executing operational transformation, and building high-margin business models through diversified distribution channels.
He played an instrumental role in establishing and scaling Kotak’s life insurance business and later led Kotak General Insurance through its transition into a joint venture with Zurich Insurance. His industry recognition stems from his strategic foresight in multi-channel distribution, governance frameworks, operational efficiency and impactful execution.
Since September 2025, Agarwal has served as MD & CEO of Mahindra Insurance Brokers Limited. He will step down from the position on April 30, 2026, and take charge of the new life insurance JV from May 01, 2026, subject to regulatory approvals.
The proposed 50:50 joint venture between Mahindra and Manulife, announced in November last year, aims to provide long-term savings and protection solutions tailored to India’s growing and diverse population. The venture aligns with the country’s “Insurance for All” vision by 2047 and seeks to combine Mahindra’s strong rural and semi-urban reach with Manulife’s underwriting and product expertise for urban customers.
Puneet Renjhen 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 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.”
