In a strategic push to strengthen long-term savings and protection offerings in India, Mahindra & Mahindra Ltd. (M&M) and Manulife have appointed Suresh Agarwal as the MD & CEO designate of their proposed life insurance joint venture, subject to regulatory approvals.
The 50:50 joint venture, announced in November last year, aims to tap into one of the world’s fastest-growing life insurance markets. The partnership is positioned to address evolving protection priorities across India’s expanding middle class, rising rural prosperity and growing urban financial awareness.
The venture will provide long-term savings and protection solutions aligned with the national “Insurance for All” vision by 2047. It will combine Mahindra’s trusted brand, governance strength and strong distribution network in rural and semi-urban India with Manulife’s global insurance expertise, proven agency model, product innovation and underwriting capabilities for urban markets.
Suresh Agarwal brings nearly three decades of experience spanning life insurance, general insurance, corporate and retail lending. Throughout his career, he has driven expansion strategies, built high-margin business models and delivered strong shareholder and customer outcomes.
He played a significant role in building Kotak’s life insurance business and subsequently led Kotak General Insurance in its transition into a joint venture with Zurich Insurance. His expertise spans multi-channel distribution, governance frameworks, operational efficiency and high-impact execution.
Currently serving as MD & CEO of Mahindra Insurance Brokers Limited since September 2025, Suresh will step down from that position on April 30, 2026, before assuming charge of the life insurance JV from May 01, 2026, subject to regulatory approvals.
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.”
