Mahindra, Manulife Move Ahead with Life Insurance JV; Suresh Agarwal Appointed CEO Designate
Mahindra & Mahindra Ltd. (M&M) and Manulife have advanced their plans to enter India’s life insurance sector by appointing Suresh Agarwal as MD & CEO designate of their proposed 50:50 joint venture, subject to regulatory approvals.
The joint venture, first announced in November last year, signals both companies’ intent to participate in one of the world’s fastest-growing life insurance markets. The venture aims to provide long-term savings and protection solutions aligned with India’s “Insurance for All” vision by 2047.
With nearly three decades of industry experience, Suresh Agarwal has led strategic growth across life and general insurance as well as corporate and retail lending. He previously played a pivotal role in building Kotak’s life insurance operations and later guided Kotak General Insurance into a joint venture with Zurich Insurance.
Known for his strategic foresight in multi-channel distribution, governance, operational efficiency and execution excellence, Suresh has built high-margin business models while delivering strong shareholder and customer value.
Currently serving as MD & CEO of Mahindra Insurance Brokers Limited since September 2025, he will step down on April 30, 2026, before assuming charge of the life insurance JV from May 01, 2026, subject to regulatory approvals.
The JV will leverage Mahindra’s deep distribution access in rural and semi-urban India and combine it with Manulife’s global insurance expertise, agency quality, product development capabilities and underwriting strengths catering to urban customers. The partnership aims to drive customer-centric innovation and deploy new technologies for sustainable value creation.
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 added, “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.”
