Suresh Agarwal Takes Charge as MD & CEO Designate of Mahindra–Manulife Insurance JV
Suresh has spent significant part of his career with Kotak‘s life insurance business
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Published: Feb 23, 2026 6:35 PM | 3 min read
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Mahindra & Mahindra Ltd. (M&M) and Manulife have announced the appointment of Suresh Agarwal as the Managing Director and CEO designate of their proposed life insurance joint venture, subject to regulatory approvals. The two companies had earlier revealed plans in November to form a 50:50 life insurance partnership, aiming to strengthen financial protection and savings solutions in India, one of the fastest-growing life insurance markets globally.
Suresh Agarwal brings nearly three decades of experience across life insurance, general insurance, corporate lending, and retail lending. Over the years, he has led business expansion, driven strategic transformation, and built profitable growth models across multiple distribution channels. He played a key role in building and scaling Kotak’s life insurance operations and later contributed to Kotak General Insurance, where he helped lead the transition into a joint venture with Zurich Insurance. He is widely regarded in the industry for his expertise in multi-channel distribution, governance standards, operational efficiency, and delivering strong value to customers and shareholders.
Since September 2025, Suresh has been serving as MD and CEO of Mahindra Insurance Brokers Limited within the Mahindra Group. He will step down from this role on April 30, 2026, and is expected to assume leadership of the new life insurance venture from May 1, 2026, pending necessary approvals.
The upcoming joint venture plans to provide long-term savings and protection products designed to meet the varied needs of India’s growing population. The initiative supports the country’s broader “Insurance for All” vision by 2047. The partnership will combine Mahindra’s strong presence in rural and semi-urban markets with Manulife’s global expertise in agency networks, underwriting, and product development, particularly for urban customers. Together, they aim to build a customer-focused business that uses technology to create sustainable long-term value.
Puneet Renjhen, Executive Vice President and Member of the Group Executive Board at Mahindra Group, said that life insurance plays a vital role in improving financial security and inclusion in India. He added that introducing life insurance complements Mahindra’s existing financial services portfolio. According to him, Mahindra’s trusted brand and deep distribution reach, combined with Manulife’s global insurance capabilities, create a strong foundation for building a high-quality life insurance business. He also expressed confidence that Suresh’s leadership and industry knowledge will help the venture grow responsibly and deliver long-term value.
Harshal Shah, Chief Marketing Officer for Asia at Manulife and Principal Officer for the joint venture, described India as one of the most promising long-term growth markets in global life insurance. He said Manulife has carefully chosen both the timing and the partner for its India entry. Shah added that the partnership aims to become a preferred choice for customers by focusing on digital-first solutions and customised protection offerings suited to different needs. He expressed enthusiasm about building a business that delivers meaningful financial protection and savings solutions to millions of people.
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Suresh Agarwal named MD CEO designate of Mahindra Manulife JV
Mahindra and Manulife 50 50 life insurance joint venture India
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