Mumbai: The upcoming life insurance joint venture between Mahindra & Mahindra Ltd. and Manulife has taken a major step forward by appointing industry veteran Suresh Agarwal as Managing Director & CEO designate, subject to regulatory approvals — essentially putting a seasoned captain on the bridge before the ship formally sails.
The appointment follows the companies’ announcement in November 2025 to establish a 50:50 life insurance joint venture, aimed at strengthening financial protection and long-term savings options for India’s rapidly expanding insurance market.
Nearly Three Decades of Insurance Experience
Agarwal brings close to 30 years of experience spanning life insurance, general insurance, and lending businesses. He played a key role in building and expanding Kotak’s life insurance operations and later contributed to strategic restructuring at Kotak General Insurance, including the formation of its joint venture with Zurich Insurance.
Within the industry, he is known for driving multi-channel distribution strategies, operational efficiency, governance frameworks, and scalable high-margin models — essentially the kind of resume that makes boardrooms breathe easier and competitors slightly nervous.
Currently serving as MD & CEO of Mahindra Insurance Brokers Ltd. since September 2025, Agarwal will step down from that role on April 30, 2026, and is expected to assume his new responsibilities from May 1, 2026, pending approvals.
Target: India’s Massive Insurance Opportunity
The proposed joint venture plans to deliver long-term protection and savings solutions aligned with India’s ambitious “Insurance for All by 2047” vision.
The partnership combines:
- Mahindra’s strong rural and semi-urban distribution reach
- Manulife’s global underwriting expertise and agency capabilities
- Digital-first customer engagement strategy
- Technology-led product innovation
Together, the companies aim to build a scalable life insurance platform designed to serve both underserved rural populations and growing urban financial planners (and yes, the occasionally forgetful policy buyers who remember insurance only after reading a WhatsApp forward).
Leadership Comments
Puneet Renjhen, Executive Vice President and Member of the Group Executive Board at Mahindra Group, said life insurance represents a “critical pillar” for India’s financial inclusion journey and a logical extension of Mahindra’s expanding financial services ecosystem.
He added that Agarwal’s leadership and industry depth will help scale the business with discipline, governance, and long-term value creation at its core.
Harshal Shah, Chief Marketing Officer for Asia at Manulife and Principal Officer for the JV, emphasized India’s long-term growth potential, calling the market one of the most compelling global opportunities.
He noted the venture aims to become a digital-first insurer focused on tailored protection solutions for India’s diverse population.
Strategic Timing Matters
The leadership appointment signals that the Mahindra–Manulife insurance venture is moving from planning mode into execution phase.
With India’s insurance penetration still below global averages and financial awareness steadily rising, the timing could prove ideal. In other words, while many Indians insure their cars immediately after purchase (good habit!), the industry hopes they’ll soon treat life insurance with the same urgency.
