Mahindra & Mahindra and Canada’s Manulife have appointed Suresh Agarwal as MD and CEO designate of their proposed life insurance joint venture, moving the partnership toward launch as Manulife builds out its entry into one of the world’s fastest-growing life insurance markets.
The appointment, announced on 23 February and subject to regulatory approvals, follows the November agreement to set up a 50:50 life insurance JV between the two companies. Agarwal has been part of the Mahindra Group as MD and CEO of Mahindra Insurance Brokers since September 2025. He will step down from that role on 30 April 2026 and take up the new position from 1 May, subject to approvals.
Agarwal brings nearly 30 years of experience across life and general insurance, corporate and retail lending. He spent a significant part of his career building Kotak’s life insurance business, followed by a stint at Kotak General Insurance, where he led its transition into a joint venture with Zurich Insurance.
The JV is structured around complementary strengths. It pairs Mahindra’s distribution reach in rural and semi-urban India with Manulife’s agency, product development and underwriting capabilities aimed at urban customers, targeting long-term savings and protection products in line with IRDAI’s “Insurance for All by 2047” vision.
Puneet Renjhen, Executive Vice President and Member of the Group Executive Board, Mahindra Group, 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.”
Harshal Shah, Chief Marketing Officer, Asia, Manulife, who also serves as the JV’s Manulife Principal Officer, 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.”
Mahindra, founded in 1945, holds a leadership position in farm equipment, utility vehicles, IT and financial services in India and is the world’s largest tractor company by volume. Manulife, headquartered in Toronto, served over 37 million customers across 25 markets at the end of 2025, operating as Manulife across Canada and Asia and primarily as John Hancock in the United States.
