Mahindra & Mahindra Ltd. and Canada-based Manulife on Monday named Suresh Agarwal as managing director and chief executive officer-designate of their proposed life insurance joint venture, taking a key step toward launching their insurance business in India.

Manulife is a global insurance and financial services group headquartered in Toronto, and is entering India’s life insurance sector through this partnership with Mahindra.

The companies had announced in November last year that they would form a 50:50 life insurance joint venture, aiming to tap into India’s growing demand for protection and long-term savings products. The partnership seeks to combine Mahindra’s domestic distribution reach with Manulife’s global insurance capabilities to build a scalable, customer-focused insurer.

Veteran insurance executive to lead venture

Agarwal brings nearly 30 years of experience spanning life and general insurance as well as corporate and retail lending. During his career, he has helped build and expand insurance operations, including playing a major role in scaling Kotak’s life insurance business and later contributing to the transition that created a joint venture between Kotak General Insurance and Zurich Insurance.

He is currently MD and CEO of Mahindra Insurance Brokers Limited, a role he assumed in September 2025. According to the announcement, Agarwal will step down from this position on April 30, 2026, and is expected to assume leadership of the new life insurance venture from May 1, 2026, once approvals are received.

Focus on protection, savings and market expansion

The proposed insurer plans to offer long-term savings and protection solutions tailored to India’s diverse customer base. The initiative aligns with the broader national objective of expanding insurance penetration and narrowing the protection gap under the “insurance for all” vision promoted by the insurance regulatory and development authority of India (IRDAI).

Speaking on the appointment, Puneet Renjhen, executive vice president and member of 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. 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.”

Manulife's chief marketing officer Harshal Shah described India as one of the most attractive long-term opportunities in global life insurance and said the partnership reflects a deliberate strategy to enter the market with the right local partner and a digital-first approach. The company added that the venture will focus on customer-centric offerings while leveraging technology to improve reach, efficiency, and service delivery.