Mahindra & Mahindra Ltd. (M&M) and Manulife have appointed Suresh Agarwal as the MD & CEO designate of their proposed 50:50 life insurance joint venture, subject to regulatory approvals. The partnership to set up the life insurance business was announced in November last year, marking the companies’ entry into India’s fast-growing insurance sector.
Suresh brings nearly 30 years of experience across life and general insurance, and corporate and retail lending. He earlier played a key role in building Kotak’s life insurance operations and later led the transition of Kotak General Insurance into a joint venture with Zurich Insurance. Since September 2025, he has been serving as MD & CEO of Mahindra Insurance Brokers Limited. He will step down from this role on April 30, 2026, and assume his new position from May 1, 2026.
The joint venture aims to provide long-term savings and protection products aligned with India’s “Insurance for All” vision by 2047. While Mahindra will leverage its strong rural and semi-urban reach, Manulife will bring global expertise and underwriting capabilities. In Guwahati, the move is expected to strengthen insurance penetration in Assam and the wider Northeast. With rising financial awareness in Guwahati and surrounding districts, industry observers believe the JV could tap growing demand for structured savings and protection products in the region.