Manulife Names CEO Designate for Proposed India Life Insurance Joint Venture with Mahindra
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Toronto / Mumbai – 24 February 2026 – Manulife has named Suresh Agarwal as managing director and chief executive officer designate of its proposed life insurance joint venture with Mahindra & Mahindra, subject to regulatory approvals.
Agarwal will assume the role on 1 May 2026. He currently serves as managing director and CEO of Mahindra Insurance Brokers Limited and will step down from that position on 30 April.
The appointment comes as Manulife moves forward with plans to establish a 50/50 life insurance joint venture with Mahindra, first announced in November 2025. The proposed partnership marks the Canadian insurer’s entry into India’s life insurance market, one of the fastest-growing globally.
Agarwal brings nearly 30 years of experience across life and general insurance, as well as corporate and retail lending. Before joining the Mahindra Group, he played a key role in building and expanding Kotak Life Insurance and later led the transition of Kotak General Insurance into a joint venture with Zurich Insurance.
“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,” said Harshal Shah, chief marketing officer, Asia, Manulife, who also serves as principal officer of the proposed joint venture. “Together with Mahindra, we aim to become the number one choice for customers by being digital-first and focused on their needs.”
The joint venture remains subject to regulatory approvals.
Toronto / Mumbai – 24 February 2026 – Manulife has named Suresh Agarwal as managing director and chief executive officer designate of its proposed life insurance joint venture with Mahindra & Mahindra, subject to regulatory approvals.
Agarwal will assume the role on 1 May 2026. He currently serves as managing director and CEO of Mahindra Insurance Brokers Limited and will step down from that position on 30 April.
The appointment comes as Manulife moves forward with plans to establish a 50/50 life insurance joint venture with Mahindra, first announced in November 2025. The proposed partnership marks the Canadian insurer’s entry into India’s life insurance market, one of the fastest-growing globally.
Agarwal brings nearly 30 years of experience across life and general insurance, as well as corporate and retail lending. Before joining the Mahindra Group, he played a key role in building and expanding Kotak Life Insurance and later led the transition of Kotak General Insurance into a joint venture with Zurich Insurance.
“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,” said Harshal Shah, chief marketing officer, Asia, Manulife, who also serves as principal officer of the proposed joint venture. “Together with Mahindra, we aim to become the number one choice for customers by being digital-first and focused on their needs.”
The joint venture remains subject to regulatory approvals.
