Mahindra Manulife Insurance Limited, the 50:50 joint venture between Mahindra Group and Manulife, has announced the appointment of Nirmal Nogaja as Appointed Actuary (Designate) and Jitin Parekh as Chief Risk Officer, strengthening the company’s leadership capabilities across actuarial, risk, governance and regulatory functions as it sets out to create a differentiated, AI-driven, digitally-enabled and customer-centric life insurance franchise in India.
Both Nirmal Nogaja and Jitin Parekh come with extensive experience in the life insurance industry.
As the Appointed Actuary (Designate), Nogaja will lead the actuarial function at Mahindra Manulife Insurance and will be responsible for capital management, product pricing, financial reporting and regulatory stewardship to support the Company’s sustainable growth.
As the Chief Risk Officer, Parekh will be responsible for establishing and overseeing the company’s enterprise risk management, governance and regulatory frameworks, while driving launch readiness across the company and supporting its sustainable growth.
Suresh Agarwal – MD&CEO – Mahindra Manulife Insurance, said, “We are pleased to welcome Nirmal and Jitin to Mahindra Manulife Insurance. Their extensive experience across actuarial, finance, risk and governance functions will add significant depth to our leadership team as we set out to build the organisational capabilities and strengthen the foundations required to deliver sustainable growth, prudent risk management and strong governance.
“Their expertise will be instrumental in strengthening our risk and governance architecture, ensuring sound actuarial practices and supporting our ambition to build a sustainable and trusted life insurance business,” Agarwal added.
Nirmal Nogaja – Appointed Actuary (Designate) – Mahindra Manulife Insurance, said, “I am delighted to join Mahindra Manulife Insurance as it embarks on its journey. I look forward to building a strong actuarial foundation from the outset, with a focus on sound pricing, prudent capital management and robust financial and regulatory practices that can support the company’s long-term growth and evolving customer needs.”
Jitin Parekh – Chief Risk Officer – Mahindra Manulife Insurance, said, “Being part of Mahindra Manulife Insurance at the beginning of its journey presents a unique opportunity to build a strong risk and governance framework from the ground up. My focus will be on embedding a culture of prudent risk management and sound governance that enables the company to scale responsibly while pursuing its long-term growth ambitions.”
Nirmal is an actuarial and finance professional with nearly two decades of experience in the life insurance sector. Before joining Mahindra Manulife Insurance, he was CFO and Appointed Actuary at Edelweiss Life Insurance. He has also held leadership roles at HDFC Life, Exide Life Insurance and Tata AIA Life Insurance, working across actuarial, finance, pricing, valuation and financial reporting.
Jitin has over 16 years of experience at Bandhan Life Insurance, where he worked across risk, legal, compliance, secretarial, operations and project management. In his most recent role there, he was Chief Governance Officer, which gave him experience in governance and risk oversight in the life insurance sector.
