MAM
Max New York Life to rebrand as Max Life
MUMBAI: Japan‘s Mitsui Sumitomo Insurance has acquired New York Life Insurance‘s stake in Max New York Life. Following this, the insurance company will be renamed as Max Life Insurance, subject to regulatory approval.
Max New York Life Insurance has announced the completion of 26 per cent of its stake transfer to Mitsui Sumitomo Insurance. The transfer was made after obtaining the requisite approvals from Insurance Regulatory and Development Authority (IRDA), the Reserve Bank of India and Competition Commission of India earlier this month. Post transaction, Max India‘s majority stake of 70 per cent remains unchanged.
The company has also appointed Toshinara Tokoi and Hideaki Nomura into the Max Life Insurance board of directors as representatives of Mitsui Sumitomo Insurance.
According to the official communiqué, the stake transfer successfully culminates the all cash transaction announced in May 2012, which resulted in MS&AD (Mitsui Sumitomo Insurance‘s holding company) of paying $535 million for 26 per cent stake in Max New York Life. The transaction values Max Life at $2.1 billion.
Max India chairman Analjit Singh said, “For the next stage of Max Life Insurances growth and development, we view Mitsui Sumitomo as an ideal partner. I am confident that the rich experience, financial strength and risk management expertise of Mitsui Sumitomo Insurance, coupled with our inherent strengths of people and processes we have an even brighter growth journey in years to come.”
Max India MD Rahul Khosla added, “Life insurance is the most profitable business in Max India‘s portfolio and forms about 80 per cent of group revenue. We are committed to this business and will continue to nurture it.”
Tokoi comes in with over 30 years of experience in insurance industry which encompasses expertise in the fields of planning, sales production, underwriting of marine insurance as well as governance and administration of international business operations.
Nomura has 26 years of experience in financial industries, including insurance, banking and investment banking. He has been instrumental in establishing Mitsui Sumitomo‘s presence in the Asian local insurance businesses, the company said.
Brands
SPNI promotes Tavishi Budhiraja to vice president for HR and DEI
Longtime HR leader steps up to drive revenue teams and inclusion agenda
GURUGRAM: Sony Pictures Networks India has elevated Tavishi Budhiraja to vice president, HR business partner for revenue functions and diversity and inclusion, strengthening its people leadership across key business verticals.
In her expanded role, Budhiraja will oversee HR strategy for revenue-facing teams including ad sales across linear and digital, distribution and international business, while continuing to lead the company’s diversity and inclusion initiatives.
Budhiraja has been with the network for over 15 years, rising through the ranks from HR business partner for ad sales to assistant vice president, where she also took on the diversity and inclusion mandate. Her elevation reflects both continuity and a sharper focus on aligning people strategy with business growth.
Prior to joining SPNI, she worked with Reliance Communications as deputy manager, gaining early experience in human resources.
Announcing the move, Budhiraja said she looks forward to deepening impact and strengthening people strategies across teams, while continuing to grow within the organisation.
The promotion comes as media companies increasingly invest in talent and workplace culture to support evolving revenue models and digital expansion, making HR leadership a critical lever for long-term growth.
