AIOI WILL LAUNCH FIRST CHINA UNIT THIS MONTH

Japan-based insurer Aioi will launch its first unit in China, in Tianjin, around the middle of this month, the company has stated. It received approval in May to open the unit. Aioi currently has two representative offices in China — in Beijing and Shanghai. Last year it also signed a deal with Guangzhou Automobile Group to set up an insurance broking operation in the southern province of Guangzhou, targeting buyers of Toyota cars. Toyota is Aioi’s largest shareholder and Aioi has a 25% stake in the broking venture.