Jiji Press English News Service
Published: Sunday, March 23, 2008
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Tokyo, March 24 (Jiji Press)--Aioi Insurance Co. said Monday that it will pump 24 million pounds in fresh capital into fully owned British unit Aioi Motor and General Insurance Co. of Europe by the end of this month.
The London-based subsidiary's capital will increase to 89.3 million pounds from the current 65.3 million pounds as a result, the Japanese parent said.
The step is intended to strengthen the unit's operations following its business launches in Spain and Italy last year, Aioi Insurance officials said.
The subsidiary sells automobile insurance products to buyers of vehicles of Toyota Motor Corp. , the top shareholder of Aioi Insurance.
Aioi Motor and General Insurance is aiming to double its premium revenue in fiscal 2012 from 27 billion yen estimated for fiscal 2007.END
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