Business

AXA Life set to sell Aioi products

AXA Life Insurance Co. said Wednesday it has agreed to sell nonlife insurance products developed by Aioi Insurance Co.

Aioi is the second Japanese property and casualty insurance firm after Mitsui Sumitomo Insurance Co. to conclude a tieup with a Japanese unit of AXA S.A. of France, a major insurance group.

The latest agreement calls for Aioi to provide AXA Life with nonlife insurance products other than automobile insurance for individuals.

AXA Life will in turn sell the products to small and midsize companies belonging to local chambers of commerce and industry, its principal customers.

Under a separate agreement, AXA Life will receive from Mitsui Sumitomo a supply of insurance products for 401(k)-style pension plans, or defined-contribution schemes whose benefits hinge on investment performance.

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