Japan’s Dai-ichi Life Eyes M&A in Southeast Asia to Grow Abroad
Dai-Ichi Life Holdings Inc., Merger and Purchases in Southeast Asia are looking at a crowded market that grows as part of the expansion plan abroad.
Brett Clark, a senior executive officer responsible for the company’s Asia-Pacific region outside Japan, looks at Japan’s largest listed life insurer Filipino and Malaysia as developing markets that offer business opportunities to more households.
In an interview, Dai-Ichi Life also said that he was also interested in expanding the customer base in Singapore, which is also a highly competitive market that serves individuals with high net value but is also very competitive.
Clark, “Asia Pacific is a competitive market and therefore we do not complain,” he said. “We prefer to avoid small and sub -scale positions in many markets and we prefer to have larger and scale positions in less markets.”
Large Japanese life insurers are trying to expand the profit from overseas operations as a decreasing birth rate and growth potential as a aging population in the home market. However, the largest insurance markets in the USA and Europe are already crowded and competition in Asia, especially in developed economies such as Singapore.
Sumitomo Life Insurans Co., the first, increased its existence in the city state last year and made Singapore Life Holdings PTE a fully owned subsidiary.
Dai-ichi Life plans to obtain about half of its group from overseas insurance operations that ended in March 2031, and half of them comes from the Asian-Pacific region outside Japan. During the period, the company aims to raise from 576 billion to 1.5 trillion from the region to 1.5 trillion. The group is used to calculate corrected snow shareholders and sets net income for accounting gains and losses.
“If we can add an operating unit to Singapore or Malaysia or the Philippines, it will be ideal for us in the next few years, Clar Clark said. Potential measures include investments in local insurance companies and at the same time see asset management companies as unification and acquisition targets.
Dai-ichi Life already has operations in some Southeast Asian markets, including Australia, India and Vietnam. In fact, Clark became a manager at the Tower Australia Group Ltd.
This article was created from an automatic news agency feeding without changing the text.
