Tokio Marine Holdings Inc. is seeking acquisition opportunities in Asian emerging markets and elsewhere as it seeks to double profits from those regions, according to the new chief of Japan's largest property-and-casualty insurer.
"We have group companies in Southeast Asia but they're small," Satoru Komiya, who became president Monday, said in an interview. "If we have a chance to make a further leap in the Philippines, Indonesia and Malaysia, we'd like to expand our business."
Komiya's quest to deepen the company's global reach comes after it spent more than $17 billion (¥1.82 trillion) in the past 11 years on a string of large acquisitions overseas, Bloomberg data show. Tokio Marine and its Japanese competitors are looking abroad to diversify geographic risk and make up for diminishing prospects at home as the population shrinks.
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