Japan's Nippon Life Insurance plans to spend up to ¥1.5trn ($12.4bn) on acquisitions and investments over the next 10 years as it seeks new profit sources in addition to domestic insurance, according to Reuters.
The company unveiled a medium-term business plan that will involve investing in domestic and overseas assets over the next decade. Nippon Life said that it is seeking to increase earnings outside its domestic insurance base from the current figure of ¥10bn to a target of ¥100bn.
The firm said it will fund the spending drive from retained earnings and debt.
Nippon Life has invested in several overseas opportunities in the past 12 months. In February Nippon Life increased its stake in Mumbai-based Reliance Capital (IAR, 27 February, Nippon Life increases stake in Reliance Capital), whilst in July 2014 it invested in an Allianz infrastructure fund (IAR, 2 July 2014, Nippon Life invests in Allianz infrastructure fund).