Non-life insurance group Tokio Marine Holdings is mulling to expand its operations in Southeast Asia through merger-and-acquisition (M&A) beyond the boundaries of Japan.

It is also seeking to acquire businesses in Southeast Asian nations, as the ageing Japanese population has become less attractive from business profitability aspect.

The underwriter is considering for potential acquisitions in areas, including life insurance, automobile coverage, reinsurance and asset management.

Tokio Marine CEO and president Tsuyoshi Nagano was quoted by Bloomberg Businessweek as saying that the insurer aims to record "stable profit growth" in the life insurance business in Indonesia and India.

Additionally, the company wants to expand the existing casualty business operation in countries, including Hong Kong, Thailand and the Philippines, but finding "reasonable and good deals" in Asia remains a challenge, Nagano noted.

"Acquisitions will be a possible option as a means for expansion," he added.

The insurance group believes that premium income from casualty and life insurance businesses in Asia will rise 19% and 9.2%, respectively during the current fiscal, as per the business strategy presented in May.

In 2008, the company acquired US property and casualty insurer Philadelphia Consolidated Holding for approximately JPY500bn ($4.7bn) and US underwriter Delphi Financial Group, in a transaction worth nearly JPY200bn ($2.7bn) in 2012.