Nippon Life Insurance Co. plans to raise ¥50 billion from Japanese institutional investors for acquisitions and to strengthen its capital base, the company said Monday.

Japan is the first developed country to register more annual deaths than births, with the elderly set to outnumber children two to one within five years, according to the health ministry.

Slowing premium growth at home may force insurance companies to seek more takeovers abroad to counter declining profits in the world's most rapidly aging country.

Tokio Marine Holdings Inc. agreed last month to pay $4.7 billion to take over Philadelphia Consolidated Holdings Corp. in the biggest overseas acquisition by a Japanese insurer.