On Monday, Dai-ichi Life Holdings Inc. announced plans to acquire a 15.1 percent share in an Australian life insurance company with the objective of broadening its international presence as a countermeasure against the diminishing domestic market due to Japan’s falling fertility rate and increasing elderly population.

The Japanese life insurance company announced in a statement that it plans to purchase a stake in Challenger Ltd., valued at 80 billion yen ($551 million), from the Tokyo-based MS&AD Insurance Group Holdings Inc.

Challenger is a significant player in providing individual retirement savings plans within Australia. Since 2017, MS&AD has steadily expanded its stake in the company.