South Korean banks and insurers are hunting for overseas deals to lift growth, signaling a broader outward turn by an industry that largely stayed home while companies including Samsung Electronics Co. and Hyundai Motor Co. built global businesses. A rapidly aging population and a mature domestic market are pushing Korean financial groups to head out. Backed by strong balance sheets, they are scouring investments ranging from US insurance and retirement businesses to banks and consumer-finance companies across Asia.

This move is likely to be measured, rather than turn into a spending spree. Korean executives are studying the decades-long overseas expansion of Japanese financial institutions, hoping to replicate their successes while dodging costly acquisitions. “Going overseas is becoming almost unavoidable for Korean financial firms because the domestic market is mature and demographics are deteriorating,” said Jongmin Shim, Seoul-based head of research at CLSA Securities.

Rather than buying control outright, many are looking at minority stakes and partnerships. Samsung Life Insurance Co. is looking to buy a mid-teens stake in US asset-management firm Principal Financial Group Inc. in a deal that could be worth up to 6 trillion won ($4.4 billion). JB Financial Group Co. recently won Indonesian regulatory approval to acquire 85% of KB Bukopin Finance.

The emerging strategy owes much to Japan’s experience. Tokio Marine Holdings Inc. transformed itself into a global player through acquisitions, with overseas operations now accounting for a large share of its earnings. Korean insurance companies are studying Japanese peers, asking how they can become the ‘Tokio Marine of Korea.’