The insurer has asked for regulatory approval to conduct such business, according to Shusuke Kasahara, a spokesman in Tokyo for Millea's main unit, Tokio Marine & Nichido Fire Insurance Co.

``It's true we're considering the business, but we haven't received approval from financial regulators yet,'' Kasahara said about a report in the Nihon Keizai newspaper that the two firms would offer each other's financial products to their customers.

Tokio Marine will offer small-business loans on behalf of Bank of Tokyo-Mitsubishi Ltd., the lending arm of Mitsubishi UFJ, the newspaper reported without saying where it got information.

The alliance would enable the bank to expand lending without adding to overhead costs and increase the insurance company's revenue from commissions, the paper said.

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