Japan's Asahi Life to acquire Hanoi-based MVI Life for estimated $194 mln

Japanese life insurer Asahi Life has reached a deal to acquire Vietnamese counterpart MVI Life, expanding its presence in the Southeast Asian country as a new life insurer.

MVI Life, formerly known as Aviva Vietnam, was acquired by Manulife in 2021. Since the acquisition, MVI Life has operated independently as a separate life insurance entity, fully distinct from Manulife Vietnam.

Manulife did not reveal the deal value, but Nikkei Asia reported the deal at JPY30 billion ($194 million).

MVI Life generated insurance premiums of approximately $93 million in 2024 and had net assets of approximately $134 million as of end-2024.

Following the transaction, Manulife will continue its long-term commitment to Vietnam through Manulife Vietnam, a business entity established in 1999 as the first foreign-owned life insurance company licensed to operate in the market.

"This agreement aligns to our strategic focus and continued commitment to Vietnam. Upon regulatory approval and completion, the transaction will allow us to dedicate our entire focus on serving our customers in the country through Manulife Vietnam," Steve Finch, president and CEO at Manulife Asia, said in an announcement on November 30.

Manulife Vietnam is one of the leading life insurers in Vietnam. The company serves nearly 1.5 million customers nationwide through a network of more than 60 offices, nearly 1,000 employees, over 50,000 agents, and an exclusive bancassurance partnership with local lender VietinBank (HoSE: CTG).

In the first half of 2025, Manulife Vietnam paid nearly VND4 trillon ($151.73 million) in insurance benefits to its customers.

Founded in 1888, Asahi Life is the second oldest life insurer in Japan and has established itself as one of Japan’s top 10 life insurance companies, serving over three million customers.

Data from the Department of Insurance Management and Supervision, under the Ministry of Finance, shows that as of end-June 2025, the total number of effective life insurance contracts (excluding supplementary insurance product contracts) reached 11,905,495, down 0.9% year-on-year. Total life insurance premium revenue in the period reached VND72,094 billion ($2.73 billion), up 2.4%.

According to Techcombank, Vietnam’s life insurance market holds significant growth potential, supported by a favorable demographic structure - over half of the population in the working age group, a key segment in need of protection.

The life insurance penetration rate remained relatively low, with the premium-to-GDP ratio standing at only 1.2%, well below the 2.9% average seen in other developing countries, along with 12.44 million active policies as of December 31, 2023.

Techcombank, a major private lender in Vietnam, in July said it has secured a license from the Ministry of Finance to set up a life insurance firm, with itself and leading conglomerate Vingroup as major shareholders.