Manulife Financial Corporation has agreed to sell its Vietnam-based life insurer MVI Life to Asahi Mutual Life Insurance Co. The transaction, announced by Manulife through its subsidiary The Manufacturers Life Insurance Co., will see Asahi Life acquire 100% of MVI Life, formerly Aviva Vietnam. The parties did not disclose the purchase price.
MVI Life has operated as a standalone life insurer since Manulife acquired it in 2021, separate from Manulife Vietnam. The company generated about US$93 million in insurance premiums in 2024 and reported net assets of roughly US$134 million at year-end 2024.
Completion of the deal is subject to regulatory approvals and customary closing conditions in Vietnam and Japan. Until closing, MVI Life is expected to continue operating under its existing structure and licenses. Steve Finch, president and CEO of Manulife Asia, commented: “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, an important market and business for Manulife Asia since 1999. We will continue to provide exceptional customer experience and innovative solutions to address our customers’ longevity needs across protection and financial preparedness. We would also like to recognise and thank MVI Life’s leadership team and its employees for their significant contributions to the business and its customers over the years.”
Following the transaction, Manulife’s activities in Vietnam will be concentrated in Manulife Vietnam, which was established in 1999 as the first foreign-owned life insurer licensed in the local market. Manulife Vietnam serves nearly 1.5 million customers through more than 60 offices nationwide. Its distribution network includes around 1,000 employees, a tied agency force of over 50,000 agents, and an exclusive bancassurance arrangement with VietinBank. In the first half of 2025, Manulife Vietnam paid close to VND 4 trillion in benefits to policyholders, covering claims and other contractual payouts across its in-force book.
For Asahi Life, the planned acquisition represents a shift from a partnership-led approach in Vietnam to ownership of a local life insurer. Founded in 1888, Asahi Life is one of Japan’s oldest life insurance companies and is among the country’s top 10 life insurers by size. As a group, it serves more than three million customers and employs about 19,000 people.
The Japanese insurer has been active in Vietnam for around eight years through arrangements focused on consulting, marketing, sales, and product development with domestic partners. Through the acquisition of MVI Life, Asahi Life gains a licensed life insurance platform in a market where it intends to expand its operations. The company plans to use its experience in life and health insurance, customer service, and distribution to develop MVI Life’s business under new ownership.
Both Manulife and Asahi Life have indicated they aim to maintain continuity for policyholders, intermediaries, and employees. All existing MVI Life policies are expected to remain in force on their current terms, and the company is expected to continue servicing its portfolio during and after the transition.
The deal comes against a backdrop of continued growth in the Asia-Pacific life insurance sector, which remains a key focus region for global and regional insurance groups. Data from GlobalData indicates that the region’s life insurance market is projected to expand from roughly US$1.2 trillion in value today to about US$1.6 trillion by 2029, representing a compound annual growth rate of 7.3%. One-third of global life insurance premiums is expected to originate from Asia-Pacific in 2025, underscoring its weight in worldwide life insurance growth.
The outlook is supported by demographic trends, rising incomes, and growing awareness of protection and retirement needs. At the same time, insurers are responding to changing regulatory frameworks, interest-rate conditions, and shifts in distribution, including digital channels and bancassurance, which continue to influence deal-making and portfolio restructuring across the region.
