Manulife Sells MVI Life to Japan’s Asahi Life, Retains Manulife Vietnam

Manulife Financial Corporation has agreed to sell MVI Life, formerly Aviva Vietnam, to Asahi Mutual Life Insurance Company. MVI Life, acquired by Manulife in 2021, operated independently from Manulife Vietnam and generated approximately US$93 million in premiums in 2024, with net assets around US$134 million. Despite the sale, Manulife will maintain its presence in Vietnam through Manulife Vietnam, a separate entity established in 1999 and notable as the first foreign-owned life insurer in the market. Manulife Vietnam remains a significant player in the country, serving nearly 1.5 million customers via an extensive office network, strong agency force, and an exclusive bancassurance partnership with VietinBank, having paid nearly VND 4,000 billion in claims in the first half of 2025. Asahi Life, a top 10 Japanese insurer with over 3 million customers and 19,000 employees, views Vietnam as a strategic growth market and has prior experience in the country through partnerships over eight years. The transition of MVI Life operations to Asahi Life will prioritize continuity for customers, partners, and employees, with all policies honored during the changeover. Regulatory approvals are pending to complete the transaction. This divestiture aligns with Manulife’s strategic focus while enabling Asahi Life to strengthen its footprint in Vietnam’s expanding insurance market.