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On November 30, Manulife Financial Corporation, through its subsidiary The Manufacturers Life Insurance Company, announced an agreement to sell MVI Life to Asahi Mutual Life Insurance Company. MVI Life, formerly Aviva Vietnam, was acquired by Manulife in 2021 and has since operated independently, fully distinct from Manulife Vietnam’s core life insurance business.
MVI Life generated insurance premiums of approximately $93 million in 2024 and had net assets of approximately $134 million as of the end of 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 with our strategic focus and commitment to Vietnam," said Steve Finch, president and CEO of Manulife Asia. "Once completed, it will allow us to concentrate fully on serving customers through Manulife Vietnam, continuing to provide innovative solutions for protection and financial preparedness. We also thank MVI Life’s leadership and employees for their contributions over the years."
Manulife Vietnam is one of the top 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, a strong agency force of over 50,000 agents, and an exclusive bancassurance partnership with VietinBank.
In the first half of 2025 alone, Manulife Vietnam paid nearly VND4 trillion ($151.7 million) in insurance benefits to its customers. The company continues to innovate across products, services, digital capabilities, while strengthening the quality of its distribution to provide superior health, financial and retirement protection solutions.
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 as a group with a team of 19,000 employees. Asahi Life views Vietnam as a key growth market and is motivated to expand its presence in the country as a new life insurer, leveraging its core capabilities in life and health insurance, customer service and distribution expertise to build on its experience having operated in Vietnam for eight years through consulting, marketing, sales, and product development partnerships with leading local insurers.
Manulife and Asahi Life are committed to ensuring a smooth transition for MVI Life’s customers, partners, and employees throughout this period. All MVI Life policies will continue to be honoured, and MVI Life remains committed to serving customers with excellence. The transaction is subject to regulatory approvals and customary closing conditions.
