Key facts
- Asahi Mutual Life Insurance plans to hire approximately 1,000 staff in Vietnam.
- Asahi Mutual Life Insurance is set to acquire MVI Life, formerly Aviva Vietnam.
- MVI Life generated approximately $93 million in insurance premiums in 2024.
- MVI Life had net assets of approximately $134 million as of the end of 2024.
- The transaction is subject to regulatory approvals and customary closing conditions.
Japan's Asahi Mutual Life Insurance is planning an aggressive investment in Vietnam, aiming to hire around 1,000 staff following its impending acquisition of MVI Life, formerly Aviva Vietnam. The deal, announced by Manulife Financial Corporation, will see Asahi Life acquire 100% of MVI Life, a standalone entity since Manulife's acquisition in 2021. MVI Life generated approximately $93 million in insurance premiums in 2024 and held net assets of about $134 million at the end of the same year. The transaction is subject to regulatory approvals in Vietnam and Japan. For Asahi Life, this acquisition marks a strategic shift from a partnership-based approach in Vietnam to direct ownership of a licensed life insurer. The company, founded in 1888 and one of Japan's top 10 life insurers serving over 3 million customers, views Vietnam as a key growth market. Asahi Life has been active in Vietnam for about eight years through consulting and marketing partnerships. Following the completion of the deal, Manulife will consolidate its Vietnam operations around Manulife Vietnam, which has been operating since 1999 and serves nearly 1.5 million customers. Manulife Asia's president and CEO, Steve Finch, stated that the company will continue to focus on serving its customers in Vietnam through Manulife Vietnam.