Manulife Financial Corporation, via its direct subsidiary The Manufacturers Life Insurance Company, has reached an agreement to sell MVI Life to Asahi Mutual Life Insurance Company (Asahi Life).
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. MVI Life generated insurance premiums of approximately $93m in 2024 and had net assets of approximately $134m as of the end of 2024, according to a Manulife statement.
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.
President & CEO of Manulife Asia, Steve Finch, said, “This agreement aligns with 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, an important market and business for Manulife Asia since 1999.”
Manulife Vietnam is one of the leading life insurers in Vietnam.