Japan’s Asahi Mutual Life Insurance will acquire MVI Life in Vietnam for approximately $170 million (¥26.3 billion), marking the company’s first overseas acquisition as it attempts to diversify revenue streams away from a shrinking domestic market.
The deal, announced December 1, involves purchasing all shares of MVI Life from Manulife Financial’s subsidiary. MVI Life, formerly known as Aviva Vietnam, was acquired by Manulife in 2021 and has since operated independently as a separate life insurance entity, fully distinct from Manulife Vietnam.
Asahi Life, Japan’s second-oldest life insurer founded in 1888 and a member of the Mizuho keiretsu, has operated in Vietnam since 2017 through consulting and sales partnerships, establishing a local subsidiary in Ho Chi Minh City in 2023. The target company generated $93 million in insurance premiums and held $134 million in net assets at the end of 2024.
The timing presents challenges. Vietnam’s life insurance market is forecast to contract by 1.3% in 2025, marking its third consecutive year of decline due to irregularities in bancassurance sales and economic pressures. The number of active policies declined by 7.5% in 2023 and 3.7% in 2024, with consumer confidence eroded by mis-selling scandals.
The acquisition reflects broader trends among Japanese insurers. With domestic opportunities limited due to a shrinking and aging population, companies are increasingly pursuing overseas targets to maintain growth.
Asahi Life plans to partner with LivWell, a Singapore-based insurtech operating in Vietnam, to develop health and wellness-focused products. The transaction requires regulatory approval in both Japan and Vietnam.
