Enterprise

Asahi Life Invests $192 Million to Acquire Vietnamese Insurance Firm

Japan's Asahi Mutual Life Insurance has announced a significant move, investing nearly 30 billion Yen (approximately $192 million) to acquire MVI Life in its entirety. This strategic decision underscores a growing trend among mid-sized Japanese financial firms seeking international expansion opportunities.

Administrator

2 December, 2025

According to Nikkei Asia, Asahi Life is set to acquire the entire stake of Manulife in MVI Life. The deal is expected to close in 2026, pending regulatory approvals from both Japan and Vietnam. Notably, Manulife had only acquired MVI Life in late 2021.

This marks Asahi Life’s first-ever overseas M&A deal, signaling a significant milestone in its international expansion strategy. Through this acquisition, Asahi Life officially enters Vietnam’s insurance market, one of the most promising in the region.

MVI Life specializes in comprehensive life insurance and retirement plans. With insurance premiums totaling approximately ¥15 billion in the 2024 fiscal year, the company ranks 13th in Vietnam in terms of policy volume.

In the first half of 2025, MVI Life reported net insurance business revenue of around VND 956 billion, a 5.7% decline year-over-year. Meanwhile, financial investment revenue rose positively to VND 334 billion, up 6.5% year-over-year. Post-tax profit reached VND 176 billion, down 29% year-over-year.

Asahi Life plans to leverage its sales expertise to develop new products tailored to the Vietnamese market, particularly in health insurance—a segment with strong growth demand.

Asahi Life’s decision to expand overseas is fueled by its financial recovery. In the first half of the 2025 fiscal year (April-September 2025), investment profits surpassed policyholder commitments for the first time since 2000. Rising domestic interest rates played a key role in improving investment performance.

Expanding Trend of Overseas M&A

Historically, overseas M&A and investments were dominated by large financial conglomerates. However, rising interest rates have enabled mid-sized firms to join the trend. Additionally, declining birth rates and aging populations are pressuring companies to seek new markets while they still have financial resources.

Previously, Sony Financial Group CEO Toshihide Endo announced plans to explore overseas operations, including M&A, starting in the 2027 fiscal year. Sony Financial Group is not alone; in August, mid-sized life insurer T&D Holdings invested ¥120 billion for a nearly 30% stake in Germany’s Viridium Group.

Even Tokai Tokyo Financial Holdings, a securities firm, acquired a stake in a Singapore asset management company in 2024.

This wave is partly driven by Japan’s corporate governance code. Domestic and foreign investors are increasingly pressuring financial institutions to divest strategic investments in business partners, redirecting capital toward M&A and growth sectors.

Professor Hironari Nozaki of Toyo University observes, “As holding unused cash becomes less acceptable, even mid-sized financial institutions will continue investing overseas. It’s crucial they enhance their ability to manage these investments.”

Vũ Hạo (Source: Nikkei Asia)

– 09:38 01/12/2025