Asahi Mutual Life Insurance President Kenichiro Ishijima expressed confidence that MVI Life Insurance in Vietnam, whose acquisition was decided last December, will turn profitable early. The company plans to acquire all shares from Canada's Manulife Financial within this year. While a loss is expected immediately after the acquisition due to new policy costs, it is projected to swing to a profit in about five years, supported by earnings from existing policies. Asahi Life will introduce its expertise in face-to-face sales and bancassurance cultivated in Japan, and will center the management team on local talent, with plans to appoint a former CEO of a local insurer as president. Ishijima stated that Asahi Life's role will be to support locally driven operations and governance, and emphasized his intention to develop Vietnam as the core of its overseas business.
Manulife Financial CorpManulife Financial is selling its Vietnam subsidiary MVI Life Insurance to Asahi Life, losing its presence in Vietnam.
Asahi Life acquires MVI Life Insurance in Vietnam, expecting early profitability and expanding overseas business.