Manulife has expanded its global high-net-worth (HNW) footprint by establishing a new office in the Dubai International Financial Centre (DIFC), becoming the first international HNW insurer in the Centre to hold a Category 4 license.
The license enables the company to provide life insurance advice and arrange policies specifically for HNW and ultra-high-net-worth (UHNW) individuals in the Middle East.
This development aligns with Manulife’s strategy to grow its international HNW business through targeted regional expansion.
Jean Wong (pictured), CEO of Manulife global high-net-worth, said that the Middle East plays a significant role in the company’s international growth plans.
“Establishing our new office in DIFC not only enhances our presence and capabilities but also connects us with a dynamic network of wealth managers, family offices, and innovators. This office is a gateway to providing our HNW and UHNW clients with innovative products and personalised experiences,” she said.
The new hub will support Manulife’s broader network, which includes teams in Bermuda, Hong Kong, and Singapore. These offices collectively serve clients in over 150 markets via the global HNW brokerage channel, providing customised insurance products focused on wealth transfer, protection, and savings strategies.
Manulife is positioning itself to capitalise on the expanding global HNW segment, which currently manages nearly US$80 trillion in assets. Wealth across these segments is projected to grow by nearly 40% in the next five years, driving increased demand for complex insurance products.
Arif Amiri, CEO of the DIFC Authority, said Manulife’s entry reinforces DIFC’s standing as a regional hub for insurers.
“We are delighted to welcome Manulife to DIFC, the Middle East, Africa, and South Asia’s leading global financial centre. Manulife’s decision to establish its new office in DIFC underscores our position as the region’s only hub for insurance and reinsurance, offering an unmatched strategic advantage for global insurers seeking proximity to emerging markets,” he said.
At the close of 2024, DIFC housed 125 firms operating in insurance and reinsurance. These include major international insurers, Lloyd’s service companies, managing general agents (MGAs), brokers, and risk consultancy firms.
DIFC offers a regulatory and legal framework modelled on English common law and hosts over 6,900 registered firms employing more than 46,000 professionals. The centre also promotes innovation through accelerator programs and venture funding initiatives targeting financial services and insurance startups.
The expansion comes as the UAE’s life insurance sector, specifically term life insurance, is experiencing a steady rise in demand – influenced by evolving financial planning habits and increased health risk awareness.
Market participants reported that the COVID-19 pandemic prompted many residents to reassess their financial risk strategies. The rise in chronic illnesses such as heart disease among younger individuals has further underscored the importance of life cover.
Healthcare professionals in the UAE reported that lifestyle-related issues such as inactivity, stress, and diet are contributing to rising heart disease cases in younger age groups, prompting families to prioritise term life coverage.
