Manulife has opened its new office in the Dubai International Financial Centre (DIFC), "marking a significant expansion" of its Global High-Net-Worth (HNW) business.
In a statement today (6 May), it said this move positions Manulife as the first international high-net-worth insurer in DIFC with a Category 4 license empowering it to advise and arrange on life insurance contracts dedicated to serving the burgeoning wealth and insurance needs of the Middle East.
The DIFC office will act as a pivotal hub for delivering Manulife's insurance solutions to HNW and UHNW clients in the region.
Jean Wong, CEO of Manulife Global High-Net-Worth, said: "The Middle East is integral to the global growth strategy for our HNW business. 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."
With more than two decades of experience, Manulife Global HNW combines the expertise of teams from Manulife Bermuda, Hong Kong, and Singapore to offer tailored protection and savings solutions and better serve clients in over 150 countries through the international HNW brokerage channel.
Manulife Global HNW sees considerable growth opportunities in the market, as the global HNW and UHNW segments collectively hold nearly US$80 trillion in wealth, with global wealth projected to rise by 38% over the next five years. Manulife’s presence in DIFC positions the company to capitalise on this growth while reinforcing its leadership in a market where the demand for sophisticated wealth accumulation, legacy planning, and risk mitigation solutions is expanding rapidly.
Arif Amiri, chief executive officer of DIFC Authority, said: “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.”
In recent years, DIFC has become the region’s global hub for insurance and insurance. At the end of 2024, DIFC clients included 125 insurance and reinsurance related companies. Global insurers, reinsurers, reinsurance brokers, captives, MGAs, Lloyd’s service companies and coverholders, consultancy companies, compliance firms, and risk management organisations are using DIFC as a strategic location to achieve growth.
