TORONTO: Manulife and Sun Life, Canada’s largest life insurance companies, are eyeing the Middle East as a new avenue for growth, following wealthy clients relocating to Dubai from Asia and other parts of the world. Both companies currently have offices in Dubai, a major financial hub in the Gulf region. Dubai has emerged as a preferred wealth hub for many Asian entrepreneurs and wealthy families looking to expand their businesses with tax incentives.
Both Manulife and Sun Life have long been active in Asia, expanding through over-the-counter transactions and partnerships with banks and insurance companies, and diversifying beyond North America. The US remains an important growth market. Meanwhile, Canadian financial institutions are also eyeing the Middle East from a diversification perspective, after Prime Minister Mark Carney’s visit to Qatar in January opened the door to Canadian companies.
“We have been working with brokers to distribute through Hong Kong and Singapore. These brokers are now opening offices in Dubai and we are aligning that distribution with our customers’ interest in Dubai,” Sun Life CEO Kevin Strain said in an interview.
“The clients we serve in the Asian high net worth business come from all over Asia. They come from India, they come from China, they come from Taiwan… those clients typically went to Hong Kong or Singapore, and now they may go to Dubai. We’re just aligning with that sales opportunity,” he said.
Sun Life opened an office in Dubai International Financial Center in December, while Manulife opened an office in early 2025. Both companies said they have small teams in the region.
“We’re looking to expand. We have openings…we’re hiring right now,” said Colin Simpson, Manulife’s chief financial officer.
“Given the accumulation and growth of wealth in the Middle East and how attractive Dubai is as a place to do business, we thought it was natural for us to establish an office there.” Sun Life shares closed 6% higher on Thursday after Sun Life’s fourth-quarter profit forecast beat analysts’ expectations. Manulife stock closed 5.3% lower due to weakness in its North American business.
(Reporting by Nivedita Bal in Toronto; Editing by Matthew Lewis)
