Global financial services group Manulife has opened its office in the Dubai International Financial Centre (DIFC), marking a significant expansion of its global high-net-worth (HNW) business.
This new office positions Manulife as the first international high-net-worth insurer in DIFC with a ‘Category 4’ licence that empowers it to advise and arrange life insurance contracts dedicated to serving the burgeoning wealth and insurance needs of the Middle East.
This strategic initiative highlights Manulife's dedication to the rapidly growing HNW and ultra-high-net-worth (UHNW) markets, the insurer said in a statement. The DIFC office will act as a pivotal hub for delivering Manulife's insurance solutions to HNW and UHNW clients in the region.
Manulife Global High-Net-Worth CEO, Ms Jean Wong, 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$80tn in wealth, with global wealth projected to rise by 38% over the next five years.
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 use DIFC as a strategic location to achieve growth.