A quiet migration of money is reshaping the global insurance map — and two of Canada’s largest life insurers are following the trail straight into the Gulf.
Both Manulife and Sun Life have established a physical presence in Dubai, betting that the emirate’s fast-growing pool of globally mobile millionaires will fuel their next phase of expansion.
The move is less about geography and more about where wealth is flowing.
For years, affluent clients from India, China, Taiwan and across Asia traditionally gravitated toward Hong Kong and Singapore to structure investments and purchase insurance products. Now, a growing number are turning to Dubai — drawn by its tax advantages, business-friendly regulations and status as a crossroads between East and West.
Sun Life opened its office in the Dubai International Financial Centre in December. Manulife followed earlier this year. Both firms say their regional teams are currently lean — but not for long.
Manulife’s finance leadership has made it clear: hiring is underway. The logic, they suggest, is straightforward. Wealth is accumulating in the Middle East at a brisk pace, and Dubai has positioned itself as a magnet for global entrepreneurs and family offices looking for stability and strategic location.
The Canadian insurers are not new to chasing growth abroad. Over the past decade, both expanded aggressively in Asia, often through bancassurance partnerships — arrangements that tie banks and insurance providers together to widen distribution networks. While the United States remains a crucial pillar of revenue, diversification beyond North America has become a strategic imperative.
There’s also a diplomatic tailwind. Canadian businesses have shown renewed interest in the Gulf following high-level political outreach, including recent engagement between Ottawa and Qatar aimed at strengthening commercial ties.
Financial markets reacted differently to the insurers’ latest updates. Sun Life shares climbed after stronger-than-expected quarterly profits, while Manulife stock slipped, weighed down by softness in its North American segment.
Still, both appear convinced that the desert skyline offers more than just architectural spectacle. For Canada’s insurance heavyweights, Dubai is emerging as the next frontier — a place where capital is mobile, clients are global, and growth may be measured not in miles, but in migrations of wealth.
