Major Canadian Insurers Target Dubai Growth as Wealthy Asian Clients Move to Middle East
Canadian insurers Manulife and Sun Life are expanding in Dubai to reach wealthy Asian clients. Both firms have opened new offices to tap into the region's growth.
Insights:
Manulife Financial Corporation and Sun Life Financial Inc. have established new sales offices in Dubai to serve high-net-worth clients relocating to the city. This move represents a strategic market expansion by major Canadian life insurers into the Middle East, intended to access growing wealth and diversify their operations beyond North America. The push into the United Arab Emirates 
AE allows these firms to reduce their reliance on traditional markets in the United States 
US and Canada 
CA.
AE allows these firms to reduce their reliance on traditional markets in the United States US and Canada CA.Sun Life established its presence in the Dubai International Financial Centre in December, while Manulife opened its local office earlier in 2025. These developments are significant as the insurance & asset management sector adapts to shifting global wealth patterns. To reach their target audience, the firms are utilizing various distribution channels, including brokers and bancassurance partnerships. The news of the expansion coincided with the release of company results today, February 12, 2026, which triggered immediate market reactions; Sun Life shares rose 6% while Manulife shares fell 5.3%.
