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Manulife to distribute an estimated $148.8 million to participating Canadian policyholders Waterloo – The Manufacturers Life Insurance Company (Manulife) announced today that it will distribute an estimated $148.8 million to participating Canadian policyholders. This is an 8.7 per cent increase over the amount distributed last year. Policy owners of participating policies understand that dividends are not guaranteed and that actual dividends depend on investment performance, and other factors such as mortality, persistency and expenses. The investment environment over the past few years has been challenging. Equity markets have declined and interest rates remain low. As such, Manulife is reducing the Canadian policyholder dividend scale effective July 1, 2003. “While it is necessary to reflect the declining returns in the dividend scales, I am pleased to advise policyholders that the reduction in the scale of annual dividends is modest – in the range of 0 per cent to 0.75 per cent for most policyholders,” said Bruce Gordon, Manulife Financial’s Executive Vice President and General Manager, Canadian Operations. Participating policies underwritten by MFC Insurance Company Limited (formerly Commercial Union Life Assurance Company of Canada) and Manulife Canada Ltd. (formerly Zurich Life Insurance Company of Canada) are not affected by this announcement. About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$141.6 billion as at March 31, 2003. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. - 30 - For more information contact: Tom Nunn Director, Media Relations Manulife Financial (519) 747-7000, ext. 48578 Fax: (519) 747-6336 tom_nunn@manulife.com |
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