FOR IMMEDIATE RELEASE April 24, 2003	TSX/NYSE/PSE: MFC; SEHK: 0945
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• Manulife continues to be a leader in product innovation, developing new products that deliver superior value to its customers. In the United States, the Company expanded and enhanced its universal life insurance product portfolio. The new Venture Survivorship VUL product offers insurance protection plus growth potential while providing innovative guarantees that protect the policy from volatile markets. In Canada, Group Benefits introduced a new product, Drug Stop Loss Pooling, which insures plan sponsors against the costs of a catastrophic drug claim by a plan member or his/her dependent.
• Manulife Japan signed an agreement with Nikko Securities, the largest distributor of variable annuities in Japan, to market our newly developed variable annuity product, “ManuHundred GW,” at their offices nationwide. ManuHundred GW features five investment accounts that customers can choose from according to their preferred style of investing and tolerance for risk. Together with recent expansion into the bank channel, these new distribution channels for variable annuities are expected to deliver strong sales results in the coming months.
• Capitalizing on recent changes in U.S. tax laws, Manulife USA launched an Individual(k) program, becoming one of the first variable annuity providers in this market. The Individual(k) program offers owner-only businesses complete flexibility in the establishment and maintenance of an individual 401(k) plan, with the added value of access to all of the benefits of Manulife USA’s variable annuities.
• Reinsurance Division launched Avon Long Term Care Leaders, a specialized reinsurance intermediary and risk manager in the long-term care marketplace. This experienced business team has a reputation for innovative product design, stable premium development, sound and timely underwriting, and an unrivalled care coordination process. The demand for long-term health care is expected to increase significantly in the coming years as the population ages and there is increased pressure on public funding sources.
• Manulife Financial’s continued strong growth in the U.S. small business market for 401(k) pension plan products was highlighted when the Company enrolled its one-millionth plan participant this quarter. Manulife is a leader in this market, with 25,000 plans.
• Manulife Japan implemented a nationwide reorganization of its sales office infrastructure aimed at further growing sales and expanding the recruitment of sales representatives. Thirty-two former Branch Offices were consolidated into eight new Regional Offices. In addition, 153 Sales Offices have been enlarged and redesigned, combining the operations formerly housed in 260 Sales and Sub-sales Offices. Concurrently, the number of administrative field staff was reduced significantly as part of a cost-cutting initiative.
• As part of its plan to diversify its investment portfolio, improve investment performance and enhance its brand recognition, Manulife Japan purchased 15 office buildings nationwide. Located in 10 cities across the country, including Tokyo, the total amount of the investment was approximately ¥28 billion (C$375 million). Manulife Japan plans to rename the buildings and install its signage.
• Manulife Financial won the International Association of Business Communicators Gold Quill Award for excellence in management of the communications related to its Indonesian operations.

• U.S. Division's 2003 first quarter net income was $107 million, a reduction from the $118 million reported in the first quarter of 2002. Earnings in 2003 were dampened by claims experience which, while favourable, was lower than the strong claims results in the first quarter of 2002; the cumulative effect of continued equity market declines on fee income; the planned increase in costs from the start-up of the managed account and the 529 plan businesses; and by the weakened U.S. dollar. The impact of these items on earnings was mitigated by increased interest spreads, continued tight management of fixed expenses, and by improved margins and growth in core businesses.

• Premiums and deposits for the quarter of $4.7 billion were comparable to the first quarter of 2002 despite the impact of a weakened U.S. dollar. On a U.S. dollar basis, premiums and deposits increased four per cent. Strong growth in the 401(k) pension business and universal life insurance sales, along with variable annuity sales from the new Scudder distribution arrangement, were partially offset by lower variable annuity and variable insurance deposits as a result of weak equity markets.

• As at March 31, 2003, funds under management of $70.3 billion were eight per cent or $6.1 billion lower than a year ago. However, on a U.S. dollar basis, funds under management remained relatively unchanged as strong net policyholder cash flows over the past 12 months were offset by the impact of equity market declines.

• Canadian Division shareholders’ net income of $94 million for the quarter was up marginally from the first quarter 2002 earnings of $93 million. Contributions from the 2002 Zurich Life acquisition and favourable claims experience in Group Benefits were offset by adverse claims experience in Individual Insurance and the impact of lower equity markets on the Division’s wealth management businesses and its effect on segregated fund guarantee reserves and fee income.

• Premiums and deposits were up 17 per cent to $1.8 billion in the first quarter of 2003 from $1.5 billion in the same period of 2002. This increase was driven by strong growth in the sales of Individual Wealth Management fixed-income products, excellent growth in Group Pensions’ sales and the acquisition of the Zurich Life’s individual insurance business in late March of 2002.

• Funds under management increased by $567 million to $35.3 billion as at March 31, 2003 from $34.7 billion as at the same time last year. This increase reflects positive net segregated and mutual fund policyholder cash flows over the last year and good growth of fixed-income savings and insurance businesses, partially offset by the impact of lower equity markets.

• Asian Division shareholders’ net income increased by 10 per cent to $58 million in the first quarter of 2003 from $53 million in 2002. On a constant currency basis, shareholders’ net income increased by 16 per cent. The increase in earnings reflected business growth across the Division, particularly in the Hong Kong, Taiwan and Indonesia operations.

• Premiums and deposits increased by eight per cent to $747 million in the first quarter of 2003, from $691 million in 2002. Higher insurance premiums in Hong Kong and in all of the other Asian Division territories were offset by the impact of a strengthened Canadian dollar.

• Funds under management increased by 27 per cent to $11.0 billion as at March 31, 2003 from $8.6 billion in 2002. This increase was due to business growth across the Division, particularly in the Hong Kong insurance and pension operations, an increase in institutional funds managed by Manulife Asset Management and mutual fund deposits in Indonesia over the past 12 months, partially offset by a strengthened Canadian dollar.

• Japan Division's net income was $25 million in the first quarter of 2003, down from $30 million in the first quarter of 2002. The decrease in earnings reflected the prevailing depressed economic conditions in Japan, which has led to a decline in the size of the insurance market, lower interest rates and declining equity markets. This challenging business environment resulted in unfavourable investment performance and hindered growth in new sales.

• Premiums and deposits increased by 22 per cent in the first quarter to $466 million compared to the same quarter of 2002, reflecting significantly higher sales of the variable annuity product, ManuSolution, generated through the new bank distribution channel.

• Funds under management decreased by $1.0 billion to $12.5 billion as at March 31, 2003 compared to $13.5 billion as at March 31, 2002. Increases from policyholder premiums and deposits and the impact of a strengthened Japanese yen were more than offset by benefit payments and surrenders.

• Reinsurance Division reported net income of $57 million in the first quarter of 2003, an increase of 14 per cent over the $50 million reported in the first quarter of 2002. All lines of business contributed favourably to the strong results, particularly Property and Casualty Reinsurance, which experienced strong business growth over the prior year.

• Premiums of $183 million were $18 million or nine per cent lower than in the first quarter of 2002. Premium growth in the Property and Casualty Reinsurance line was more than offset by a reduction in the Life Reinsurance line due to the timing of client-reported premiums in the first quarter of 2002, and a weakened U.S. dollar.

• General fund assets of $3.9 billion as at March 31, 2003 remained relatively unchanged from a year ago as business growth was offset by the impact of a weakened U.S. dollar.