Launch of “ManuVest” Variable Individual Annuity Insurance with Annuity Capital Guarantee (August 29, 2003)











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FOR IMMEDIATE RELEASE
August 29, 2003

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This release was distributed to members of the Financial Press Club and other press in Japan, in Japanese only. The following translation is provided for information only.

Aggressively building up assets for the future, with peace of mind…
Launch of “ManuVest” Variable Individual Annuity Insurance with Annuity Capital Guarantee
Guarantees Annuity Capital at 100% of Basic Benefit for Investment Period of 20 Years or Longer

Japan - Manulife Life Insurance Company (Head Office: Tokyo-to, Chofu-shi, President & CEO, Representative Executive Officer: Trevor Matthews) announces the launch of “ManuVest,” a new variable annuity insurance product with a minimum guarantee on annuity capital. This new product will go on sale nationwide starting Monday, September 1st.

ManuVest is a newly-developed variable annuity insurance product that will meet diverse customer needs, providing both safety as well as the opportunity for aggressive build-up of wealth.

ManuVest features a guarantee of annuity capital at 100% of the basic benefit for investment periods of 20 years or longer. The minimum single premium of 750,000 yen and 500,000 yen for additional policies makes ManuVest easy to purchase, and the ability to withdraw from the account value as well as shift all or part of the cash surrender value to a fixed annuity makes the product superior in terms of liquidity and flexibility. Furthermore, ManuVest allows policyholders to freely invest among three types of balanced funds, making it a superb vehicle for growing assets while maintaining peace of mind.

In summary, ManuVest provides customers with a way to “grow,” “spend” and “bequeath” assets comfortably as they approach their retirement years.

Features of New Individual Variable Annuity Insurance “ManuVest” and Summaries

Minimum Guarantee on Annuity Capital Provides Peace of Mind

If the investment period at issue* is 20 years or longer, 100% of the basic benefit is guaranteed as annuity capital
If the investment period at issue* is 10 years or longer but less than 20 years, 80% of the basic benefit is guaranteed as annuity capital

*When annuity payment is chosen.

Ability to Select from Among Three Types of Balanced Funds Having Differing Risk/Return Relationships

ManuVest features three investment funds, “Global Balanced Aggressive Fund,” “Global Balanced Moderate Fund,” and “Global Balanced Conservative Fund.” These three investment funds allow for advanced international diversification based on the latest trends in modern investment theory. Customers can select the most suitable funds to match their risk tolerance from this simple, easy-to-understand lineup of investment funds.
Switching is allowed free of charge up to 12 times per year. Separate accounts range from conservative to aggressive, allowing customers to grow assets in a manner that is comfortable for them.

Convenient in Terms of Liquidity and Ability to Transfer into Fixed Annuity

Each year, during a one-month window period*, up to 10% of the account value can be withdrawn without a surrender charge or fee, allowing customers to meet their short-term financing needs.
Once five or more years have elapsed following the issue date, all or part of the cash surrender value can be transfer into a fixed annuity, thus locking in investment results that have met targets.

*This refers to the one-month period between the annual policy anniversary date and the monthly anniversary date of the following month.

New Policies as well as Additional Policies can be Purchased Starting at Low Amounts

The lower limit for single premiums is set at 750,000 yen, allowing customers to begin building assets at a relatively young age.
After purchasing an initial policy, subsequent policies can be purchased for a single premium of 500,000 yen or more. This provides customers with the ability to build assets at a pace that is comfortable for them.

Manulife Life Insurance Company Managing Corporate Officer and Senior Vice President Keith Walter commented as follows about the launch of ManuVest.
“ManuVest will allow us to respond more effectively to the retirement planning of the Japanese public. This product has been developed by taking advantage of Manulife’s vast experience with variable annuity products in numerous markets around the world. With ManuVest, customers are able to participate in international diversified investments while enjoying peace of mind with the minimum guarantees. With this product, we are confident that even more people will begin to comfortably and aggressively grow their assets for the future.”

Manulife Life Insurance Company (“Manulife Japan”), a member company of the Manulife Financial Group headquartered in Canada, holds a top-class "AA+" credit rating from one of the world's most prestigious credit rating agencies, Standard and Poor's Co. (as of July 2003). 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$144.3 billion (approx. 12,763 billion yen) as at June 30, 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.

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For more information, please contact below.
Minoru Shimizu
Manulife Japan Phone: 0424-42-7076