Announcement of FY2003 First Half Results











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FOR IMMEDIATE RELEASE
November 27, 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.

Announcement of FY2003 First Half Results
- Successful Sales Realignment Contributes to 37% Increase in Premium and Other Income Over Same Period Last Year;
- Strong Medical Insurance Growth Drives Positive Results in New Annualized Premium

Japan - Manulife Life Insurance Company ("the Company")(Head Office: Tokyo-to, Chofu-shi, Representative Executive Officer, President & CEO, Trevor Matthews) announces the financial results for the first half (April through September) of fiscal 2003.

During the first half of fiscal 2003, Manulife Japan continued to make investments necessary to bolster its sales organization and product offerings, as part of its ongoing effort to achieve long-term growth. A series of new cutting-edge insurance products has enhanced the Company’s product line-up in strategic sectors.

ManuMed, the Company’s popular new product in the universal life insurance sector, has met with tremendous response since its introduction in July of this year. Positive feedback from the market about the unique features of its variable annuity products also allowed the Company to expand the distribution channel for its variable annuity products.

Expansion of the sales organization and enhancement of the product line-up in the Company’s strategic sectors, most notably the addition of a new medical insurance product meeting the needs of the Japanese public, brought about an increase in new insurance policies* compared to the same period of the previous year, while the total amount of new business* declined compared to the same period of the previous year. New annualized premium grew 5% over the previous year, another indication of the good results the Company is seeing in the potential of the medical insurance sector.

(*Meaning individual insurance and individual annuities combined)

As a result, income from premiums and others in the first half showed a 37% increase over the same period last year, while payment of claims and benefits stood at 85.1% compared to the same period of the previous year, due to fewer surrenders and a drop in claims payments. Underwriting balances, thus, notably improved.

Reorganization and improvement of the Company’s sales structure combined with continued investment in the Company's future, including renovations of its sales offices nationwide, resulted in a basic loss of \1.9 billion. This was a significant improvement from the \6.8 billion loss for the same period of the previous year, attributable to the completion of goodwill amortization during FY2002 as planned and better underwriting balances. In addition, the operating loss was reduced materially as a result of the turnaround in equity markets.
Total assets began to increase during the first half of FY2003. This was attributable to firm variable annuity sales and the rebound in the value of stockholdings.

As of September 30, 2003, the solvency margin ratio (a measure of the Company's ability to pay insurance benefits) remained firm at 888.6%, exceeding the 770.4% recorded at the end of the previous period (March 31, 2003).

Trevor Matthews, Manulife Japan President & CEO, commented as follows:
"We carried out a number of significant initiatives during the first half of fiscal 2003, including bolstering our product lineup in strategic sectors and expanding our nationwide sales organization. I am extremely satisfied with these efforts, and am certain that the groundwork has been laid for major positive impacts on our financial performance in upcoming periods. Manulife Japan will continue to develop and provide even more innovative products and services as we strive to be a leading company in the Japanese market."

FY2003 First Half Business Performance Highlights

Sales Organization Enhancement

Aggressive recruiting of Plan Right Advisors (MLJ sales representatives) resulted in the total number of Plan Right Advisors standing at 3,467 persons as of September 30, 2003. This is an increase of 284 persons (+9%) compared with March 31, 2003.

In April, the system of branch offices was abolished and replaced with 8 newly opened Regional Offices located nationwide, as part of the Company's large-scale restructuring and strengthening of the nationwide sales organization.

As part of this plan, 57 new type Sales Offices were opened throughout the country during the first half of fiscal 2003. The Company plans to open approx.30 more new type Sales Offices before year-end.

During the first half of fiscal 2003, the company started sales of variable annuity through Chukyo Bank, Akita Bank, Shinsei Bank, and Kochi Bank bringing the total number of partnering banks to 9.

New Products

In April, "ManuHundred GW" was launched as a variable annuity product to be sold exclusively through Nikko Cordial Securities.

In July, "ManuMed," the Company's new universal-type medical insurance product, was launched.

In September, the Company launched "ManuVest," a new type of variable annuity product.

Effective the end of September, the Company terminated new sales of former products, as it will from now on focus on the universal insurance and variable annuity markets. The company sold its 100,000th "ManuFlex" (the Company's universal life insurance product) policy during the period, only 23 months after launching the product.

Advanced Technology

In April, the Company launched "ManuTouch," an intranet sales support program that provides the sales force with web-based real-time product information, sales support tools, and e-mail service.

In July, the Company added a new "ManuTouch" compatible policy illustration system. During the first half of fiscal 2003, the sales force used this tool to provide over 90,000 policy illustrations to individual customers.

Management

In July, the Company became the first life insurance company in Japan to convert to a "company with committees" management structure in order to enhance corporate governance and allow for management decisions to be made faster.

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 October 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$150.8 billion (approx.12,446 billion yen) as at September 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