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Manulife USA to distribute $376 million to participating U.S. policyholders BOSTON – The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) announced today that it will distribute an estimated $376 million to participating U.S. policyholders from July 1, 2003 through June 30, 2004. This is a 2.7% increase over the amount distributed over the prior year. Participating policies held by North American Life’s U.S. policyholders prior to the company’s 1996 merger with Manulife Financial are also included. Policyholders 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 USA is making a reduction to the dividend crediting rate by 0.25% to 8.25%, effective October 1, 2003 through June 30, 2004. Manulife USA had maintained its policyholder dividend scale for ten consecutive years. “While this year it is necessary to reflect the weakened economy in the dividend scale, this is the first time we have made such a change in ten years. Even with this reduction, our ability to offer stability in every type of economic climate demonstrates our commitment to providing stable, long-term value to our policyholders,” said John D. DesPrez III, Chairman and President, Manulife USA. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. 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 US$96.4 billion (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- Wendy W. Smith U.S. Communications 617-854-4348 |
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