MANULIFE FINANCIAL CELEBRATES 100 YEARS IN THE UNITED STATES (June 23, 2003)











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FOR IMMEDIATE RELEASE
June 23, 2003

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Manulife Financial celebrates 100 years in the United States
--Anniversary of First US Policy Sold--

Boston – Today marks the 100th anniversary of the first Manulife Financial life insurance policy sold in the United States. “One hundred years of operation is a tremendous milestone for Manulife and a testament to the expertise and commitment of our employees, the quality of our products and services, and our consistent financial strength,” said John D. DesPrez III, Chairman & President, Manulife USA. “These core assets have translated into the value that we have provided and will continue to provide to both customers and advisors.”

With its global headquarters in Toronto, The Manufacturers Life Insurance Company (Manulife Financial) was incorporated by an Act of Canadian Parliament on June 23, 1887, 16 years prior to its entrance into the United States. Canada’s first Prime Minister, Sir John A. Macdonald, was the founding President of Manulife Financial. Manulife first opened its doors to the U.S. market with a small life insurance field office in Detroit, Michigan.

In 100 years, Manulife’s U.S. Operations has had some significant milestones:

1903 – Entered the U.S. marketplace
1940 – First North American company to offer insurance to controlled diabetics
1950s – Licensed to sell business in 31 states and Washington, D.C., by the end of the decade
1960s – One of the pioneers of survivorship life insurance
1976 – Introduced its first US pension product
1982 – Acquired National Liberty Life insurance Co. of America, renamed The Manufacturers Life Insurance Company of America (Manulife America), and acquired Maine Fidelity Life Insurance Company, renamed The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA)
1987 – Entered the variable universal life market
1996 – Acquired North American Security Life and First North American Life (now Manulife New York) through a merger between Manulife Financial and North American Life
1998 – Manulife USA and Manulife America among the first insurance companies admitted to the Insurance Marketplace Standards Association (IMSA)
2001 – First insurance company to enter the 529 college savings market with the introduction of Manulife College Savings, a multi-managed 529 savings plan
2002 – One of the first insurance companies to enter the separately managed account business, with the launch of Manulife Private Account, a multi-style separately managed account

Today, 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.

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 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.

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Media Contact:
Wendy W. Smith
U.S. Communications
617-854-4348