Manila, Philippines – The Manufacturers Life Insurance Company (“Manulife Financial”) has completed its purchase of The Pramerica Life Insurance Company, Inc. (“Pramerica Life”) in the Philippines from Prudential International Insurance Holdings, Ltd., first announced on May 15, 2006. Policies of Pramerica Life customers will remain in force under their original terms and conditions.
“The purchase of Pramerica Life is consistent with Manulife’s strategy to grow its global presence especially in the Asian Region,” said Vic Apps, Senior Executive Vice President and General Manager of Manulife Financial’s Asian operations. “This acquisition illustrates Manulife’s continuing commitment to the Philippines and our growing base of Filipino clients and business partners.”
Manulife Financial’s long and successful history in the Philippines will soon be celebrated at the 100th anniversary of the opening of its first Philippines office in 1907. In this time, its subsidiary, Manulife Philippines, has grown to become a top five life insurer based on total premium income, according to information compiled by the Insurance Institute for Asia and the Pacific (IIAP).
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$370 billion (US$332 billion) as at June 30, 2006.
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 -
For further information, please contact:
|In the Philippines:||In Hong Kong:|
Phone: (632) 884-5417
Phone: (852) 2510-3200