2006 News Releases

Manila, Philippines – Manulife Financial has entered into an agreement to acquire The Pramerica Life Insurance Company, Inc. (“Pramerica Life”) in the Philippines from Pramerica Financial subject to regulatory approval.

“This is our fifth transaction in the Philippines since 2002 and illustrates Manulife’s commitment to growing the insurance business in this country,” said Vic Apps, Senior Executive Vice President and General Manager of Manulife’s Asian operations. “Manulife is committed to protecting the ongoing benefits of Pramerica’s policyholders.”

Manulife has a long and successful history in the Philippines with the first life insurance policy sold over 100 years ago – in 1903. Since then, 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).

“Pramerica Life’s policyholders can rest assured that all current contracts will be honoured and that Manulife is committed to providing them a wider product selection than ever before, enabling them to achieve their financial security goals within a safe financial institution,” said Carl Gustini, President and Chief Executive Officer of Manulife Philippines. 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$386 billion (US$330 billion) as at March 31, 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.

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