2006 News Releases

Basic Earnings, Operating Income and Net Earnings All Achieve Growth

Tokyo - Manulife Life Insurance Company (Head Office: Chofu-shi, Tokyo; Geoff Crickmay, President & CEO; hereinafter “Manulife Japan”) hereby announces its results for the first half of FY2006 (April to September 2006).

During the period in review, Manulife Japan’s basic earnings, an indicator of earnings in its core insurance business, grew significantly to 6.8 billion yen, up from 3.2 billion yen for the same period in the previous year, due to some major affecting factors including rigorous expense management and an increase in Interest and Dividends. Operating income for the period also improved to 7.8 billion yen, up from 7.6 billion yen for the same period in the previous year. Net income for the period steadily increased to 7.5 billion yen, up from 7.1 billion yen reported a year earlier.

Premium income during this period was 158.8 billion yen, equivalent to 86% of the result during the same period in 2005, due mainly to reduced variable annuity sales that resulted from the voluntary suspension of certain products. However, the total amount of inforce business as of the end of the period in review increased to 5,576.1 billion yen, equivalent to 101% of the result as of the end of same period previous year, due in part to an improvement in policy lapses and surrenders as well as a limited impact of the above-mentioned sales suspension on the overall sales efforts of the Company. The major drivers of the Company’s solid sales performance during the period were strong sales of variable annuity products through its primary sales channel, its PlanRight Advisor (Manulife Japan sales representatives, hereinafter “PA”) national sales organization, and the rollout of a new corporate insurance product called “Increasing Term Life Insurance.”

Manulife Japan’s Solvency Margin Ratio stood at 1442.7% as of September 30, 2006, a substantial increase from its level of 1231.6% as of September 30, 2005, demonstrating the Company’s solid financial foundation.

In addition, Manulife Japan obtained an upgrade of its financial strength rating to ‘AAA’, the highest level among 21 rating categories, from Standard & Poor’sRating Services (S&P) as of November 7, 2006.

Geoff Crickmay, President and CEO, provided the following statement regarding this period:

“Through rigorous management of expenses, Manulife Japan has further strengthened its firm financial foundation. Also, we obtain the highest-level ‘AAA’ rating from S&P, one of the world’s most reliable rating agencies. As part of our continuous drive to achieve solid and continuous sales growth, through the offering of innovative universal life insurance and variable annuity products and the expansion of our sales channels, the Company will launch a new individual variable annuity product with highly advanced features in the second half of FY2006. As an important part of the Manulife Financial Group, the fourth largest life insurance company in the world in terms of market capitalization*, Manulife Japan will strive to secure a leading position in the Japanese market going forward through the thorough implementation of “Customer First” as our basic business philosophy.”

About Manulife
Manulife Life Insurance Company (“Manulife Japan”), a member company of the Manulife Financial group, holds the highest level "AAA" credit rating from Standard & Poor’s, one of the world’s most reliable credit rating agencies (as of November 7, 2006).

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$381 billion (US$341 billion) as at September 30.

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. Manulife Japan can be found on the Internet at www.manulife.co.jp.

- 30 -

For information related to this press release please contact:

Manulife Life Insurance Company
Saeko Yoshioka
Communications Department
Tel: 042-442-7180

FY2006 First Half Business Performance Highlights

• Offering innovative products with cutting-edge features

Manulife Japan successfully commenced sales of a new corporate life insurance product called “Prosperity Increasing Term Life Insurance” during the period in review. This product was developed to meet a broad range of corporate needs from financial protection to the securing of business funds. It was named “Prosperity” as it is the Company’s desire to help its corporate customers prosper for years to come.

On the heels of last year’s successful launch of the “Universal Switch Plan”, Manulife Japan during this period completed enhancements of its system for Post Issue Rider Addition, which enables the Company to provide policyholders with more flexibility in adding riders after policy issue, one of the unique benefits of universal-type insurance products.

During the period in review, Manulife Japan also proceeded with development of a new and strategic individual variable annuity product. This product contains cutting edge features to meet the annuity needs of customers who desire to spend their assets as annuity income through an immediate annuity plan while accumulating funds with risks mitigated as much as possible. This new product, under the names “Step Life”, “ManuPort” and “ManuAce”, was rolled out nationwide on November 13, 2006 and has been well received by the market.

• Further strengthening of its sales network and other Initiatives

Manulife Japan has implemented a wide range of initiatives to strengthen the performance and productivity of its primary sales channel, its PlanRight Advisor (“PA”) national sales organization. These initiatives include recruitment seminars held nationwide to recruit quality personnel, the development of a new training program to facilitate the professional development of PAs, and the implementation of special incentives and exclusive training to further motivate and enhance the abilities of its highest performing PAs.

Manulife Japan is also striving for expansion of its bancassurance channels in the individual variable annuity sector through active efforts to establish sales partnerships with major financial institutions. During this period, the Company concluded additional agency agreements for over-the-counter sales with 4 financial institutions. These new agreements bring the total number of financial institutions with which Manulife Japan does business to 26 companies as of September 30, 2006.

During the period, the Company developed a new logo to communicate its fundamental philosophy of “Customer First” and to help firmly establish a “Customer First” culture across the Company. Its Insurance Operations Department has played a central role in implementing a wide range of improvement measures to achieve “Customer First” in both name and reality using this new logo.

During this period, Manulife Japan invited Dr. Ted McNeill, the Director of Social Work and Child Life at the Hospital for Sick Children in Toronto, Canada, to Japan to give special lectures as part of Manulife Japan's support for improving the recovery environment for children at pediatric care facilities in Japan. In addition, the Company also successfully concluded its "Spring Campaign" and “Autumn Campaign”, the first steps of Manulife Japan's new ongoing fundraising campaign, conducted in conjunction with Central Community Chest of Japan, to provide recovery assistance to disaster-affected areas in Japan. The campaign received participation from over 5,500 staff of Manulife Japan's Head Office and its nationwide sales network.