2005 News Releases

Positive outlook driven by strong business position and earnings performance

Toronto– Standard & Poor’s Ratings Services today said it had revised the ratings outlook on Manulife Financial and all of its subsidiaries to “positive” from “stable”. Manulife’s financial strength ratings are currently AA+, the second highest among 21 rating categories at Standard & Poor’s.

According to Standard & Poor’s, the positive outlook reflects the breadth and depth of the Company’s business franchise, its dominant position in its primary product markets, the stability and level of the earnings performance, and an extremely strong capital adequacy position. Furthermore, Standard & Poor’s stated that Manulife Financial’s ratings would be reviewed for an upgrade to the AAA level within 12 months if the positive operating trends continue to improve while the Company finalizes the integration of John Hancock and manages certain product risks.

“We are very pleased to see this endorsement of the financial strength of Manulife Financial and the recognition that we are delivering solid operating results across our businesses in Canada, the U.S. and Asia” said Dominic D’Alessandro, President and Chief Executive Officer of Manulife Financial. “The Company already has some of the highest ratings among the financial services sector, however to be considered for an upgrade to the highest level available by Standard & Poor’s clearly demonstrates the strengths and advantages of Manulife’s global operations”.

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$360 billion as at September 30, 2005.

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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Related Link: Standard & Poor's News Release