2004 News Releases

Shanghai – Yesterday, the China Insurance Regulatory Commission (CIRC) formally granted an operating license to Manulife-Sinochem Life Insurance Co. Ltd. for its branch office in Beijing, China. This is Manulife-Sinochem’s second branch license – the Company opened its first branch office in Guangzhou in November 2002. Manulife-Sinochem is headquartered in Shanghai where it began operations in November 1996.

“This is terrific news,” said Victor Apps, Executive Vice President and General Manager of Manulife Financial, Asia. “Beijing presents a fantastic growth opportunity of our China business and we look forward to providing Beijing citizens with innovative products to meet their financial and protection needs.”

“Manulife-Sinochem is prepared to open for business in mid-May,” said Marc Sterling, Senior Vice-President, Regional Operations, Asia. “By this time, we expect to have completed the registration process for the branch and will be ready for our professional team of managers and sales agents to begin selling our products.”

“This is an exciting milestone in our quest to becoming a national life insurer in China,” added Mr. Sterling. “For seven years, since our start of operations in China, we have demonstrated our commitment to this country, to our Chinese customers and employees. We will leverage the experiences we have gained from operating in Shanghai and Guangzhou, and provide our new customers in Beijing with industry-leading service and expertise. Our vision is to be the most professional life insurance company in all of China.”

“We are pleased to announce that Mr. Alan Lee has been appointed General Manager of Manulife-Sinochem’s Beijing branch,” said James Lin, General Manager, Manulife-Sinochem. “Mr. Lee has played a pivotal role in our China operations, from leading the projects that resulted in obtaining the Company’s two branch licenses, in addition to day-to-day company operations. His wealth of experience in the life insurance industry, and China in particular, will lend itself well to the future success of the new Beijing branch office.”

A ribbon-cutting ceremony to mark the beginning of preparations for the new Beijing branch took place in October 2003 at the St. Regis Hotel in Beijing. The former Canadian Prime Minister Jean Chrétien presided over the ceremony, in the company of Dominic D’Alessandro, Manulife Financial Corporation’s President and Chief Executive Officer.

An official Opening Ceremony of the Beijing branch is planned for Thursday, May 20th at the China World Hotel, Beijing.

About Manulife-Sinochem
Manulife-Sinochem is a joint venture company between Manulife (International) Limited (51 per cent) and China Foreign Economic and Trade Trust & Investment Company, a member of the Sinochem group (49 per cent).

Manulife-Sinochem is Canada’s second largest employer operating in China. Today it has nearly 4,000 professionally trained staff and agents serving more than 200,000 customers in Shanghai and Guangzhou. For the year 2003, new annualized premium sales increased 18 per cent over the year earlier, while total premiums and deposits increased 21 per cent.

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 Cdn$156.7 billion as at December 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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