2004 News Releases

Product innovation and Agency recruiting are key strategies in 2004

Taipei - Manulife Taiwan continued to record excellent growth in all areas of the business in 2003, especially in total sales and contracted agents. As compared to last year, total new sales increased by 121 per cent. Additionally, total premiums and deposits for 2003 increased by 86 per cent. Manulife’s agency force grew 33 per cent over the year earlier.

“Despite the negative impact of Sars on the business during the second quarter, we finished the year with strong sales results and a substantial increase of our agency force, in both size and productivity,” said Michael Huddart, General Manager, Manulife Taiwan. “The launch of our new Participating Whole Life product during the fourth quarter, in addition to aggressive recruiting initiatives throughout the year, contributed to a successful 2003.”

Manulife Taiwan is only the second life insurance company to launch a Participating Whole Life product, as based on new regulations put in place by the Ministry of Finance in September, 2003. “The quick introduction of this product, following the revision of government regulations, has enabled Manulife Taiwan to maintain its reputation as product innovator and its speed to market,” added Mr. Huddart.

Focus for 2004
“Product innovation and agency recruiting remain our major thrusts for 2004,” said Mr. Huddart. “Our goal is to not only continue high growth across the entire business, but to also achieve superior performance over last year. As the difference between products and between price in the industry today decreases, the challenge increases on how to truly differentiate Manulife from its competitors. It has become progressively more important that we strengthen our focus on executing superior marketing strategies, on delivering top-quality customer service, and on providing our agents with ongoing professional education to meet the needs of our increasingly savvy clientele.”

As part of its product development plans for 2004, Manulife Taiwan will be introducing three product packages: retirement, family protection and education. Following the launch last year of the Participating whole life product, Manulife Taiwan will also expand its Participating product portfolio to include a whole life plan with regular coupon payments.

“As for our agency plans for 2004, we are targeting growth of 30 per cent,” said Mr. Huddart. “Year over year for the past four years, we have experienced marked growth in the size of our agency force, with coinciding increases in productivity. We have strategies in place to continue this momentum.”

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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For further information, please contact:
Nicole Chien
Manulife Taiwan
Phone: (886) 2-6636-6174
Mobile: (886) 9-3386-3569
E-mail: Nicole_chien@manulife.com