Manulife Indonesia acquires ING-Aetna Life Indonesia

JAKARTA, Oct. 21, 2003 – PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) has entered into an agreement to acquire PT ING-Aetna Life Indonesia (ING), subject to regulatory approval. ING selected Manulife Indonesia as a result of its decision to re-focus its insurance activities in the Asia/Pacific region to markets and products where it can command a leading market position. Manulife Indonesia is committed to protecting the ongoing benefits of ING-Aetna Life’s policyholders.

ING’s banking activities in Indonesia, including its corporate advisory and securities activities, will be unaffected by this transaction.

“We are pleased that ING saw Manulife Indonesia as the natural choice to bring ongoing protection to their policyholders,” said Vic Apps, Executive Vice President and General Manager of Manulife’s Asian operations. “This transaction, along with our recent acquisition of PT Zurich Life Insurance Indonesia, solidifies Manulife Indonesia’s position as one of the strongest life insurance companies in the country.”

Jacques Kemp, Member of the Executive Committee and Chief Executive Officer Asia/Pacific for ING stated, “We are confident that Manulife will be able to build on the firm foundations established by ING Aetna Life and take the company to the next level. In the meantime, ING remains committed to Indonesia through its banking activities.”

With an 18-year history of prudent and successful management, Manulife Indonesia has reported twelve consecutive years of continuous profitability. The Company consistently maintains a Risk Based Capital rating that exceeds government regulations and continues to invest in further improving service levels for customers and agents. ING’s 280,000 life insurance customers are joining a financially secure business with more than 450,000 other Manulife Indonesia policyholders.

“We are pleased to welcome ING’s policyholders to Manulife. They can rest assured that all current contracts will be honoured and that we are committed to providing them with the best products and services available in Indonesia,” said John Harrison, President Director of Manulife Indonesia. “They are joining a financially secure business in Manulife Indonesia that will offer a wider product selection than ever before, enabling them to achieve their financial security goals within a safe financial institution.”

Manulife Indonesia is solely funding the entire acquisition cost, further demonstrating the Company’s long-term commitment and financial strength in the Indonesian market. The terms of the deal were not disclosed.

“We are committed to becoming the preeminent provider of Indonesian insurance and pension products by increasing our agency force,” added Mr. Harrison “The acquisition of ING’s life insurance business will bring around 2,000 professionally-trained agents on board, greatly accelerating our growth and service opportunities.”

About Manulife Indonesia

Established in 1985, Manulife Indonesia was awarded the ‘Life Insurance Company of the Year’ award for 2002 in Asia by Asia Insurance Review, a respected insurance publication in Asia. Manulife Indonesia is one of the largest joint venture insurance companies in the country and has been chosen as one of the best life insurance companies in Indonesia by Info Bank, Pilar Bisnis and Investor Magazine in 2002.

The Company offers the most comprehensive products and services in the life insurance industry in Indonesia. Headquartered in Jakarta, Manulife Indonesia operates through a network of 70 branches in 31 cities throughout Indonesia with the support of almost 3,600 staff and full-time agents, who serve 450,000 customers.

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$144.3 billion as at June 30, 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

About ING Group

ING Group is a global financial institution of Dutch origin, active in the field of banking, insurance and asset management. ING operates in 60 countries throughout the world with more than 115,000 employees. As of 30 June 2003, ING Group’s assets under management amounted to more than (euro) 452.4 billion. In Asia, ING operates in 14 countries and employs 13,000 employees. More information on ING Group can be found on the Internet at