TOKYO, Jan. 26, 2003 – Manulife Financial Corporation, Manulife Life Insurance Company (Manulife Japan) and The Bank of Tokyo-Mitsubishi, Ltd. (BTM) have entered into a strategic alliance under which Manulife Japan’s individual annuity insurance product will be distributed through the BTM network. At the same time, BTM is investing five billion yen in the preferred stock of Manulife Japan.
Dominic D’Alessandro, President and CEO of Manulife Financial, Trevor Matthews, President and CEO of Manulife Japan and Shigemitsu Miki, President of BTM and Mitsubishi Tokyo Financial Group, Inc., BTM’s parent company, signed the agreement at a ceremony today in Tokyo.
“We are proud of this endorsement of our global product knowledge and expertise,” said Manulife’s D’Alessandro. “This alliance enables us to offer our industry-leading annuity product through an attractive distribution channel.”
Through this agreement, BTM will benefit from Manulife’s global product development capabilities and be able to provide its customers with leading-edge and innovative individual annuity insurance products. Pending regulatory approvals, Manulife Japan will offer its product through BTM’s network beginning in April. Mitsubishi Tokyo Financial Group’s trust (Mitsubishi Trust Bank) and securities (Mitsubishi Securities) operations will also offer Manulife Japan’s product soon after.
Strategic alliance of expertise
“This alliance brings together the advantages of both companies, allowing us to cooperate in using our experiences and expertise inside and outside Japan to develop and sell competitive and innovative products that can win a considerable share in the relatively untapped individual variable annuity market in Japan,” said Mr. Matthews.
This alliance was struck in accordance with the long-term business strategy of both companies and demonstrates Manulife Japan’s commitment to the Japanese market and its strategy of playing a significant role in leading and shaping the Japanese life insurance market. As part of the agreement, BTM will invest five billion yen in preferred shares of Manulife Japan, which are owned by Manulife Financial’s group of companies.
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$150.8 billion as at September 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 www.manulife.com.
About Bank of Tokyo-Mitsubishi
Bank of Tokyo-Mitsubishi (BTM) is a leading commercial bank in Japan, offering an extensive scope of commercial, investment, and trust banking products and services to businesses, governments and individuals worldwide. BTM’s domestic network comprises more than 260 branches, sub-branches and agencies. The BTM Group’s global network, spanning more than 40 countries, is unrivaled among its Japanese peers.
About Mitsubishi Tokyo Financial Group
Mitsubishi Tokyo Financial Group, Inc. is the holding company established in April 2001 to oversee the operations of the Bank of Tokyo-Mitsubishi, Ltd. (BTM), the Mitsubishi Trust and Banking Corporation (MTBC) and their subsidiaries. Its primary responsibilities centre on facilitating business synergies among the entities of the Mitsubishi Tokyo Financial Group, on setting the Group’s overall strategic direction, and on managing the Group’s risk globally. Shares of the holding company trade on the Tokyo, Osaka, New York (NYSE: MTF), and London stock exchanges.