Manulife Financial to distribute more than $157 million to participating Canadian policyholders

WATERLOO, ON, July 1, 2004 – The Manufacturers Life Insurance Company (Manulife) will maintain its dividend scale on all dividend-paying life insurance policies in Canada at current levels for the period July 1, 2004 to June 30, 2005, the company announced today.

As a result, total policy owner dividends are estimated at more than $157 million for 2004. This is up 9.8 per cent from total dividends paid in the previous calendar year.

“We’re pleased to maintain our dividend scale this year,” said Bruce Gordon, Manulife Financial’s Senior Executive Vice President and General Manager, Canada. “We are committed to the long-term growth of our participating account and ensuring our policy owners receive good value.”

Policy owners of participating policies understand that dividends are not guaranteed and that actual dividends depend on investment performance, and other factors such as mortality, persistency and expenses. For clients who choose to leave their dividends on deposit with the company, the credited
interest rate on these dividen ds will be changed to 3.75 per cent effective December 1, 2004.

Participating policies underwritten by MFC Insurance Company Limited (formerly Commercial Union Life Assurance Company of Canada) and Zurich Life Insurance Company of Canada are not affected by this announcement and will be dealt with separately by the boards of directors of these subsidiary companies.

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 most of 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. Pro forma funds under management by Manulife Financial and its subsidiaries were Cdn$356 billion (US$272 billion) as at March 31, 2004.

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