Manulife to distribute an estimated $200 million to participating Canadian policyholders

WATERLOO, ON, June 17 2005 – The Manufacturers Life Insurance Company (Manulife) announced today it will distribute an estimated $200 million to participating Canadian policyholders. This is a five per cent increase above the amount distributed last year.

Policy owners of participating policies understand that dividends are not guaranteed and actual dividends depend on investment performance and other factors, such as mortality, persistency and expenses. The investment environment continues to be a challenge with interest rates that remain low. Consequently, to maintain the long-term viability of the participating account, Manulife will reduce the Canadian policyholder dividend scale effective August 1, 2005.

“While it is necessary to reflect the declining returns in the dividend scales, I am pleased to advise policyholders that the dividend scale reduction is modest – in the range of 0 to 0.75 per cent for most policies,” said Paul Rooney, Manulife Financial’s Executive Vice President, Individual Insurance.

Participating policies underwritten by the former Zurich Life Insurance
Company of Canada are not affected by this announcement.

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 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.

Funds under management by Manulife Financial and its subsidiaries were
Cdn$350.3 billion as at March 31, 2005.

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