[[Image Removed: (MANULIFE FINANCIAL LOGO)]]
[[Image Removed: (NEWS RELEASE GRAPHIC)]]
FOR IMMEDIATE RELEASE TSX/NYSE/PSE: MFC; SEHK: 0945
April 28, 2004
Manulife Financial and John Hancock complete merger creating North
America's second largest life insurance company
TORONTO - Manulife Financial Corporation and John Hancock Financial Services,
Inc., including its Canadian subsidiary, The Maritime Life Assurance Company,
today completed their merger after receiving all necessary regulatory approvals.
John Hancock is now a subsidiary of Manulife Financial.
John Hancock stock will cease trading on the New York Stock Exchange at the
close of markets today, April 28, 2004. The approximately 675,000 John Hancock
common shareholders are entitled to receive 1.1853 Manulife common shares for
each John Hancock common share. John Hancock shareholders overwhelmingly
approved the combination on February 24, 2004, with more than 95 per cent of the
votes cast favouring the adoption of the merger agreement.
Customers' benefits, premiums, values or guarantees of current policies or
contracts will not change as a result of the merger.
"We are pleased to welcome John Hancock and Maritime Life customers,
distribution partners and employees, as well as former John Hancock
shareholders, to the Manulife family," said Dominic D'Alessandro, President and
Chief Executive Officer. "The addition of these businesses and the resources
they bring will help us realize our vision to be the most professional life
insurance company in the world."
A leading global insurance franchise
The completion of this merger - the largest cross-border transaction in Canadian
history - makes Manulife the largest public company and largest life insurance
company in Canada, the second largest life insurer in North America and the
fifth largest in the world based on market capitalization as at April 27, 2004.
Dominic D'Alessandro is President and Chief Executive Officer of Manulife
Financial Corporation, which has its global headquarters in Toronto, Canada.
David D'Alessandro is Chief Operating Officer and future President of Manulife,
and is heading up the integration process, reporting to Dominic D'Alessandro. He
remains Chairman and Chief Executive Officer of John Hancock Financial Services,
Inc., based in Boston. David D'Alessandro will become President of Manulife at
the first anniversary of the merger, at which time Dominic D'Alessandro will
remain CEO.
Maritime Life, headquartered in Halifax, Canada, is being integrated into
Manulife's Canadian division, which together with John Hancock forms Manulife's
North American division that reports to David D'Alessandro.
.../more
Page 2
"Together, we are a leading international insurance franchise that offers
customers multiple access points to a wide variety of financial and protection
products, shareholders greater growth and value, and our employees opportunities
for career development in a global enterprise," said David D'Alessandro. "During
the integration process we will leverage the best of each company to drive
organic growth of our existing businesses."
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. Pro forma funds under management
by Manulife Financial and its subsidiaries were Cdn$355.9 billion
(US$271.6 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
www.manulife.com.
- 30 -
Fact Sheet available on www.manulife.com
For more information, please contact:
Media Inquiries: Investor Relations:
Donna Lindell Edwina Stoate
Tel: (416) 926-5226 Tel: 1-800-795-9767 or (416) 926-3490
donna_lindell@manulife.com investor_relations@manulife.com
or
Peter Fuchs
Tel: (416) 926-6103
peter_fuchs@manulife.com
Forward-Looking Statements
This news release includes Forward-Looking statements with respect to the
Company, including its business operations and strategy as well as its financial
performance and condition. These statements generally can be identified by the
use of Forward-Looking words such as: "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe," or "continue" or the negative thereof or
similar variations. Although management believes that the expectations reflected
in such Forward-Looking statements are reasonable, such statements involve risks
and uncertainties and actual results may differ materially from those expressed
or implied by such Forward-Looking statements. Important factors that could
cause actual results to differ materially from the Company's expectations
include among other things, general economic conditions worldwide, market
factors, including global capital market activity, interest rate and currency
value fluctuations, business competition, changes in government regulations or
in tax laws, technological changes, changes in consumer demand for the Company's
products and services, realizing increased revenue from the expansion and
development of distribution channel capacity, our ability to complete strategic
acquisitions and to integrate acquisitions, catastrophic events, political
conditions and developments and international conflicts. Investors are directed
to consider the risks and uncertainties in the Company's business that may
affect future performance and that are discussed in Manulife's most recent
Annual Report on Form 40-F and John Hancock's most recent Annual Report on Form
10-K, in each case, filed with the U.S. Securities and Exchange Commission.
Investors are cautioned not to place undue reliance on the Company's
forward-looking statements. The Company does not undertake to update any
Forward-Looking statements.
|