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Ottawa, April 20, 2004
2004-029

Acquisition of John Hancock Subsidiary Maritime Life by Manulife Financial Corporation Approved

The Government of Canada today approved Manulife Financial Corporation’s acquisition of The Maritime Life Assurance Company, Minister of Finance Ralph Goodale announced.

The transaction is part of Manulife’s acquisition of the parent company, Boston-based John Hancock Financial Services, Inc.

"The Government considered a broad range of public interest issues in making this decision, including the interests of policyholders and employees across the country," said Minister Goodale. "I have been assured that policyholders’ existing insurance coverage will not change as a result of this decision, and that the treatment of affected employees will meet or exceed industry practices."

The Office of the Superintendent of Financial Institutions and the Competition Bureau reviewed the transaction. The Superintendent recommended approval of the transaction and the Commissioner of Competition raised no objection.

Manulife will become North America’s second-largest life insurance company and the fifth largest worldwide.

"This announcement is another example of the significant success of our financial institutions in bringing Canadian financial sector expertise to other markets around the globe," said Minister Goodale.

The transaction is expected to close April 28, 2004.

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