FOR IMMEDIATE RELEASE October 24, 2002	TSX/NYSE/PSE: MFC; SEHK: 0945
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• During the quarter, the Company entered into an agreement with Scudder Investments to offer Manulife’s variable annuity products through Scudder’s distribution network. Manulife’s superior capabilities in variable annuity product development, technology and service combined with Scudder’s marketing strength create an opportunity to significantly expand sales.

• With the September launch of Manulife Private Accounts, Manulife Financial became the first insurance company to offer a managed accounts product in the United States as well as the first company to offer this type of product in the financial planner channel. This product is targeted towards clients looking for a higher level of personalized wealth management services. With Manulife Private Accounts, clients will have access to multiple investment managers in one core account.

• Manulife USA was recognized for its outstanding communications materials for 401(k) pension plan sponsors and participants. The Company was awarded first place in the Plan Sponsor category by the Profit Sharing/401(k) Council of America for its 401(k) fiduciary guide for employers. The American Council of Life Insurers Integrity First Award was presented to Manulife USA for its outstanding 401(k) enrollment kit for distribution to participating employees.

• Due to our strong value proposition and changes in the marketplace this year, we have put extra effort into attracting additional high quality independent advisors and firms to sell our products. Results have been excellent, and Manulife has attracted a significant number of established producers and distribution companies.

• Elliott & Page, the Company’s Canadian mutual fund manager and distributor, ranked second in the industry in net sales during July and August, led by strong performance of its Monthly High Income Fund.

• Canadian Group Benefits unveiled an enhanced online group benefits Web site, positioning the business as the premier group benefits provider of online services to more than four million employees and dependents across Canada. Unique features only offered by Manulife’s Plan Member Site include direct deposit for benefit claims and plan coverage information specific to the plan member.

• In July, Manulife Philippines assumed the block of inforce life insurance business formerly belonging to MetLife Philippines. In early October, Manulife acquired the life insurance, pension and education operations of CMG Philippines. This transaction adds more than 60,000 inforce life insurance policies and pension and education plans as well as over 1,000 agents to Manulife Philippines, significantly enhancing Manulife’s position in this market.

• Manulife Financial increased its stake in the Company’s Singapore subsidiary to 100 per cent with the purchase of shares from its joint venture partner. This move will enable Manulife to expand its operations in a market with significant growth potential. Manulife had 375 agents in Singapore as at September 30, 2002, an 11 per cent increase from a year ago.

• On October 17, Manulife-Sinochem was granted approval to open its branch office in Guangzhou, China. This is the first branch license granted by the China Insurance Regulatory Commission to a foreign invested joint-venture life insurance company. Manulife-Sinochem started operations in November 1996 in Shanghai as China's first joint-venture life insurance company. In just six years, it has grown to over 3,000 agents, has earned a reputation for new product innovation and is ranked second among foreign life insurance companies in Shanghai.

• Manulife Indonesia was awarded the “Life Insurance Company of the Year” award for 2002 by the Asian Insurance Review. This award is based on several criteria, including innovation, consistently strong financial performance, strong management and a high standard of customer service.

• Taking advantage of deregulation that allows banks to distribute variable annuities effective October 1st, Manulife Japan has established alliances with five banks to distribute its ManuSolution variable annuity product. As a result of these alliances, sales of ManuSolution have doubled with the banks accounting for a significant portion of sales to date this month.

• During the quarter, Manulife Financial purchased and cancelled 16 million of its common shares at a weighted average price of $37 per share.

• A survey conducted by The Globe and Mail, Report on Business ranked Manulife Financial number one in Corporate Governance, based on an extensive review of governance practices in Canada. Manulife was recognized for its strong commitment to shareholder interests.

• U.S. Division’s 2002 third quarter net income increased by 51 per cent to $116 million compared to $76 million in the third quarter of 2001. Year-to-date net income was $345 million in 2002, an increase of 35 per cent from 2001. The increase in the quarter’s net income reflected very good claims experience along with higher sales and improved margins from wealth management and insurance operations. This increase was partially offset by the impact of lower equity markets, which, in the quarter, reduced earnings by an estimated $16 million. Continued tight fixed and discretionary expense management in all core businesses also contributed to the growth in earnings.

• Driven by strong sales of 401(k) pension, variable annuity and Universal Life insurance products, premiums and deposits for the quarter increased by 14 per cent to $4.1 billion compared to the third quarter of 2001.

• Funds under management as at September 30, 2002 of $69.3 billion were slightly higher than the $68.1 billion reported in 2001. Consistently strong net policyholder cash flows over the past 12 months were substantially offset by the $7.3 billion impact of declining equity markets.

• Canadian Division shareholders’ net income of $85 million for the quarter decreased by 10 per cent from $94 million in the third quarter of 2001. Year-to-date shareholders’ earnings of $275 million were up 10 per cent over the first nine months of 2001. In the quarter, favourable claims experience in Group Benefits, expense efficiencies in both protection and wealth management businesses, and contributions from the acquisition of Zurich Canada were more than offset by the impact of lower equity markets on the Division’s wealth management businesses, including segregated fund guarantees, and poor claims in the Individual Insurance business. Declining equity markets reduced net income by approximately $18 million in the quarter.

• Premiums and deposits were up eight per cent to $1.4 billion in the third quarter. All lines of business contributed to the increase, which was primarily as a result of the acquisition of Zurich Canada’s individual insurance business in 2002, stronger long-term mutual fund and fixed-income investment product sales and continued growth in Group Benefits.

• Funds under management increased by six per cent to $33.8 billion as at September 30, 2002 from $32.0 billion as at the same time last year. This increase reflects the Zurich Canada acquisition, organic growth of insurance and fixed-income savings businesses, and positive segregated and mutual fund net cash flows over the past 12 months, partially offset by the estimated $675 million impact of lower equity markets.

• Asian Division shareholders’ net income increased by 49 per cent to $72 million in the third quarter of 2002 from $48 million in 2001. Year-to-date shareholders’ net income was $185 million, an increase of 35 per cent over 2001. The quarter’s increase in earnings reflected business growth and expense efficiencies across the Division, particularly in the Hong Kong operations.

• Premiums and deposits increased by 18 per cent to $787 million in the third quarter, reflecting growth in the insurance and wealth management businesses.

• Funds under management increased by 31 per cent to $9.8 billion as at September 30, 2002 from $7.5 billion in 2001 due to business growth across the Division, particularly in Hong Kong Individual Insurance, Mandatory Provident Fund deposits in Hong Kong and mutual fund deposits in Indonesia.

• Japan Division’s net income decreased by $9 million to $27 million in the third quarter of 2002 from $36 million in the third quarter of 2001. Year-to-date earnings were $85 million up from $84 million in 2001. The decrease for the quarter versus a year ago reflected the impact of surrenders from the block of policies acquired from Daihyaku, which is not yet being fully offset by growth in new sales given the prevailing economic climate in Japan.

• Premiums and deposits of $409 million in the quarter remained relatively unchanged from 2001.

• Funds under management decreased by $1.9 billion to $13.6 billion as at September 30, 2002, from $15.5 billion as at September 30, 2001, as increases from policyholder cash flows were more than offset by benefit payments, which included the impact of discontinued policy obligations assumed from Daihyaku at the date of acquisition.

• Reinsurance Division reported net income of $42 million in the third quarter of 2002, an increase of $96 million over the $54 million loss reported in the third quarter of 2001. Year-to-date net income increased to $132 million from $21 million in 2001. The 2001 results for the quarter included $145 million in net provisions for anticipated claims arising from the terrorist events in the United States on September 11, 2001, partially offset by the inclusion of a $30 million one-time reduction in tax expense. Excluding these non-recurring items, earnings for the quarter were $19 million lower than the third quarter of 2001. This decrease resulted from Life Reinsurance mortality experience in the quarter, which although favourable, was lower than the strong results reported in 2001. In addition, the strengthening of actuarial reserves to support potential claims sensitive to declines in equity markets reduced earnings by approximately $14 million in the quarter.

• Premiums increased by $106 million or 47 per cent to $331 million in the quarter, primarily due to business growth and the timing of client-reported premiums in the Property and Casualty Reinsurance line.

• General fund assets increased by 21 per cent to $4.3 billion as at September 30, 2002 from $3.6 billion as at September 30, 2001, reflecting growth in the business.