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Manulife Philippines acquires MetLife Philippines business Manila – Manulife Philippines announced today that as a show of industry support it has agreed to take on the small block of in-force life insurance business formerly belonging to MetLife Insurance Company of the Philippines (“MetLife Philippines”) by way of an Assumption Reinsurance Agreement between the parties. The assumption by Manulife of MetLife’s business has been approved by the Philippines’ Insurance Commission and is effective immediately. The terms of the agreement were not disclosed. “We are very pleased to welcome our new policyholders to Manulife Philippines. As a leading insurer in the Philippines and around the world, we offer a portfolio of high quality, innovative financial products and service solutions, tailored to meet the unique needs of our new and existing customers,” said Ato Vergel De Dios, President and CEO, Manulife Philippines. “This arrangement demonstrates our commitment to serve the Philippine insuring public and is consistent with our objective of being the most professional life insurance company in the country. ” Manulife has been serving customers in the Philippines for close to 100 years. One of the country’s top five life insurance companies, Manulife Philippines and Manulife Financial Plans (a pre-need subsidiary) together have more than 1,800 employees and agents, serving over 125,000 customers. MetLife Philippines announced its exit from the Philippines market on February 15, 2002. About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$146.7 billion as at March 31, 2002. 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 - For more information, please contact Manulife:
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