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Manulife Financial completes acquisition of CMG Philippines Manila, Philippines – Manulife Financial has received approval from local and foreign regulators for its purchase of CMG Philippines’ life insurance and pension & education operations from Commonwealth Bank of Australia, first announced October 17, 2002. The transaction includes approximately 60,000 in-force life insurance policies and pension & education customers whose policies will remain in force under their original terms and conditions. “We are pleased to add this high-quality block of business to our Philippine operations,” said Renato A. Vergel de Dios, Manulife’s General Manager for the Philippines. “This acquisition strengthens Manulife’s overall position in the life insurance and pension & education sectors and complements our strategy of becoming a major player in the industry.” The last acquisition in the Philippine life insurance industry was also executed by Manulife – that being the assumption of the in-force block of business of MetLife Philippines, announced in July. After opening up the life insurance sector in 1995 and attracting almost 20 foreign-based life insurance companies into the Philippines, regulators have since encouraged consolidation in a now overcrowded life industry. About Manulife Philippines Manulife Philippines and Manulife Financial Plans are wholly owned subsidiaries of Manulife Financial, 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$139.2 billion as at September 30, 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 further information, please contact: In the Philippines: Jom Ignacio Tel: (632) 813-2849 E-mail: jom_ignacio@manulife.com In Hong Kong: Kim Griffiths Tel: (852) 2510-3200 E-mail: kim_griffiths@manulife.com |
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