A.M. Best Affirms "A++" - Superior - Rating of Manufacturers Life.OLDWICK, N.J.--(BUSINESS WIRE)--Aug. 31, 1998--A.M. Best Co. today affirmed the "A++" (Superior) rating of Manufacturers Life Insurance Co. (Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. ), Toronto, and several of its subsidiaries. The rating is based on the consolidated financial strength and operating performance of the company and its strategic subsidiaries. The rating also reflects the group's strong presence in multiple markets, improved profitability from its geographically diversified product line, conservative reserving practices and strong capitalization. Geographic and operational diversification, as well as the company's strong market positions, cushion it against wide fluctuations of revenues and earnings. In addition, Manulife Financial is operationally diversified through insurance and non-insurance subsidiaries. The company maintains leading market positions in a number of businesses worldwide. It is also a leader in the Canadian defined-contribution pension plan defined-contribution pension plan A pension plan in which an employer's periodic payments into the plan, rather than eventual retirement benefits to employees, are specified. and group life and health markets and enjoys strong name recognition in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. -- particularly in the estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the , variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. and 401(k) markets. Over the past few years, Manulife Financial acquired the Canadian Group Life & Health business of the failed Confederation Life and merged with North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Life Assurance Co. The company also liquidated its Canadian banking and trust operations, U.S. Group Life & Health operations, U.K. operations, equity interest in an investment counseling and mutual fund company, and its non-strategic U.S. subsidiary, Capitol Bankers. These transactions are evidence of management's ability to execute its strategy of concentrating on core businesses and markets with more attractive returns. Improved profitability from the company's core businesses has enabled the company to maintain its superior capital strength. Manulife Financial's plans to demutualize demutualize or -ise Verb [-izing, -ized] or -ising, -ised (of a mutual savings or life-assurance organization) to convert to a public limited company would provide broader access to capital and position the company well to compete in the rapidly changing financial services sector. A.M. Best believes Manulife Financial is well positioned to remain an industry leader and successfully overcome the challenges it faces in the rapidly evolving insurance markets. Manulife Financial's subsidiaries that also had their "A++" (Superior) Best's Ratings affirmed are: Manulife Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corp. (U.S.A.), Manufacturers Life Insurance Co. (U.S.A.), Manufacturers Life Insurance Company of America, all of Bloomfield Hills, Mich., and Manufacturers Life Insurance Company of North America, Dover, Del. and Manufacturers Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Rye, N.Y. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com.
CONTACT: Jeffrey Dunsavage
908/439-2200, ext. 5618
e-mail: dunsavj@ambest.com
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