A.M. Best Affirms and Assigns Ratings to Manulife Financial and its Subsidiaries.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and the issuer credit ratings (ICR) of "aa+" of The Manufacturers Life Insurance Company (MLIC) (Toronto, Canada), John Hancock Life Insurance Company (JHLIC) (Boston, MA) and John Hancock Life Insurance Company (USA) (JHLIC USA) (Bloomfield Hills, MI). A.M. Best has also affirmed the FSR of A++ (Superior) and assigned ICRs of "aa+" to John Hancock Variable Life Insurance Company (JHVLIC) (Boston, MA), John Hancock Life Insurance Company of New York (JHLICNY) (Valhalla, NY) and Manulife Insurance Company (MIC) (Wilmington DE). Additionally, A.M. Best has affirmed all debt ratings of Manulife Financial Corporation (Manulife) (NYSE: MFC) (Toronto, Canada) and its subsidiaries. The outlook for all ratings is stable.

The ratings reflect Manulife's revenue diversification in multiple markets, robust earnings from its varied businesses, conservative reserving practices and superior capitalization. Manulife maintains a strong franchise as a leading provider of financial protection products and wealth management services in Canada, the United States and Asia.

A.M. Best believes the consistent flow of earnings from Manulife's core businesses is sustainable and provides ample liquidity to strongly support its long-term debt service capabilities. Manulife's operational and geographic diversification, as well as its solid position in numerous markets, have somewhat insulated it from wide fluctuations in revenues and earnings. A.M. Best views leverage levels as moderate and coverage is strong.

Partially offsetting these positive rating factors is the company's exposure to currency fluctuation, which due to the strengthening of the Canadian dollar, has negatively impacted earnings; its exposure to product risk due to its high level of secondary guarantees in its North American variable annuity products; and potential catastrophe exposure in its reinsurance segment. A.M. Best notes Manulife's strong risk management and conservative capitalization help mitigate these risks.

For a complete listing of Manulife Financial Corporation's FSRs, ICRs and debt ratings please visit www.ambest.com/press/060705manulife.pdf.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.