A.M. Best Assigns Rating to Manulife's Debt Offering.

OLDWICK, N.J. -- A.M. Best Co. has assigned a debt rating of "aa-" to Manulife Financial Corporation's (Manulife) (TSX, NYSE: MFC) (Toronto) issuance of CAD 350 million 4.67% senior unsecured medium-term notes, due 2013. The notes have been issued by way of a pricing supplement (dated March 23, 2006) under MFC's prospectus supplement (dated May 19, 2005) and a short form base shelf dated February 9, 2005. The rating outlook is stable.

The rating reflects Manulife's established presence in multiple markets, favorable profitability in 2005 from its geographically diversified businesses, conservative reserving practices and superior capitalization. Manulife maintains a strong franchise as a top 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.

Proceeds from this issuance will be used for general corporate purposes.

The following debt rating has been assigned:

Manulife Financial Corporation--
    --  "aa-" on CAD 350 million 4.67% senior unsecured medium-term
         notes, due 2013

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.

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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.