A.M. Best Takes Various Rating Actions on Manulife Financial Corporation and Its Subsidiaries.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) of The Manufacturers Life Insurance Company (MLIC) (Toronto, Canada), John Hancock Life Insurance Company (JHLIC) and John Hancock Variable Life Insurance Company (JHVLIC) (both of Boston, MA), John Hancock Life Insurance Company (USA) (JHLIC USA) (Bloomfield Hills, MI), 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 the debt ratings of Manulife Financial Corporation (Manulife) (NYSE: MFC) (Toronto, Canada) and its subsidiaries.

In addition, A.M. Best has assigned issuer credit ratings (ICR) of "aa+" to MLIC, JHLIC and JHLIC USA. Concurrently, A.M. Best has assigned debt ratings of "a" to Manulife's CAD 350 million 4.65% Series 2 non-cumulative preferred shares, "aa+" to the outstanding Funding Agreement Backed Securities (FABS) notes issued under JHLIC's European Medium-Term Notes (EMTN) and Global Medium-Term Notes (GMTN) programs and "aa" to JHLIC's Signature Notes program. All ratings have a stable outlook.

The ratings of Manulife and its subsidiaries are based on their consolidated financial strength and operating performance. These ratings also reflect Manulife's established presence in multiple markets, increasing profitability from its geographically diversified businesses, its strong capitalization and conservative reserving practices.

Manulife is a Canadian-based financial services company. As a leading provider of financial protection and wealth management products it operates in 19 countries and territories worldwide. Manulife's operational and geographic diversification, as well as its solid position in these markets, somewhat insulates it from wide fluctuations of revenues and earnings. The company maintains a strong franchise and market position in all core markets in which it operates in Canada, the United States and Asia. Furthermore, Manulife maintains a leadership position as a North American life retrocessionaire.

In addition to organic growth the company has selectively pursued acquisitions. In April 2004, Manulife merged with John Hancock Financial Services, Inc. (Boston, MA) to become the largest life insurer in Canada and the second largest in North America (as measured by market capitalization). The correlation between these organizations is highlighted by complementary geographic businesses in Canada, the United States and Asia. This provides a solid platform for both organizations to achieve significant costs savings upon integration based on significant scale and market share.

JHLIC's $7.5 billion EMTN program was initially established in 1998 to issue fixed or floating rate notes in one or more series to institutional investors outside of the United States on a private placement basis through a limited liability company, John Hancock Global Funding Limited (Jersey). The notes have been issued in various currencies, are limited recourse obligations of John Hancock Global Funding Limited and are secured solely by a series of funding agreements sold to the limited liability company by JHLIC.

Through its $12.5 billion GMTN program--established in 2000--JHLIC has issued various series of notes to institutional investors in the United States in accordance with Rule 144A and to offshore investors via Regulation S, both under the Securities Act. The issuer of the notes is a Delaware statutory trust, John Hancock Global Funding II, the principal asset being a series of funding agreements between JHLIC and John Hancock Global Funding II. For each series, the funding agreement is deposited into a separate series trust for the benefit of the note holders; hence, their recourse is limited to the funding agreement securing the notes.

Through its $3.0 billion Signature Notes program--established in 2002--JHLIC issues notes to retail investors in the United States.

For a complete listing of John Hancock Financial Services, Inc. and Manulife Financial Corporation's debt, financial strength and issuer credit ratings, as well as a list of issuances under their FABS programs, please visit http://www.ambest.com/press/manulife.html.

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