Manulife Financial makes Management moves in Canada, Japan.

Business Editors

TORONTO--(BUSINESS WIRE)--Feb. 8, 2001

Manulife Financial's President and Chief Executive Officer, Dominic D'Alessandro, today announced some important executive moves in Canada and Japan.

David Horman, President and Chief Executive Officer of Manulife Century, Manulife's Japanese subsidiary, has decided to retire effective April 2, 2001 (the scheduled date of completion for the transfer of roughly 1.5 million in force polices to Manulife Century from Daihyaku Mutual Life Insurance Co. of Japan).

Trevor Matthews, Executive Vice President Canadian Operations since February 1998, will assume the role of President and CEO of Manulife Century, effective April 2, 2001. To ensure a smooth transition, Mr. Horman will be available in an advisory capacity during the months of April and May following his retirement, and he will continue to serve as a member of the Manulife Century Life Board of Directors.

Bruce Gordon, Senior Vice President of Group Business in Manulife's Canadian Operations, has been appointed to the position of Executive Vice President, Canadian Operations. He will become a member of Manulife's Executive Management Team.

Horman retiring

"David's expertise and leadership talent has successfully guided two of our key operations - Indonesia and Japan ---- through critical phases in their development," said Mr. D'Alessandro of Mr. Horman. "For the past two years, he has devoted an extraordinary amount of time and energy to the start up of our operations in Japan. David's compassion and leadership guided the Company through initial stages, during which new products and systems were introduced and efficiencies achieved through difficult restructuring. And throughout the period of uncertainty during negotiations with the Japanese Administrators, David constantly kept the best interests of our policyholders, sales representatives and employees a priority," added Mr. D'Alessandro. "We wish him the very best in his retirement."

Mr. Horman, 59, has served Manulife Financial for 38 years in various capacities. Before moving to Japan to lead the new Manulife Century in April 1999, Mr. Horman was General Manager of Manulife Financial's Indonesian operations. Under his leadership the business there flourished and continued to grow despite the political and economic crisis that consumed the country during 1997/8.

Matthews moving to Japan

"One of the strengths that Manulife brings to Japan is its global network, which enables us to capitalize on management talent and other successful aspects of our business worldwide to help accelerate development of new companies such as Manulife Century," said Mr. D'Alessandro. "Trevor's move to Japan is an excellent example of this and is reflective of our long term commitment to success in one of the world's largest insurance markets."

Since joining Manulife, Mr. Matthews, 48, has led a major rationalization and restructuring of the Canadian Division and presided over significant expansion of Manulife's distribution capacity and presence on the Internet. Under his leadership, profits for the Canadian Division increased 18 per cent in 2000. And, he introduced the innovative, all-in-one, multi-purpose borrowing and chequing account concept - Manulife One - to the Canadian marketplace. Mr. Matthews is one of Manulife's most internationally experienced executives, joining Manulife after a long career in the financial services industry in Australia.

Gordon to lead Canadian operations

"Bruce Gordon is an excellent candidate to assume responsibility for our Canadian Operations," continued Mr. D'Alessandro. During his tenure as Senior Vice President, Group Business, Group Benefits posted its most successful sales results in its history and, most recently, he led Manulife's transaction team that worked to acquire Zurich Canada's group life and health employee benefits business. As the head of U.S. Group & Pensions, in 1991, Mr. Gordon spearheaded the rebuilding of the U.S. Pension business into one of Manulife's more successful and fastest growing business units. Mr. Gordon, 57, has been with Manulife for 12 years in various management roles in both the Canadian and U.S. Operations. Mr. Gordon began his career in the insurance industry in 1969.

"Our ability to make these management moves, all with internal candidates, demonstrates the depth of talent in our organization's leadership," noted Mr. D'Alessandro.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial services company 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 (Manulife Financial Corporation and its affiliated companies) were Cdn$123.5 billion as at December 31, 2000.

Manulife Financial Corporation trades as `MFC' on the TSE, NYSE and PSE, and under `945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

More information is available on www.manulife.com, including:

-- Bios of Mr. Horman, Mr. Matthews, and Mr. Gordon

-- Japan Fact Sheet

-- www.manulife.ca (Canadian division's home page and site)

-- Releases regarding the Acquisition of Daihyaku policies,

released Jan. 19 and Jan. 24, 2001

Forward-Looking Statements 

This news release includes Forward-Looking statements with respect to the Company, including its business operations and strategy and financial performance and condition. These statements generally can be identified by the use of Forward-Looking words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" or the negative thereof or similar variations. Although management believes that the expectations reflected in such Forward-Looking statements are reasonable, such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such Forward-Looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include among other things, general economic and market factors, including interest rates, business competition and changes in government regulations or in tax laws.