Manulife USA Enhances Venture Survivorship VUL; Offers Affordable Protection with Guarantees and Long-Term Growth Potential.

Business Editors

BOSTON--(BUSINESS WIRE)--April 15, 2003

Furthering its commitment to providing affordable death benefit protection, while providing growth potential and guarantees for today's security-conscious clients, The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) (TSX/NYSE/PSE: MFC; SEHK: 0945) introduced its new Venture(R) Survivorship VUL product.

Venture Survivorship VUL can be ideal for wealth transfer clients whose first priority is ensuring that a legacy remains intact for their beneficiaries. At the same time, it can meet the needs of those who want access to the long-term potential growth offered through the wide array of investment options available with Venture Survivorship VUL.

"In times like these, it is important for clients to take control of both their financial futures and their families' financial futures. Manulife USA's improved Venture Survivorship VUL offers insurance protection plus growth potential, while providing innovative guarantees that protect the policy through volatile markets," said Robert A. Cook, President of Manulife USA's Insurance Division. "With highly competitive target premiums and much improved pricing, Venture Survivorship VUL is designed to provide policyholders with the benefits and flexibility to meet their wealth transfer and liquidity needs."

Venture Survivorship VUL can be the ideal product for clients looking for affordable, long-term growth with the security garnered from a base 20-Year No-Lapse Guarantee at no additional cost.(1) The guarantees associated with the Venture Survivorship VUL are an affordable way to ensure that coverage will remain in place through all market conditions. The option of a unique Extended No-Lapse Guarantee (ENLG) is also available for a reasonable additional cost. The ENLG offers clients protection from market downturns for any duration up to age 100. In addition, the Age 100 Advantage feature is automatically included in Venture Survivorship VUL at no extra cost. This feature provides that once the younger insured reaches age 100, the full death benefit will remain in force and interest will be credited to the policy with no further insurance-related deductions.

With Venture Survivorship VUL, clients have access to one of the most comprehensive choice of investment options available for variable products in the marketplace. Venture Survivorship VUL offers potential tax-deferred growth of cash value in a diverse range of more than 60 investment options including domestic and international stock and bond portfolios, index portfolios, and asset allocation portfolios. These are managed by some of the nation's leading professional asset managers including A I M Capital Management, Inc., Franklin(R) Advisers, Inc., Fidelity(R) Management & Research Company, and many more. To take advantage of Venture Survivorship VUL's broad investment lineup, clients have 12 tax-free transfers among the investment choices per year (additional transfers are charged a fee). For clients uncomfortable or uncertain about creating their own portfolios from among Manulife USA's wide selection of investment options, we offer five pre-packaged Manulife Lifestyle Portfolios ("funds of funds").

Clients have access to their policy information by either logging on to ServiceNet, Manulife USA's Insurance policy service Web site, at www.manulife.com/usinsurance or calling the full service telephone hotline at 1-800-VARILINE. Manulife Financial Securities LLC distributes Venture Survivorship VUL through other broker/dealers appointed by Manulife Financial Securities. Those interested in finding out more about Venture Survivorship VUL can call this toll free number to obtain a current prospectus that contains more details and information on all charges, expenses, risk factors, and limitations. Please read the prospectus carefully before purchasing.

About Manulife

Manulife USA is committed to offering the highest quality life insurance, annuity, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients.

Manulife Financial is a leading Canadian-based financial services group 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 were US$92.5 billion (Cdn$146.2 billion) as at December 31, 2002.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

(1) The 20-Year No-Lapse Guarantee is automatically included with

Venture Survivorship VUL. During this period the policy will

be in effect as long as the cumulative No-Lapse Guarantee test

is met. The Extended No-Lapse Guarantee (ENLG) is available

for a reasonable additional cost. These guaranteed product

features are dependant upon the claims- paying ability of

Manulife USA and in no way guarantee the performance of the

underlying funds or principal value of the separate account.

Duration of the 20 year NLG may be less at older ages. In

Illinois, the NLG is called Death Benefit Protection. The NLG

applies to any supplementary term coverage for only two years.

At Age 100 of the younger insured, any supplementary term

coverage ceases.

Manulife Financial and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.