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2007 News Releases

For Immediate Release

February 13, 2007

Manulife Japan Commences Sales of an Innovative Investment–Type Annuity Insurance Product “Step Life” through Shizuoka Bank, Ltd.

Tokyo - On February 15, 2007, Manulife Life Insurance Company (President & CEO: Geoff Crickmay) will commence sales nationwide of an innovative investment-type annuity insurance product (Guaranteed Total Annuity Type), “Step Life” through the head office and branches of Shizuoka Bank, Ltd. (President: & CEO: Katsunori Nakanishi).

This new investment-type annuity insurance, designed and developed to meet the needs of customers who desire to have peace of mind while accumulating and using funds, has a variety of innovative key features. These features include: 1) the customer’s ability to choose an immediate annuity plan in which the customer may start receiving an annuity on the first anniversary immediately after one full year following the policy date; 2) a step up feature in which the total guaranteed value of annuity payments may step up every year; and, 3) a function to guarantee the minimum total annuity. In addition, the cooling-off system (to allow for application for policy cancellation) will be applicable to this new product.

The following are the key features of “Step Life”:

  • Customers may start receiving an annuity on the first anniversary following the policy date

    At the time of contract, either an Immediate Payout Plan or a Bonus Plan may be selected. A Special Account Annuity1 can be received starting on the first anniversary after one full year following the policy date if the Immediate Payout Plan is selected, or after five full years following policy issue if the Bonus Plan is selected. If the Bonus Plan is selected, a predetermined bonus will be added to the total guaranteed value of the annuity payments after five full years following policy issue.

  • Each year the total guaranteed value of annuity payments may step up, depending on investment results, to lock in investment earnings

    Customers’ annuity funds will be proactively invested in the Balanced Fund (Special Account), a globally diversified investment fund, both during the specified management period and the annuity payout period after annuitization. The total guaranteed value of annuity payments2 may step up each year, depending on investment results, and if stepped up, the total guaranteed value of annuity payments3 to be paid during the annuity payout period will also be increased.

  • The Total Annuity will be guaranteed at a minimum equivalent to either 100% or 105% of the single premium

    Even if the total guaranteed value of annuity payments is not stepped up due to unfavorable investment performance, the Total Annuity will be guaranteed at a minimum equivalent to 100% of the single premium for the Immediate Payout Plan, and 105% of the single premium for the Bonus Plan.

By offering “Step Life,” a cutting-edge product with innovative features, Manulife Japan aims to meet a wider range of customers’ annuity needs.

1The annuity is invested and managed in a Special Account during the annuity payout period after annuitization.
2The amount to be used to calculate the death benefit, death lump sum benefit, or annuity. While the total guaranteed value of annuity payments is equal to the single premium amount during the initial phases of contract, it may vary depending on annuitization period, partial surrender during the specified management period, step-up, or addition of bonus.
3The accumulated amount of annuities paid during the annuity payout period.

About Manulife
Manulife Life Insurance Company (“Manulife Japan”), a member company of the Manulife Financial group, holds the highest level "AAA" credit rating from Standard & Poor’s, one of the world’s most reliable credit rating agencies (as of January, 2007).

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$414 billion (US$355 billion) as at December 31, 2006.

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.  Manulife Japan can be found on the Internet at www.manulife.co.jp.

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For information related to this press release please contact:
Manulife Life Insurance Company
Saeko Yoshioka
Communications Department
Tel: 042-442-7180