Acquisition of John Hancock Subsidiary Maritime Life by Manulife Financial Corporation Receives Government Approval

OTTAWA, April 21, 2004 – The Government of Canada has approved Manulife Financial Corporation's acquisition of The Maritime Life Assurance Company, Minister of Finance Ralph Goodale announced.

The transaction is part of Manulife's acquisition of the parent company, Boston-based John Hancock Financial Services, Inc.

The Office of the Superintendent of Financial Institutions reviewed the transaction and the Superintendent recommended its approval. The Commissioner of Competition also reviewed the transaction and raised no objection.

The Competition Bureau is an independent law enforcement agency that promotes and maintains fair competition so that all Canadians can benefit from competitive prices, product choice and quality service. It oversees the application of the Competition Act, the Consumer Packaging and Labelling Act, the Textile Labelling Act and the Precious Metals Marking Act.