Statistical Information Package Q2 2015

Statistical Information Package Q 05

TABLE OF CONTENTS Page Page Financial Reporting Structure Asset Information Notes to Readers Asset Composition and Quality Financial Highlights 3 Portfolio Composition 5 Fixed Income Securities by Credit Quality and Geographic Location 6 Fixed Income Securities by Sector 7 Consolidated Financial Statements Consolidated Statements of Income 8 Provisions, Impairments & Unrealized Losses Investment Income 8 9 Consolidated Statements of Financial Position 9 Statements of Changes in Equity 0 Consolidated Statements of Cash Flows Actuarial Liabilities Information Source of Earnings Variable Annuity Product Guarantees 30 New Business Value 3 Segmented Information Asia Division 3 Capital Information Canadian Division 8 Regulatory Capital 3 U.S. Division Corporate & Other 4 Supplementary Disclosure Wealth and Asset Management 33 Glossary of Terms and Definitions 36 General Information 37

FINANCIAL REPORTING STRUCTURE MFC ASIA DIVISON CANADIAN DIVISION U.S. DIVISION CORPORATE & OTHER INSURANCE INSURANCE INSURANCE CORPORATE Hong Kong Individual Insurance Group Life and Health Japan Individual Insurance Indonesia Individual Insurance Group Life and Health Other Asia Territories* Individual Insurance Group Life and Health Retail Markets Individual Life and Living Benefits Institutional Markets Group Benefits Group Life Group Health Group Disability Affinity Markets (including International Group Program) John Hancock Life Variable Universal Life Universal Life Whole Life Term Life COLI John Hancock LongTerm Care (LTC) Retail LTC Group LTC Federal LTC Corporate REINSURANCE Property and Casualty JH Accident and Health (discontinued) WEALTH AND ASSET MANAGEMENT WEALTH AND ASSET MANAGEMENT WEALTH AND ASSET MANAGEMENT WEALTH AND ASSET MANAGEMENT Hong Kong Group Pensions Mutual Funds Japan Mutual Funds Indonesia Group Pensions Mutual Funds Other Asia Territories* Group Pensions Mutual Funds Mutual Funds Group Retirement Solutions Manulife Private Wealth Defined Contribution Mutual Funds College Savings Institutional Advisory Accounts Privately Managed Accounts OTHER WEALTH OTHER WEALTH OTHER WEALTH Hong Kong Single Premium Products Japan Variable Annuities Fixed Annuities Single Premium Products Indonesia Single Premium Products Other Asia Territories* Single Premium Products Fixed Products Annuities GICs Retail Segregated Fund Products Manulife Bank Variable Annuities Fixed Deferred Annuities Payout Annuities Spreadbased Products Feebased Products * Ot her As ia t e r r i t o r i es inc l udes China, T a iw an, M a lay s ia, Philippines, Singapo r e, T h ailand, V i et nam, Cam b o d ia and Re g i on a l offi c e. Page F I NANCIAL RE PO RT ING S T RU CT U R E

Notes to Readers Use of this document: Information in the document is supplementary to the Company's second quarter Press Release, MD&A and unaudited financial statements and the Company's 04 Annual Report and should be read in conjunction with those documents. Performance and NonGAAP Measures We use a number of nongaap financial measures to measure overall performance and to assess each of our businesses. NonGAAP measures include premiums and deposits, assets under management, constant currency basis, new business embedded value, core earnings, total annualized premium equivalents, total weighted premium income, capital and sales. NonGAAP financial measures are not defined terms under GAAP and, therefore, are unlikely to be comparable to similar terms used by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. Premiums and deposits is a measure of top line growth. The Company calculates premiums and deposits as the aggregate of (i) general fund premiums net of reinsurance, reported as premiums on the Statement of Income and investment contract deposits, (ii) premium equivalents for administration only group benefit contracts, (iii) premiums in the Canadian Group Benefit s reinsurance ceded agreement, (iv) segregated fund deposits, excluding seed money, (v) mutual fund deposits, (vi) deposits into institutional advisory accounts, and (vii) other deposits in other managed funds. Assets under management and administration is a measure of the size of the Company. Assets Under Management include both assets of general account and external client assets for which we provide investment management services. Assets Under Administration include assets for which we provide administrative services only. The definition we use for capital serves as a foundation of our capital management activities at the MFC level. For regulatory reporting purposes, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines used by OSFI. Capital is calculated as the sum of (i) total equity excluding Accumulated Other Comprehensive Income (Loss) on cash flow hedges and (ii) liabilities for preferred shares and capital instruments. Sales are measured according to product type. (i) For individual insurance, sales include 00 per cent of new annualized premiums and 0 per cent of both excess and single premiums. For individual insurance, new annualized premiums reflect the annualized premium expected in the first year of a policy that requires premium payments for more than one year. Single premium is the lump sum premium from the sale of a single premium product, e.g. travel insurance. Sales are reported gross before the impact of reinsurance. (ii) For group insurance, sales include new annualized premiums and administrative services only (ASO) premium equivalents on new cases, as well as the addition of new coverages and amendments to contracts, excluding rate increases. (iii) For other wealth, all new deposits are reported as sales. This includes single premium wealth accumulation products in Asia and individual annuities, both fixed and variable. As we have discontinued sales of new VA contracts in the U.S, beginning in the first quarter of 03, subsequent deposits into existing U.S VA contracts are not reported as sales. Gross Flows For wealth and asset management business, all new deposits are reported as gross flows. This includes mutual funds, group pensions/retirement savings, institutional advisory accounts, and college 59 plans. Core earnings is a nongaap profitability measure. It shows what the net income (loss) attributed to shareholders would have been assuming that interest and equity markets performed as assumed in our policy valuation and certain other items had not occurred. It excludes the direct impact of equity markets and interest rates as well as a number of other items that are considered material and exceptional in nature. Core earnings before income tax, depreciation and amortization ("Core EBITDA"): Is a nongaap profitability measure for our global wealth and asset management business. It shows core earnings adjusted to remove the impacts of amortization and impairment of intangible assets acquired in business combinations, amortization of deferred acquisition costs, interest income and expenses, and income tax. New Business Value ( NBV ): Is the change in embedded value as a result of sales in the reporting period. NBV is calculated as the present value of shareholders' interests in the expected future distributable earnings on new business, less the present value of the cost of holding capital as calculated under the MCCSR framework in North America, and the local capital requirements in Asia. Investment assumptions are consistent with product pricing, updated to reflect market assumptions consistent with the market environment in the quarter the business was sold. Best estimate fixed income yields are updated quarterly, and long term expected yields for alternative long duration assets are typically reviewed during the annual review of actuarial assumptions and methods. Constant currency basis Quarterly amounts stated on a constant currency basis are calculated using Q 05 income statement and statement of financial position exchange rates as appropriate. Core earnings per share is core earnings less preferred share dividends divided by weighted average outstanding common shares. Page NOTES TO READERS

FINANCIAL HIGHLIGHTS (Canadian $ in millions unless otherwise stated and per share information, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Shareholders' Net Income (loss) by Division Asia 30 99 336 33 337 5% 69 579 7%,47 Canadian 9 9 73 86 67 8% 30 644 5%,003 U.S. 83 48 506 679 559 67% 665 96 3%,47 Corporate and other (94) (77) (75) (97) (0) (7) (44) (896) Net income attributed to shareholders 600 73 640,00 943 36%,33,76 5% 3,50 Preferred share dividends (9) (9) (8) (8) (36) 9% (58) (70) 7% (6) Common shareholders' net income 57 694 6,07 907 37%,65,69 5% 3,375 Common shareholders' net income on a constant currency basis 57 696 65,38 987,67,809 3 3,57 Earnings Analysis Core earnings Asia 300 96 60 73 3 3 596 475 5%,008 Canadian 304 6 4 43 3 3% 566 460 3% 97 U.S. 40 39 338 34 39 % 794 703 3%,383 Corporate and other (excl. macro hedge expected) (09) (09) () (07) (9) (8) (7) (446) Macro hedge expected (46) (44) (47) (46) (49) (90) (9) (84) Investmentrelated experience in core earnings 5 50 50 50 % 5 00 49% 00 Total core earnings 90 797 73 755 70 9%,699,40,888 Investmentrelated experience including fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes and credit experience (excl. investmentrelated experience in core earnings) 77 (77) (403) 30 7 65% 44 0 359 Total core earnings and investmentrelated experience in excess of amounts included in core earnings 979 70 30,075 98 7%,699,86 9% 3,47 Items excluded from core earnings Direct impact of equity markets and interest rates and variable annuity guarantee liabilities (309) 3 377 70 55 (96) (35) 4 Change in actuarial methods and assumptions (47) () (59) (69) (30) (69) (70) (98) Net impact of acquisitions and divestitures (54) (30) (84) Other items 3 4 4 73 4 nm 8 Net income attributed to shareholders 600 73 640,00 943 36%,33,76 5% 3,50 Selected Performance Measures Basic earnings per common share $0.9 $0.36 $0.33 $0.58 $0.49 $ 0.65 $0.9 9% $.8 Basic earnings per common share on a constant currency basis $0.9 $0.36 $0.34 $0.6 $0.53 45% Diluted core earnings per common share $0.44 $0.39 $0.36 $0.39 $0.36 % $ 0.83 $0.73 $.48 Diluted earnings per common share $0.9 $0.36 $0.33 $0.57 $0.49 $ 0.64 $0.9 3 $.80 Return on common shareholders' equity (annualized) (%) 6. 8. 8.% 4.8% 3.% 668 bps 7..5% 5 bps.9% Core ROE (annualized) (%) 9.8% 9.3% 9. 0.% 9.6% bps 9.6% 0. 4 bps 9.8% Standard Life net income and core earnings are primarily attributed to Canadian Division operations. Page 3 FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS (CONT'D) (Canadian $ in millions unless otherwise stated and per share information, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Core earnings by line of business Insurance Asia 95 00 78 83 46 3 395 306 9% 667 Canada 5 09 96 3 6 8% 34 43 47 U.S. 98 90 7 75 63 % 388 380 % 76 Total insurance 58 499 445 490 45 %,07 99 9%,864 Wealth and asset management Asia 4 43 3 34 3 35% 85 6 39% 6 Canada 34 8 6 5 5 36% 6 49 7% 00 U.S. 75 70 65 65 69 9% 45 33 9% 63 4,5 Corporate and other 4 7 7 5 4 00 3 Total wealth and asset management 55 48 9 9 9 303 44 50 Other wealth,3 Asia 63 53 5 56 54 7% 6 08 7% 5 Canada Manulife Bank 36 34 39 7 9 70 57 3% 3 Canada excluding Manulife Bank 74 73 63 59 6 9% 47 3% 33 Canada 0 07 0 86 9 % 7 68 9% 356 U.S. 9 3 0 0 97 33% 6 90 37% 394 Total other wealth 30 9 55 44 4 5% 594 466 7% 965 Corporate and other 4,5 () (6) (6) (08) (95) 8% (73) (9) 5% (443) 6 Standard Life 39 9 58 Total core earnings 90 797 73 755 70 9%,699,40,888 Insurance and other wealth businesses are included in embedded value and new business value calculations (see page 3). Wealth and asset management is comprised of our fee based business with little or no insurance risk, including mutual funds, pensions products and institutional asset management. 3 Other wealth includes single premium wealth accumulation products in Asia, annuities, GIC's and Manulife Bank. 4 Corporate and other results are net of internal allocations to other divisions. 5 Core earnings from Manulife Asset Management has been included in Wealth & Asset Management core earnings. 6 Standard Life core earnings are primarily attributed to Canadian Division operations. The appropriate split of Standard life's core earnings by line of business will be available in future reporting periods. Page 4 FINANCIAL HIGHLIGHTS (CONT'D)

FINANCIAL HIGHLIGHTS (CONT'D) (Canadian $ in millions unless otherwise stated and per share information, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Premiums and Deposits Insurance Life and health insurance premiums 4,687 4,570 4,87 4,053 3,766 9,57 7,44 5,78 Segregated fund deposits 547 549 548 55 455,096 95,978 ASO premium equivalents 85 837 773 736 775,688,539 3,048 Group Benefits ceded,03,0,03,3 99,33,975 3% 4,30 Premiums and deposits Insurance 7,6 7,58 6,63 6,436 5,987 9% 4,74,87 4,938 Premiums and deposits Insurance on a constant currency basis 7,6 7,06 6,9 6,788 6,98 3% 4,,43 6,3 Premiums and Deposits Wealth and Asset Management Pension premiums and investment contract deposits 9 9 0 3 0 5% 38 Segregated fund deposits 5,989 6,483 4,89 4,79 4,380 37%,47 9,849 7% 9,00 Mutual fund deposits 7,787 3,88 0,576 9,34 0,899 63% 30,975,673 43% 4,483 Institutional advisory accounts 0,987 3,04,76 96,743 3 4,0 4,90 85% 8,48 Other fund deposits 7 37 3 0 05 % 54 33 9% 475 Premiums and deposits Wealth and Asset Management 34,89,843 7,885 4,594 8,37 9% 57,735 36,685 57% 69,64 Premiums and deposits Wealth and Asset Management on a constant currency basis 34,89,70 9,074 6,07 0,037 7 57,60 40,4 43% 75,387 Wealth & asset management is comprised of our fee based business with little or no insurance risk, including mutual funds, pensions products and institutional asset management. Other funds include College Savings (59 plan) and Privately Managed Accounts. Premiums and Deposits Other Wealth Annuity and investment contract deposits 950 877 68 56 49 %,87 875 09%,055 Segregated fund deposits 744 589 344 463 377 97%,333 890 5,697 Premiums and deposits Other Wealth,694,466 96,05 806 3,60,765 79% 3,75 Premiums and deposits Other Wealth on a constant currency basis,694,450,006,083 86 97% 3,44,87 68% 3,96 Premiums and Deposits Corporate & Other 9 8 9 0 5% 40 40 77 Page 5 FINANCIAL HIGHLIGHTS (CONT'D)

FINANCIAL HIGHLIGHTS (CONT'D) (Canadian $ in millions unless otherwise stated and per share information, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Insurance Sales Asia US $ 374 338 364 35 304 3% 7 56 7%,78 Canada C $ 66 4 7 43 9 8% 380 63 4 578 U.S. US $ 8 7 54 4 5 % 35 3 5% 50 Insurance sales C $ 77 779 760 660 587 3%,550,4 38%,544 Insurance sales on a constant currency basis C $ 77 770 794 69 609 7%,54,64 3%,649 Insurance sales consist of recurring premiums and of both excess and single premiums. Wealth and Asset Management Gross Flows Asia US $ 5,55,705,470,6,95 68% 7,860 3,57 3% 8,49 Canada C $ 3,93 4,406,704,45,386 6 8,39 5,68 48% 0,477 U.S. US $,094 9,76 8,894 8,388 9,970 % 0,80 0,88 3% 37,570 Corporate and Other C $ 0,987 3,04,76 96,780 95% 4,0 4,947 83% 8,85 Wealth & asset management gross flows C $ 34,89,843 7,885 4,594 8,37 9% 57,735 36,685 57% 69,64 Wealth & asset management gross flows on a constant currency basis C $ 34,89,70 9,074 6,07 0,037 7 57,60 40,4 43% 75,387 Wealth and asset management is comprised of our fee based business with little or no insurance risk, including mutual funds, pensions products and institutional asset management. Wealth and Asset Management Net Flows by Division Asia US $,460 85 30 4 40 nm 3,3 7 nm 788 Canada C $,33,8,045 663 8 6 3,5,84 4 3,89 U.S. US $,465,754 44,09 3,68 5 3,9 6,67 5% 7,96 Corporate and Other C $ 8,335,578,0 7,99 38% 9,93 3,443 88% 4,834 Total net flows C$ 4,494 6,63,806,38 6,44 6%,5 3,47 6% 8,335 Net flows on a constant currency basis C$ 4,494 6,64,840,554 6,869 %,08 4,054 5 9,448 Other Wealth Sales excluding Manulife Bank Asia US $ 69 589 5 475 35 97%,80 658 95%,644 Canada C $ 93,037 530 460 46 0,960,058 85%,048 Other wealth sales C $,773,767,09 978 844 3,540,779 99% 3,866 Other wealth sales on a constant currency basis C $,773,75,30 989 853 08% 3,54,790 97% 3,909 3,4 New Business Value Asia 4 8 39 06 85 67% 60 6 6% 406 Canada 43 45 43 40 44 % 88 93 5% 76 U.S. 8 6 4 8 4 5% 4 46 48% 5 Corporate and other 4 46 6 5 70 63 % 63 Total new business value 7 5 3 74 69 3 44 363 % 760 3 New Business Value is not calculated for Wealth & Asset Management business and Manulife Bank. 4 04 Figures have been restated, see Changes to Assumptions and Methodology for 04 in our Embedded Value Report. Page 6 FINANCIAL HIGHLIGHTS (CONT'D)

FINANCIAL HIGHLIGHTS (CONT'D) (Canadian $ in millions unless otherwise stated and per share information, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Common Share Statistics Share Price Toronto (in Canadian $) high 4.0.35 3.09.73.68 % 4.0. 9% 3.09 low.3 9.80 8.9.4 9.67 8% 9.80 9.54 % 8.9 close 3..5.8.54. 9% 3.. 9%.8 Share Price New York (in U.S $) high 9.6 9.0 0.3 0.77 9.94 % 9.6 0.36 0.77 low 6.79 5.89 6.68 9.4 8.03 7% 5.89 7.6 6.68 close 8.59 7.0 9.09 9.5 9.87 6% 8.59 9.87 6% 9.09 Common shares outstanding (millions) end of period,97,970,864,864,858 6%,97,858 6%,864 weighted average,97,936,864,859,854 6%,953,85 5%,857 diluted weighted average,99,959,887,883,878 6%,976,876 5%,88 Dividend per common share paid in the quarter 0.7 0.55 0.55 0.55 0.3 3% 0.35 0.6 5% 0.57 Common share dividend payout ratio 58.7% 4.5% 47.% 7.% 6.7% 49.8% 6.6% 87% 30.5% On August 5, 05, the Board of Directors approved quarterly shareholders dividend of 7 cents per share on the common shares of the Company, payable on or after September, 05 to shareholders of record at the close of business on August 8, 05. Valuation Data Book value per common share 7.89 8.33 6.4 5.88 4.9 7.89 4.9 9.37 Market value to book value ratio.30.7.35.36.4 9%.30.4 9%.5 Book value excluding goodwill per common share 5.7 6.05 4.7 4.8 3.3 5% 5.7 3.3 5% 7.66 Market value to book value excluding goodwill ratio.5.34.5.5.60 5%.5.60 5%.6 Market capitalization ($ billions) 45.7 4.4 4.3 40. 39.4 6% 45.7 39.4 6% 4.3 Assets Under Management and Administration Assets Under Management General fund 95,393 308,680 69,30 57,84 44,9 % 95,393 44,9 % 69,30 Segregated funds excluding institutional advisory accounts 30,9 309,796 54,48 48,07 44,95 3% 30,9 44,95 3% 54,48 Mutual funds 44,663 39,750 9,593,600 05,47 38% 44,663 05,47 38% 9,593 Institutional advisory accounts 64,35 55,8 4,48 38,797 37,444 7% 64,35 37,444 7% 4,48 Other funds 8,303 7,90 6,830 6,85 5,588 49% 8,303 5,588 49% 6,830 Total assets under management 83,803 8,345 69,9 66,53 637,60 8% 83,803 637,60 8% 69,9 Assets under administration 68,94 68,94 Total assets under management and administration 88,77 8,345 69,9 66,53 637,60 39% 88,77 637,60 39% 69,9 Total assets under management and administration on a constant currency basis 88,77 8,75 77,33 7,74 706,469 5% 88,77 706,469 5% 77,33 Other funds includes College Savings (59 plan), Privately Managed Accounts and funds managed for institutional clients in Asia. Q4 Assets Under Management and Administration Insurance 35,567 4,38 3,750 0,078 9,665 3% 35,567 9,665 3% 3,750 Wealth and asset management 3 474,586 394,045 34,538 97,907 86,000 66% 474,586 86,000 66% 34,538 Other wealth 70,39 80,6 57,80 56,497 55,6 70,39 55,6 57,80 Corporate and other,8 4,54 5,040 6,049 4,369 5,8 4,369 5 5,040 Total assets under management and administration 88,77 8,345 69,9 66,53 637,60 39% 88,77 637,60 39% 69,9 3 Wealth and asset management is comprised of our fee based business with little or no insurance risk, including mutual funds, pensions products and institutional asset management. Capital Information Total capital 4 45,5 46,36 39,563 37,664 35,800 7% 45,5 35,800 7% 39,563 5 MCCSR The Manufacturers Life Insurance Company 36% 45% 48% 48% 43% 700 bps 36% 43% 700 bps 48% 4 Total capital includes total equity less AOCI on cash flow hedges and liabilities for preferred shares and capital instruments. Total equity includes unrealized gains and losses on AFS bonds and AFS equities, net of taxes. The net unrealized gain on AFS bonds, net of taxes, is no longer part of OSFI regulatory capital. 5 For The Manufacturers Life Insurance Company, the capital ratio has been determined in accordance with the Minimum Continuing Capital & Surplus Requirements (MCCSR) of the Office of the Superintendent of Financial Institutions (Canada). 6 Foreign Exchange Information Statements of Financial Position (CDN to $ US).47349.683.60093.085.067578 7% (CDN to YEN) 0.000 0.00570 0.009678 0.000 0.00540 3% Statements of Income (CDN to $ US).9688.3990.3557.088969.09048 3% (CDN to YEN) 0.009 0.00404 0.009939 0.0047 0.00680 5% 6 Unless otherwise indicated, information contained in this supplement is in Canadian dollars. The exchange rates above are used for currency conversion from U.S. dollars and Japanese yen to Canadian dollars for financial statement purposes. Page 7 FINANCIAL HIGHLIGHTS (CONT'D)

CONSOLIDATED STATEMENTS OF INCOME (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Revenue Premium income Gross premiums 7,449 7,389 6,75 6,494 6,03 4,838,937 5,56 Premiums ceded to reinsurers (,87) (,986) (,89) (,866) (,797) (3,858) (3,585) 8% (7,343) Net premium income 5,577 5,403 4,833 4,68 4,6 3% 0,980 8,35 3% 7,83 Investment income Investment income 3,6,64,664,60,809 5,858 5,478 7% 0,744 Realized/ unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro hedge program (0,6) 5,343 6,8,56 4,093 (4,88) 9,349 7,09 Net investment income (loss) (6,945) 7,985 8,846 4,63 6,90,040 4,87 93% 7,836 Other revenue,49,46,30,07,08 8% 4,97 4,3 6% 8,739 Total revenue,3 5,84 5,980 0,998 3,6 9% 6,937 7,40 38% 54,388 Contract benefits and expenses To contractholders and beneficiaries Gross claims and benefits 5,746 6,049 5,375 5,08 4,75 %,795 9,86 0,38 Change in insurance contract liabilities (7,795) 7,443 8,3,884 6,35 (35) 3,78 4,85 Change in investment contract liabilities 75 46 (5) 40 5 47% 40 03% 65 Benefits and expenses ceded to reinsurers (,830) (,60) (,730) (,668) (,647) % (3,43) (3,3) (6,709) Change in reinsurance assets 737 (339) 6 369 (56) 398 (5) 506 Net benefits and claims (3,067),597,05 6,707 9,50 8,530 9,643 57% 38,365 General expenses,566,384,345,83,097 43%,950,44 3% 4,77 Investment expenses 379 38 358 90 350 8% 760 67 3%,39 Commissions,59,0,60,063,007 5%,46,07 % 4,50 Interest expense 5 36 309 84 44 3% 567 538 5%,3 Net premium taxes 85 90 69 79 67 7% 75 39 6% 87 Total contract benefits and expenses 473 4,970 5,56 9,606,05 96% 5,443 5,6 39% 50,4 Income before income taxes 650 844 74,39, 46%,494,48 3 4,64 Income tax (expense) recovery 8 (6) (7) (87) (34) (88) (367) 76% (67) Net income 678 78 707,05 977 3%,406,78 % 3,593 Less: net income (loss) attributed to noncontrolling interests 9 3 7 9 43 33% 5 55 5% 7 Less: net income (loss) attributed to participating policyholders 49 (8) 60 (4) (9) 3 (35) Net income attributed to shareholders 600 73 640,00 943 36%,33,76 5% 3,50 Preferred share dividends (9) (9) (8) (8) (36) 9% (58) (70) 7% (6) Common shareholders' net income 57 694 6,07 907 37%,65,69 5% 3,375 The volatility in investment income largely related to gains and losses on AFS bonds related to the management of interest rate exposures. These activities in the surplus segment are mostly offset in the measurement of our policy liabilities (see change in insurance contract liabilities). The volatility in realized/unrealized gains (losses) on assets supporting insurance and investment contract liabilities relates primarily to the impact of interest rate changes on bond and fixed income derivative positions as well as interest rate swaps supporting the dynamic hedge program and gains and losses on macro equity hedges used as part of our equity risk management program. These items are mostly offset by changes in the measurement of our policy obligations. For fixed income assets supporting insurance and investment contracts, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in insurance and investment contract liabilities. Page 8 CONSOLIDATED STATEMENTS OF INCOME

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q Q Q Q4 Q3 Q vs. 04 Q ASSETS Invested assets Cash and shortterm securities Securities Debt securities Public equities Loans Mortgages Private placements Policy loans Loans to bank clients Real estate Other invested assets 5,647 48,606 7,35 8,589 59,758 7,484,079 34,446 4,543 7,97 9,586 4,074 4,04 3,748 3,73 45,063 6,65 8,64,750 3,93 8,56 45,4 6,35 8,697,770,39 8,55 39,458 3,84 7,876,77 0,0 6,75 38,638,00 7,70,786 0,04 5,763 37,806,5 7,390,8 9,55 4,934 Total invested assets 95,393 308,680 69,30 57,84 44,9 Other assets Accrued investment income Outstanding premiums Derivatives Goodwill and intangible assets Reinsurance assets Deferred tax asset Miscellaneous,8 8 7,58 8,460 0,8 3,576 7,690,48 98 6,606 7,790,46 3,47 6,5,003 737 9,35 5,46 8,55 3,39 4,94,90 749 3,385 5,393 8,05 3,88 4,408,836 78,93 5,9 7,60,857 4,869 Total other assets 60,59 68,684 53,564 47,076 45,5 Segregated funds net assets 303,589 3,30 56,53 50,406 47,86 Total assets 659,50 689,666 579,406 555,34 536,430 % 6% 9% 6% 7% 3% 38% % 9% % 48% 6 5% 5% 58% 3 3% 3% LIABILITIES AND EQUITY Policy liabilities Insurance contract liabilities Investment contract liabilities Deposits from bank clients Deferred tax liability Derivatives Other liabilities Longterm debt Liabilities for preferred shares and capital instruments Liabilities for subscription receipts Segregated funds net liabilities 56,9 6,63 8,037,77,85 3,84 307,64 3,43 6,639 303,589 67,53 6,770 8,555,497 6,73 6,760 37,78 4,004 6,647 3,30 9,53,644 8,384,8,83 4,365 77,47 3,885 5,46,0 56,53 6,683,568 9,78,343 8,367,64 6,356 3,843 4,909,4 50,406 06,897,464 9,683,080 7,735,936 49,795 3,785 4,884 47,86 Total liabilities 60,84 650,3 545,480 5,78 505,650 Equity Issued share capital Preferred shares Common shares Contributed surplus Shareholders' retained earnings Shareholders' accumulated other comprehensive income (loss) Pension and other postemployment plans Availableforsale securities Cash flow hedges Translation of foreign operations and real estate revaluation surplus Total shareholders' equity Participating policyholders' equity Noncontrolling interests,693,785 75 8,59 (543) 6 (05) 4,077 37,95 88 537,693,768 75 8,03 (548),75 (80) 4,694 38,800 39 496,693 0,556 67 7,64 (59) 794 (), 33,306 56 464,447 0,548 66 7,30 (46) 69 (59),48 3,04 96 459,446 0,43 65 6,57 (453) 6 (36) 478 30,7 00 509 Total equity 38,677 39,435 33,96 3,596 30,780 Total liabilities and equity 659,50 689,666 579,406 555,34 536,430 69% 8% 8% 45% 6% 3% 9% 36% 3% 3% % 7% 5% 753% 6% 88% 6% 6% 3% Page 9 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Canadian $ in millions, unaudited) 05 05 04 04 Q Q Q4 Q3 Q4 04 YTD YTD Fiscal Q 05 04 04 Preferred shares Balance, beginning of period Issued during the period Redemption during the period Issuance costs, net of tax,693,693,447 50 (4),446 350 (34) (7),888 (44),693,693 00 (44) (5),693 800 (784) (6) Balance, end of period,693,693,693,447,446,693,446,693 Common shares Balance, beginning of period Issued on exercise of stock options and deferred share units Issued under Dividend Reinvestment and Share Purchase Plans Issued in exchange of subscription receipts,768 7 0,556 6,06 0,548 8 0,43 9 07 0,339 8 85 0,556 3,06 0,34 6 7 0,34 43 79 Balance, end of period,785,768 0,556 0,548 0,43,785 0,43 0,556 Contributed surplus Balance, beginning of period 75 67 66 65 60 67 56 56 Exercise of stock options and deferred share units (3) () () () 3 (4) (3) Stock option expense 3 9 3 9 4 Balance, end of period 75 75 67 66 65 75 65 67 Shareholders' retained earnings Balance, beginning of period Net income (loss) attributed to shareholders Preferred share dividends Premium on redemption of preferred shares Common share dividends 8,03 600 (9) (335) 7,64 73 (9) (95) 7,30 640 (8) (89) 6,57,00 (8) (8) (90) 5,870 943 (36) (8) (4) 7,64,33 (58) (630) 5,94,76 (70) (8) (450) 5,94 3,50 (6) (6) (,09) Balance, end of period 8,59 8,03 7,64 7,30 6,57 8,59 6,57 7,64 Shareholders' accumulated other comprehensive income (loss) Balance, beginning of period Other comprehensive income (loss) Remeasurement of pension and other postemployment plans, net of tax expense of $ Real estate revaluation reserve, net of tax expense of nil Availableforsale ("AFS") securities unrealized gains (losses), net of tax recovery of $70 AFS securities realized losses (gains) & impairments (recoveries), net of tax recovery of $ Cash flow hedges unrealized gains (losses), net of tax expense of $38 Cash flow hedges realized (gains) losses, net of tax expense of $ Unrealized foreign exchange gains (losses), net of $0 hedges and tax expense of $6 Share of other comprehensive income (loss) of associates, net of tax recovery of $ Balance, end of period 5,04 5 (483) (79) 73 (67) () 3,940,66 (9) 4 (30) (7) 3,58 5,04,479 (67) 5 (77) (54) 63,66 50 (9) 57 (50) (5),003,479,60 6 70 (37) 3 (90) 50,66 (4) (7) (09) 5,964 () 3,940 46 () 388 (04) (57) 5 0 4 50 46 (77) 697 (3) (36) 9,854 4,66 Total shareholders' equity, end of period 37,95 38,800 33,306 3,04 30,7 37,95 30,7 33,306 Participating policyholders' equity Balance, beginning of period Net income (loss) Other comprehensive gain attributed to participating policyholders Balance, end of period 39 49 88 56 (8) 39 96 60 56 00 (4) 96 09 (9) 00 56 3 88 34 (35) 00 34 56 Noncontrolling interests Balance, beginning of period Net income attributed to noncontrolling interest Other comprehensive income (loss) attributed to noncontrolling interests Contributions (distributions), net Balance, end of period 496 9 () 3 537 464 3 7 496 459 7 () () 464 509 9 4 (63) 459 46 43 5 509 464 5 0 537 376 55 78 509 376 7 3 4 464 Total equity, end of period 38,677 39,435 33,96 3,596 30,780 38,677 30,780 33,96 Page 0 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

CONSOLIDATED STATEMENTS OF CASH FLOWS (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Operating activities Net income (loss) 678 78 707,05 977 Adjustments Increase (decrease) in insurance contract liabilities (7,795) 7,443 8,3,884 6,35 Increase in investment contract liabilities 75 46 (5) 40 5 Decrease (increase) in reinsurance assets 737 (339) 6 369 (56) Amortization of premium/discount on invested assets 3 3 (3) (7) Other amortization 7 3 7 3 09 Net realized (gains) losses, including impairments on assets 9,834 (5,07) (5,997) (,408) (4,5) Deferred income tax expense (recovery) (3) 8 (5) (0) (3) Stock option expense 3 9 3 Adjusted net income 3,504 3,03 3,055 3,089,703 Changes in policy related and operating receivables and payables (8) (947) 35 356 (03) Cash provided by operating activities 3,43,066 3,90 3,445,600 Investing activities Purchases and mortgage advances (9,45) (8,574) (6,9) (5,30) (4,753) Disposals and repayments 6,49 5,687 6,756 3,49 4,05 Changes in investment broker net receivables and payables (764) (9) (3) (68) 307 Net cash decrease from sale and purchase of subsidiaries and businesses (374) (3,434) Cash used in investing activities (4,34) (6,53) 405 (,087) (4) Financing activities Increase (decrease) in repurchase agreements and securities sold but not yet purchased (300) 80 43 5 Repayment of longterm debt, net (550) (,000) Issue (repayment) of capital instruments, net () 746 498 Issue of subscription receipts 6,4 Changes in deposits from bank clients, net (506) 5 (,408) 66 (387) Shareholder dividends paid in cash (364) (335) (37) () (93) Funds borrowed (repaid), net () () 4 () () Secured borrowings from securitization transactions 00 Contributions from (distributions to) noncontrolling interest 3 7 () (63) 5 Common shares issued, net 7 6 8 9 8 Preferred shares issued, net 46 343 Preferred shares redeemed, net (350) (450) Cash provided by (used in) financing activities (,694) 647 (884),50 (,868) Cash and shortterm securities Increase (decrease) during the period (,585) (3,800),7 3,608 3 Effect of foreign exchange rate changes on cash and shortterm securities (08),8 36 403 (78) Balance, beginning of period 7,765 0,437 7,40 3,399 3,366 Balance, end of period 4,97 7,765 0,437 7,40 3,399 3% 47% 9% 58% 597% 5 3 % 3% 3% 6% 349% 95% 45% 3% 89% 6 3% 9% 5% 33% %,406,78 (35) 3,78 40 398 (5) 36 9 304 4,807 (9,907) (5) 59 9 6,57 5,466 (,08) (,95) 5,489 4,7 (37,999) (3,5) 3,936 8,64 (956) 46 (3,808) (99) (0,87) (,384) (300) (50) (550) (,000) 744 497 (38) (84) (699) (38) (4) () 00 0 5 3 6 95 (450) (,047) (,345) (6,385) 44 90 7 0,437,886 4,97 3,399 % 03% 30 37% 33% 9% % 3% % % nm 35 3,593 4,85 65 506 () 46 (7,3) 98 4,60 (804) 0,806 (6,754) 58,87 6 (99) (4,066) 50 73 45% (,000) 5 995,0 07% (,56) 83% (90) 0 30 (59) % 43 0 784 (800) % nm 59% % 6,76 790,886 0,437 Cash and shortterm securities Beginning of period Gross cash and shortterm securities 8,589,079 7,97 4,04 4,035 Net payments in transit, included in other liabilities (84) (64) (56) (643) (669) Net cash and shortterm securities, beginning of period 7,765 0,437 7,40 3,399 3,366 End of period Gross cash and shortterm securities 5,647 8,589,079 7,97 4,04 Net payments in transit, included in other liabilities (675) (84) (64) (56) (643) Net cash and shortterm securities, end of period 4,97 7,765 0,437 7,40 3,399 3% 3% 33% % 5% %,079 3,630 (64) (744) 0,437,886 5,647 4,04 (675) (643) 4,97 3,399 55% 59% % 5% % 3,630 (744),886,079 (64) 0,437 Page CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED SOURCE OF EARNINGS (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Source of Earnings Expected profit from inforce business,37,038 98 943 968 Impact of new business (40) (75) (4) (60) (75) Experience gains (losses) (68) (6) (0) 565 89 Management actions and changes in assumptions (6) (48) (33) (96) (4) Earnings on surplus funds 6 03 97 Other 0 (8) 3 (6) () Income (loss) before income taxes 57 839 657,387,77 Income tax (expense) recovery 8 (6) (7) (87) (34) Net income (loss) attributed to shareholders 600 73 640,00 943 Preferred share dividends (9) (9) (8) (8) (36) Common shareholders' net income (loss) 57 694 6,07 907 Constant currency, expected profit from inforce business,37,095,065,055,059 Per OSFI instructions, the expected profit from inforce business denominated in foreign currencies is translated at the prior quarter's statement of financial position rate. 'Experience gains' includes the 7% 47% 46% 5% 36% 9% 37% 7%,75,885 (5) (54) (689) 304 (309) (0) 65 76 84 9,4,8 (88) (367),33,76 (58) (70),65,69,3,094 5% 5% 53% 3 3 76% 5% 7% 5% 7% 3,809 (56) 767 (6) 484 () 4,7 (67) 3,50 (6) 3,375 adjustment to get to the income statement rate. For mutual fund, asset management businesses and Manulife Bank, all pretax income is reported in 'Expected profit from inforce business' except the noncapitalized acquisition expenses which are reported in 'Impact of new business'. Other includes $46 in Q'5 and $4 in Q'5 of pretax core earnings from Standard Life. Glossary Expected profit from inforce business Impact of new business Experience gains (losses) Management actions and changes in assumptions Formuladriven release of PfADS (Provisions for Adverse Deviations) on the nonfee businesses and expected profit on fee businesses. For mutual fund, asset management businesses and Manulife Bank, all pretax income is reported in 'Expected profit from inforce business' except the noncapitalized acquisition expenses. For nonfee income businesses, the capitalized value of future profits less PfADs in respect of new business. For fee income businesses, the noncapitalized acquisition expenses. Earnings impact of any differences between actual experience in the current period relative to expected experience implicit in the actuarial liabilities, and differences in current period fee income due to market performance. Earnings impact of: management initiated actions in the period that generate a nonrecurring current period impact. changes in methods and assumptions that impact actuarial liabilities or other liabilities. Earnings (loss) on surplus funds Other Income taxes Actual investment returns on the Company's surplus (shareholders' equity). Earnings items not included in any other line of the SOE. Tax charges to income, consistent with the amount on the statement of income. Page CONSOLIDATED SOURCE OF EARNINGS

ASIA DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Statements of Income U.S. $ in millions Revenue Premium income Gross premiums Premiums ceded to reinsurers Investment income Other revenue Subtotal revenue Realized/ unrealized gains on invested assets supporting insurance and investment contract liabilities,4 (8) 338 303,70,06 (95) 75 60,466,864 (96) 74 36,358,858 (06) 304 30,366 (535) 87 864 38 588 Total revenue,67,753 3,,504,680 Contract benefits and expenses To contract holders and beneficiaries,69 () 3 64,09 Gross benefits and claims paid and change in insurance contract liabilities Ceded benefits and expenses and change in reinsurance assets Change in investment contract liabilities General expenses Investment expenses Commissions Other,0 (56) 4 99 3 9 30,98 (57) 5 70 3 55 9,303 (5) () 3 30 65 30,606 (68) 5 73 9 47 6,847 (7) 4 58 8 5 Total contract benefits and expenses,840,46,885,8,3 Income (loss) before income taxes Income tax (expense) recovery 37 (3) 9 (9) 337 (5) 386 (36) 368 (3) Net income (loss) Less net income (loss) attributed to noncontrolling interests Less net income (loss) attributed to participating policyholders 95 4 0 73 8 4 3 6 9 350 5 30 336 0 8 Net income (loss) attributed to shareholders 6 4 97 305 308 3% 8% 9% 5% 9% 9% 3 % 7% 6% 38% % % 5% 5% 4,68 (76) 63 563 5,68 3,9 (8) 57 58 4,7 (48) 865 4,90 5,08 3,38 3,563 (3) () 39 () 569 506 63 5 546 45 59 49 4,30 4,463 69 69 (5) (53) 50 57 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits. See the Q press release for a description of Q 05 results compared to Q 04. 568 4 4 566 30 9 7% 3% 7% 3% 3% 3% % 7% % % 3% 4 67% 5% 7,03 (430),50,08 8,94,867 0,808 7,47 (4),090 97 05 9,466,34 (4),8 5 48,9 Earnings Analysis U.S. $ in millions Total core earnings 44 39 9 5 Total core earnings U.S.$ on constant currency basis in millions 44 37 5 37 99 Investment gains related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes 6 () 5 6 Total core earnings and investment related gains 50 39 7 76 8 Items excluded from core earnings Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 3 (4) 70 9 80 Reinsurance recapture and tax rate changes () 6 Total shareholders' net income (loss) 6 4 97 305 308 5% 3% 63% 8 5% 483 433 48 406 6 33 489 466 () 58 4 3 50 57 % 8% 8% 5% 367% 5% 93 868 56 969 57 3,9 Page 3 ASIA DIVISION

ASIA DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Source of Earnings U.S. $ in millions Expected profit from inforce business 4 08 4 3 Impact of new business 3 9 (6) 4 (3) Experience gains (losses) 3 (4) 63 7 74 Management actions and changes in assumptions Earnings on surplus funds 45 43 50 46 5 Other (9) () 7 4 (5) Income (loss) before income taxes 93 60 3 34 340 Income tax (expense) recovery (3) (9) (5) (36) (3) Net income (loss) attributed to shareholders 6 4 97 305 308 96% % 8 5% 436 433 5 (5) () 55 88 96 () 553 580 (5) (53) 50 57 % 8% 5% 5% 855 (7) 90 9,43 (4),9 54 4 33 83 50 5 76 3 7 56 708 50 35% 7% 56% 7% 39% 93 589 4 8,78,8 Insurance Sales U.S. $ in millions Hong Kong 84 70 98 8 60 4 Japan 69 63 4 65 58 7% Indonesia 4 6 34 8 6 8% Other Asia 3 97 79 9 78 60 6% Total insurance sales 374 338 364 35 304 3% Total insurance sales U.S.$ on constant currency basis in millions 374 334 350 3 75 36% Japan Q'5 insurance sales are up 7% compared to the prior year on a constant currency basis. YTD Q'5 insurance sales are up 38% compared to the prior year on a constant currency basis. Indonesia Q'5 insurance sales are up compared to the prior year on a constant currency basis. YTD Q'5 insurance sales are up 7% compared to the prior year on a constant currency basis. 3 Other Asia Q'5 insurance sales are up 65% compared to the prior year on a constant currency basis. YTD Q'5 insurance sales are up 59% compared to the prior year on a constant currency basis. Wealth and Asset Management Gross Flows U.S. $ in millions Hong Kong 674 573 56 585 50 Japan 4 0 64 65 7 45 Indonesia 5 30 5 6 3 6 Other Asia 6,7 4,4,753,48,083,05 Total wealth and asset management gross flows 5,55,705,470,6,95 Total wealth and asset management gross flows U.S.$ on constant currency basis in millions 5,55,73,46,077,865 76% 7,868 3,409 3% 4 Japan Q'5 wealth & asset management gross flows are down compared to the prior year on a constant currency basis. YTD Q'5 wealth & asset management gross flows are up compared to the prior year on a constant currency basis. 35% 303% 68%,47 98 74 8 345 3 5,994,933 7,860 3,57 7% % 7% 3%,9 77 806 4,497 8,49 7,9 5 Indonesia Q'5 wealth & asset management gross flows are down 35% compared to the prior year on a constant currency basis. YTD Q'5 wealth & asset management gross flows are up 9% compared to the prior year on a constant currency basis. 6 Other Asia Q'5 wealth & asset management gross flows are up 307% compared to the prior year on a constant currency basis. YTD Q'5 wealth & asset management gross flows are up 6% compared to the prior year on a constant currency basis. 7 This line includes the 49% interest in Manulife TEDA Other Wealth Sales U.S. $ in millions Hong Kong 4 35 53 5 44 Japan 8 Fixed Annuities and unit linked products 45 385 70 08 Variable Annuities 8 9 8 3 Indonesia 9 35 4 36 43 59 Other Asia 0 35 99 34 35 8 Total other wealth sales 69 589 5 475 35 Total other wealth sales U.S.$ on constant currency basis in millions 69 580 489 49 38 8% 8 Japan Q'5 other wealth sales are up 336% compared to the prior year on a constant currency basis. YTD Q'5 other wealth sales are up 6% compared to the prior year on a constant currency basis. 9 Indonesia Q'5 other wealth sales are down 33% compared to the prior year on a constant currency basis. YTD Q'5 other wealth sales are up % compared to the prior year on a constant currency basis. 0 Other Asia Q'5 other wealth sales are up % compared to the prior year on a constant currency basis. YTD Q'5 other wealth sales are up % compared to the prior year on a constant currency basis. 3% 38% 7% 97% 77 85 836 4 57 49 76 83 34 00,80 658,7 595 9% 47% 6% 8% 7% 95% 90 733 90 6 469,644,53 Pension Sales for reference only U.S. $ in millions Asia Group Pensions 365 68 35 30 3 58% 633 4 5,048 Pension sales include both new regular premiums and deposits and single premiums sales. New regular premiums and deposits reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Page 4 ASIA DIVISION (CONT'D)

ASIA DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Annualized premium equivalents (excluding variable annuities) (APE) U.S. $ in millions Hong Kong 44 7 5 39 08 Japan 5 8 84 4 83 Indonesia 3 48 6 98 65 6 Other Asia 4,5 5 44 33 8 76 Total APE 99 64 666 599 58 Total APE U.S.$ on constant currency basis in millions 99 637 645 555 488 35% 3% % 9% 76% 9 6 98 443 335 0 03 756 33,570 949,566 878 Total annualized premium equivalents (APE) is comprised of 00 per cent of regular premiums/deposits sales and 0 per cent of single premiums/deposits sales, for insurance, wealth & asset management, and other wealth products. Japan Q'5 APE are up 46% compared to the prior year on a constant currency basis. YTD Q'5 APE are up 55% compared to the prior year on a constant currency basis. 3 Indonesia Q'5 APE are down % compared to the prior year on a constant currency basis. YTD Q'5 APE are up 9% compared to the prior year on a constant currency basis. 4 Other Asia Q'5 APE are up 97% compared to the prior year on a constant currency basis. YTD Q'5 APE are up 46% compared to the prior year on a constant currency basis. 5 This line includes the 49% interest in Manulife TEDA 33% 3% 7% 65% 78% 488 733 66 77,4,078 Premiums and Deposits U.S. $ in millions Premiums and investment contract deposits,076,938,779,765,56 Segregated fund and other deposits 558 5 590 553 50 Mutual fund and other deposits 5 4,975,530,58,990,760 Total premiums and deposits 7,609 4,990 4,67 4,308 3,806 Total premiums and deposits U.S.$ on constant currency basis in millions 7,609 4,974 4,5 4,058 3,60 36% 7% 83% 0 % 4,04 3,086,080 967 7,505 3,97,599 7,50,583 6,846 3 % 35% 7 8 6,630,0 7,445 6,85 5,46 Premiums and Deposits by Business Units U.S. $ in millions Hong Kong,30,9,73,83,073 Japan,69,84,03,57 844 Indonesia 64 36 406 378 379 Other Asia 5 4,866,6,035,590,50 Total premiums and deposits 7,609 4,990 4,67 4,308 3,806 % 39% 3 % 0,439,075,453,80 65 584 7,08,789,599 7,50 8% 36% 7% 5 7 4,43 3,97,368 6,44 6,85 Premiums and Deposits U.S. $ in millions Insurance,753,687,644,669,539 Wealth and asset management 5,55,705,470,6,95 Other wealth 70 598 53 477 34 Total premiums and deposits 7,609 4,990 4,67 4,308 3,806 68% 05% 0 3,440 3,08 7,860 3,57,99 65,599 7,50 % 3% 0 7 6,395 8,49,64 6,85 Total weighted premium income (excluding variable annuities) (TWPI) U.S. $ in millions Hong Kong 96 86 870 853 86 Japan 6 64 76 604 69 595 Indonesia 7 49 5 99 64 6 Other Asia 5,8 809 55 543 47 436 TWPI,55,90,6,79,008 TWPI U.S.$ on constant currency basis in millions,55,73,55,047,883 6 Japan Q'5 TWPI is up 8% compared to the prior year on a constant currency basis. YTD Q'5 TWPI is up 8% compared to the prior year on a constant currency basis. 7 Indonesia Q'5 TWPI is up 5% compared to the prior year on a constant currency basis. YTD Q'5 TWPI is up 5% compared to the prior year on a constant currency basis. 8 Other Asia Q'5 TWPI is up 9% compared to the prior year on a constant currency basis. YTD Q'5 TWPI is up 65% compared to the prior year on a constant currency basis. % 8% 7% 86% 5% 3,777,59,403,86 30 88,34 85 4,805 3,99 4,788 3,736 % 9% 5% 6 8% 3,35,58 65,839 8,386 7,938 Page 5 ASIA DIVISION (CONT'D)

ASIA DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Assets Under Management U.S. $ in millions General fund 36,609 36,50 36,98 35,859 35,378 Segregated funds 8,64 9,389 9,76 0,944,389 Mutual funds,364 9,69 7,753 7,54 7,45 Other funds,004,67,355,067,03 Total assets under management 79,68 76,45 75,067 75,384 76,3 Total assets under management U.S.$ on constant currency basis in millions 79,68 76,0 74,8 7,990 70,668 3% 7% 8% 9 3% 36,609 35,378 8,64,389,364 7,45,004,03 79,68 76,3 79,68 70,668 3% 7% 8% 9 3% 36,98 9,76 7,753,355 75,067 74,8 This line includes the 49% interest in Manulife TEDA Other funds mainly include funds managed by the Company for institutional clients in Indonesia and Other Asia Territories. Changes in Assets Under Management U.S. $ in millions Beginning balance 76,45 75,067 75,384 76,3 74,50 Premiums and deposits 7,609 4,990 4,67 4,308 3,806 Investment income (loss) 3 793,088,36 977,078 Benefits and withdrawals (4,308) (3,6) (4,4) (3,758) (3,330) Other 4 (90) (,09) (3,64) (,366) (833) Ending balance 79,68 76,45 75,067 75,384 76,3 3 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds, mutual funds and other funds. 4 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other business units and changes in allocated capital. This also includes deposits and withdrawals on externally managed funds which have not been included in premiums and deposits, and benefits and withdrawals. 3% 0 6% 9% 8% 75,067 7,004,599 7,50,88,65 (7,99) (6,95) (3,00) 63 79,68 76,3 7 9% 6% 7,004 6,85 5,989 (4,94) (4,97) 75,067 Assets Under Management U.S. $ in millions Insurance 34,886 34,639 34,349 34,039 33,806 Wealth and asset management 9,5 5,7 3,880 3,06 3,043 Other wealth 5,480 6,074 6,838 8,39 9,374 Total assets under management 79,68 76,45 75,067 75,384 76,3 3% 7% 34,886 33,806 9,5 3,043 5,480 9,374 79,68 76,3 3% 7% 34,349 3,880 6,838 75,067 Number of Agents Hong Kong 6,98 6,7 6,584 5,943 5,983 Japan,57,53,593,703,798 Indonesia 9,840 0,08 9,0 8,54 8,08 Other Asia 40,5 39,08 39,678 36,6 34,479 Total 59,3 57,947 57,876 53,06 5,368 Canadian $ in millions Key Metrics Sales Insurance 46 49 43 38 333 Gross Flows Wealth and asset management 6,340 3,354,805,354,00 Sales Other wealth 850 730 579 58 38 Net income (loss) attributed to shareholders 30 99 336 33 337 Total premiums and deposits 9,358 6,88 5,56 4,69 4,50 Total assets under management 99,34 96,943 87,083 84,50 8,385 5% 8% % 8% 5% 6,98 5,983,57,798 9,840 8,08 40,5 34,479 59,3 5,368 5% 8% % 8% 5% 6,584,593 9,0 39,678 57,876 38% 880 67 43%,4 9,694 3,855 5% 9,04 3%,580 7 9%,88 5% 69 579 7%,47 5% 5,546 7,950 96% 7,897 % 99,34 8,385 % 87,083 Page 6 ASIA DIVISION (CONT'D)

ASIA DIVISION (Unaudited) 05 05 04 04 04 05 Q 05 04 05 YTD Fiscal Q Q Q4 Q3 Q vs. YTD YTD vs. 04 04 Q 04 YTD New Business Value (NBV) U.S. $ in millions Hong Kong Japan 3 Indonesia and Other Asia 4 Total 6 95 98 78 Total NBV U.S. $ in millions on a constant currency basis 6 95 9 94 74 NBV is not calculated for Wealth and Asset Management business and Manulife Bank. Figures have been restated, see Changes to Assumptions and Methodology for 04 in our Embedded Value Report. 3 Japan Q'5 NBV is 4 compared to the prior year on a constant currency basis. YTD Q'5 NBV is up compared to the prior year on a constant currency basis. 59 37 0 47 33 5 67 35 0 60 7 40 8 0 47% 06% 49% 57% 06 78 70 37 35 33 48 39 36% 89% 6% 43% 5% 05 93 69 367 35 4 Indonesia and Other Asia Q'5 NBV is up 7% compared to the prior year on a constant currency basis. YTD Q'5 NBV is up 7% compared to the prior year on a constant currency basis. NBV Margin 5 Hong Kong 66.7% 64.6% 65.3% 68.7% 58.3% Japan 7.3% 5.9% 0.5%.3% 0.7% Indonesia and Other Asia 6.7% 5.8% 6.% 5.5%. Total 7. 5. 30.9% 5.5% 3.8% 5 Margins are calculated using annualized premium equivalent (APE). APE is calculated as 0 of annualized first year premiums for recurring premium products, and as of single premiums for single premium products. Both NBV and APE used in the margin are calculated after minority interest and exclude Wealth & Asset Management business. 65.7% 6.5% 6.6%.8% 6.3% 9.6% 6.5% 4.3% 64.7% 3.9% 7.5% 6.5% Page 7 ASIA DIVISION (CONT'D)

CANADIAN DIVISION (Canadian $ millions, Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Statements of Income Revenue Premium income Gross premiums Premiums ceded to reinsurers Investment income Other revenue Subtotal revenue Realized/ unrealized gains on invested assets supporting insurance and investment contract liabilities,470 (,343) 937 750,84,587 (,475) 740 833,685,33 (,34) 736 669,97,368 (,409) 856 75,540,4 (,306) 850 644,430 (,584),007,377 434 905 Total revenue 30 4,69 3,674,974 3,335 Contract benefits and expenses To contract holders and beneficiaries Gross benefits and claims paid and change in insurance contract liabilities Ceded benefits and expenses and change in reinsurance assets Change in investment contract liabilities General expenses Investment expenses Commissions Other (57) (,07) 9 433 30 404 8 4,9 (84) 0 399 40 404 0 3,587 (,095) (8) 364 36 64,660 (,004) 9 34 08 350 80 3,95 (,085) 344 06 336 Total contract benefits and expenses (40) 4,53 3,465,654 3,039 Income (loss) before income taxes Income tax (expense) recovery 70 (44) 60 (75) 09 (87) 30 (70) 96 (47) Net income (loss) Less net income (loss) attributed to participating policyholders Net income (loss) attributed to shareholders 9 9 73 86 67 8% For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits. See the Q press release for a description of Q 05 results compared to Q 04. 6 35 85 (34) 49 50 (36) 49 (8) 3% 6% 6% 93% % 38% 6% 3% 5% 9% 6% 9% 5,057 (,88),677,583 5,499 4,485 (,608),706,7 4,800 (577),35 4,9 7,5 4,35 6,666 (,9) (,59) 39 83 676 70 0 808 685 39 9 4,49 6,38 430 743 (9) (44) 3 599 (45) 30 644 3% 8% % 3 5% 3% 38% % 5% 3% 9% 8% 3% 3 7% 48% 5% 9,086 (5,358) 3,98,6 9,637 4,36 3,773,93 (4,58) 3,38 430,396 636,50,7 (30) 97 (3),003 Earnings Analysis Core earnings excluding Standard Life 68 43 4 43 3 Core earnings Standard Life 36 9 Total core earnings 304 6 4 43 3 Investment gains related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes 4 (8) (99) 9 46 Total core earnings and investment related gains 38 8 5 6 78 Items excluded from core earnings Direct impact of equity markets and interest rates and segregated fund guarantee liabilities 3 (4) (65) 48 () Tax items Reinsurance recapture 4 Net impact of acquisitions and divestitures (4) (9) Total shareholders' net income (loss) 9 9 73 86 67 3 Segregated fund products include guarantees. These products are also referred to as variable annuities. 6% 3% 7 936% 8% 5 460 55 566 460 (67) 8 499 64 (79) 3 (3) 30 644 % 3% % 5% 97 97 98 5 4,003 Page 8 CANADIAN DIVISION

CANADIAN DIVISION (Canadian $ millions, Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Source of Earnings Expected profit from inforce business 33 36 33 94 8 Impact of new business (44) (4) (47) (46) (4) Experience gains (losses) (06) (50) (83) 37 30 Management actions and changes in assumptions 3 0 () 3 3 Earnings on surplus funds 73 7 65 65 65 Other 78 (3) 3 (6) (4) Income (loss) before income taxes 35 94 60 356 34 Income tax (expense) recovery (44) (75) (87) (70) (47) Net income (loss) attributed to shareholders 9 9 73 86 67 Other includes $46 in Q'5 and $4 in Q'5 of pretax core earnings from Standard Life. 7% 5% % 5% 6% 8% 647 554 (85) (70) (356) 86 3 3 45 3 65 (44) 49 788 (9) (44) 30 644 7% % 58% % 46% 7% 5%,6 (63) 40 6 6 (57),304 (30),003 Insurance Sales Retail Markets 48 37 49 4 39 Institutional Markets 8 77 3 0 90 Total insurance sales 66 4 7 43 9 3% 3% 8% 85 77 95 86 380 63 59% 4 67 4 578 Wealth and Asset Management Gross Flows Mutual funds and other funds gross deposits,06,566,579,38,48 Less: Investments in mutual funds from proprietary group segregated fund products (6) (30) (0) () (8) Group Retirement Solutions,887,870,45 89 93 Total wealth and asset management gross flows 3,93 4,406,704,45,386 39% 4 0 6 4,68 3,383 (56) (3) 3,757,77 8,39 5,68 37% 75% 65% 48% 6,90 (64) 4,5 0,477 Other Wealth Sales excluding Manulife Bank Retail segregated fund products 3 765 85 400 353 353 Fixed products 58 86 30 07 09 Total other wealth sales 93,037 530 460 46 7% 45% 0,66 806 344 5,960,058 0 37% 85%,559 489,048 Investments in mutual funds from proprietary products included above for reference only Retail segregated fund products 3 50 649 457 5 374 36%,59 709 63%,48 Pension 4 Sales for reference only Group Retirement Solutions 593 60 59 88 8,95 88 36%,598 Premiums and Deposits Premiums and investment contract deposits,89,78 978 959 936 Mutual funds and other funds gross deposits,06,566,579,38,48 Less: Investments in mutual funds from proprietary segregated fund products (536) (679) (477) (64) (39) Segregated fund deposits,653,7,55,8,78 ASO premium equivalents 85 837 773 736 775 Group Benefits ceded premiums,03,0,03,3 99 Total premiums and deposits 7,50 7,86 5,47 5,073 5,069 Mutual funds and other funds gross deposits includes investments from proprietary segregated fund products. 3 Retail segregated fund products include guarantees. These products are also referred to as variable annuities. 7% 39% 37% 08% 43%,367,877 4,68 3,383 (,5) (74) 5,375 3,086,688,539,33,975 5,076,9 6% 37% 6 7 3% 36% 3,84 6,90 (,48) 5,89 3,048 4,30,69 4 Pension sales represent both new regular premiums and deposits and single premiums sales. New regular premiums and deposits reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Pension sales also include sales of Group Retirement Solutions Other Wealth products. Page 9 CANADIAN DIVISION (CONT'D)

CANADIAN DIVISION (Canadian $ millions, Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Premiums and Deposits by Business Retail Markets 564 57 535 53 50 Institutional Markets,357,455,,88,094 Insurance,9 3,06,646,70,595 Wealth and asset management 3,93 4,406,704,45,386 Retail segregated fund products 765 850 404 353 353 Fixed products 5 93 30 07 09 Other wealth 96,043 534 460 46 Less: Investments in mutual funds from proprietary retail segregated fund products (50) (649) (457) (5) (374) Total premiums and deposits 7,50 7,86 5,47 5,073 5,069 Retail segregated fund products include guarantees. These products are also referred to as variable annuities. 3% 3% 3% 6 7% 39% 98% 36% 43%,35 98 4,8 4,60 5,947 5,4 8,39 5,68,65 806 344 5,959,058 (,59) (709) 5,076,9 6% 6% 6% 48% 0 37% 85% 63% 36%,049 8,459 0,508 0,477,563 489,05 (,48),69 Assets Under Management General fund, excluding Manulife Bank net lending assets 84,5 86,984 65,644 65,34 64,030 Manulife Bank net lending assets 9,30 9,40 9,46 9,45 9,359 Segregated funds 9,65 9,73 57,08 55,470 54,89 Mutual funds and other funds, including assets held by segregated funds 43,96 43,097 33,4 3,803 30,687 Less: Mutual funds held by proprietary segregated fund products (,80) (,494) (6,605) (5,907) (5,59) Total assets under management 7,473 0,70 58,904 56,05 53,376 3% 67% 36% 84,5 64,030 9,30 9,359 9,65 54,89 43,96 30,687 (,80) (5,59) 7,473 53,376 3% 67% 36% 65,644 9,46 57,08 33,4 (6,605) 58,904 Assets Under Management Insurance 57,5 57,70 47,365 45,884 44,960 Wealth and asset management 97,957 98,5 60,856 58,080 56,53 Manulife Bank net lending assets 9,30 9,40 9,46 9,45 9,359 Other wealth, excluding Manulife Bank net lending assets 63,47 65,840 47,38 47,80 47,458 Less: Mutual funds held by proprietary retail segregated fund products (0,66) (0,375) (5,88) (5,74) (4,94) Total assets under management 7,473 0,70 58,904 56,05 53,376 Wealth & asset management includes investments from proprietary retail segregated funds. 7% 73% 33% 35% 57,5 44,960 97,957 56,53 9,30 9,359 63,47 47,458 (0,66) (4,94) 7,473 53,376 7% 73% 33% 35% 47,365 60,856 9,46 47,38 (5,88) 58,904 Changes in Assets Under Management Beginning balance 0,70 58,904 56,05 53,376 50,80 Assets acquired (Standard Life) 54,46 Premiums and deposits 5,368 5,787 3,63 3,06 3,30 Investment income (loss) 3 (3,00) 7,46 4,94,44 3,474 Mutual fund withdrawals (773) (88) (67) (559) (58) Other benefits and withdrawals (3,437) (3,604) (,3) (,994) (,53) Other 4 (,385) (,39) (,44) (446) (998) Ending balance 7,473 0,70 58,904 56,05 53,376 3 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the mutual and segregated funds. 47% 63% 46% 6 39% 58,904 45, 54,46,55 7,604 4,46 8,54 (,60) (,097) (7,04) (4,634) (,776) (,) 7,473 53,376 9% 47% 48% 46% 5% 5% 45, 4,44 5,50 (,37) (8,759) (4,8) 58,904 4 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other business units, changes in allocated capital, and net movement in Manulife Bank deposits. Page 0 CANADIAN DIVISION (CONT'D)

U.S. DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Statements of Income U.S. $ in millions Revenue Premium income Gross premiums Premiums ceded to reinsurers Investment income Other revenue Subtotal revenue Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities,893 (35),438,049 4,09,845 (33),94 997 3,804,088 (400),450,04 4,6,97 (37),388,03 4,0 (5,6),433 3,483 9,47 Total revenue (,593) 6,37 7,645 4,93 6,399 Contract benefits and expenses To contract holders and beneficiaries,86 (354),49,037 3,98 Gross benefits and claims paid and change in insurance contract liabilities Ceded benefits and expenses and change in reinsurance assets Change in investment contract liabilities General expenses Investment expenses Commissions Other (,860) 30 398 6 4 40 5,585 (898) 4 36 3 405 40 6,50 (605) 3 340 4 455 6 3,44 (435) 4 38 5 48 43 5,367 (684) 4 3 0 47 35 Total contract benefits and expenses (,743) 5,685 7,008 4,05 5,680 Income (loss) before income taxes Income tax (expense) recovery Net income (loss) attributed to shareholders 49 389 444 63 53 7% For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains 50 () 55 (63) 637 (93) 898 (75) 79 (06) % % % 3% 3% % 79% 0 3,738 3,50 (683) (697),73,77,046,055 7,833 7,63 (3,89) 5,759 4,644 3,390,75,3 (868) (,6) 6 7 74 653 49 45 86 84 80 75 3,94,00 70,90 (64) (3) 538 879 7% % % 3% 65% 76% % % 3% 7% 68% 47% 39% 7,56 (,44) 5,60 4,0 5,804 0,54 5,958,66 (,56) 54,3 87,707 79 3,33,75 (779),946 (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits. The gains (losses) primarily relate to fair value movements on bonds and derivatives. See the Q press release for a description of Q 05 results compared to Q 04. Earnings Analysis U.S. $ in millions Total core earnings 37 36 97 34 30 Investment gains related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes 5 (8) (36) 93 89 Total core earnings and investment related gains 379 308 6 607 49 Items excluded from core earnings Direct impact of equity markets and interest rates and variable annuity guarantee liabilities (04) 8 83 6 Net impact of acquisitions and divestitures (6) Total shareholders' net income (loss) 49 389 444 63 53 8% 7% 3% 7% 643 64 44 90 687 93 (3) (5) (6) 538 879 85% 6% 37% 39%,5 447,699 47,946 Page U.S. DIVISION

U.S. DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 U.S. INSURANCE Source of Earnings U.S. $ in millions Expected profit from inforce business 4 44 37 5 65 Impact of new business 3 3 53 4 Experience gains (losses) (94) 73 80 55 500 Management actions and changes in assumptions Earnings on surplus funds 85 85 84 85 86 Other 5 (4) 3 4 (8) Income (loss) before income taxes 8 50 457 779 745 Income tax (expense) recovery (69) (5) (57) (50) Net income (loss) attributed to shareholders 8 33 305 5 495 9% % 89% 8 86 353 6 0 79 475 5 70 67 58,0 (69) (33) 43 708 9% 3 83% 0 % nm 43% 46% 64 97,70 5 336 8,57 (7),535 U.S. WEALTH AND ASSET MANAGEMENT AND U.S. OTHER WEALTH Source of Earnings U.S. $ in millions Expected profit from inforce business 58 3 40 3 9 Impact of new business (45) (43) (43) (39) (39) Experience gains (losses) (37) (67) (48) (06) (34) Management actions and changes in assumptions (4) () Earnings on surplus funds 33 3 3 3 3 Other () () Income (loss) before income taxes 69 5 80 9 (6) Income tax (expense) recovery () 6 (4) (8) 44 Net income (loss) attributed to shareholders 68 57 39 0 8 8% 5% nm 3% 78% 489 43 (88) (80) (304) (43) (4) (3) 64 64 () 0 69 5 5 7 3% 5% nm 9% 5 7% 904 (6) (397) (3) 7 () 468 (57) 4 Source of Earnings U.S. $ in millions Expected profit from inforce business 400 375 377 383 384 Impact of new business () (40) 0 (5) (7) Experience gains (losses) (33) 06 3 409 66 Management actions and changes in assumptions (4) () Earnings on surplus funds 8 6 5 7 8 Other 6 (5) 3 4 (0) Income (loss) before income taxes 50 55 637 898 79 Income tax (expense) recovery () (63) (93) (75) (06) Net income (loss) attributed to shareholders 49 389 444 63 53 9% nm 79% 0 7% 775 785 (6) (60) (5) 3 (4) 34 3 70,90 (64) (3) 538 879 % 3% % 47% 39%,545 (65) 773 463 7,75 (779),946 Insurance Sales U.S. $ in millions JH Life 08 06 40 0 JH LongTerm Care 0 4 3 Total Insurance Sales 8 7 54 4 5 6% 3% % 4 87 36 35 3 5% 439 6 50 Wealth and Asset Management Gross Flows (Premiums and Deposits) U.S. $ in millions JH Investments 6,868 6,48 5,755 5,355 6,93 JH Retirement Plan Services 4,6 3,578 3,39 3,033 3,039 Total wealth and asset management gross flows,094 9,76 8,894 8,388 9,970 % 39% % 3,06 3,579 7,804 6,709 0,80 0,88 6% 3% 4,689,88 37,570 Pension Sales for reference only U.S. $ in millions JH Retirement Plan Services,09,,364 886 97,3,7 % 4,467 Pension sales include both new regular premiums and deposits and single premiums sales. New regular premiums and deposits reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Page U.S. DIVISION (CONT'D)

U.S. DIVISION (Unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Premiums and Deposits U.S. $ in millions Premiums and investment contract deposits,54,53,688,600,47 Segregated fund deposits 3,60 3,95 3,54 3,49 3,398 Mutual fund deposits 7,939 6,7 5,797 5,384 6,989 Total premiums and deposits 3,0,636,06 0,403,859 5% 7% 3,055,804 7,57 7,454 4, 3,74 4,737 3,98 9% % 3% 3% 6,09 4,44 4,905 45,4 Premiums and Deposits Insurance U.S. $ in millions JH Life,,,300,8,04 JH LongTerm Care 549 533 566 563 549 Total premiums and deposits insurance,660,644,866,744,573 8% 6%,,968,08,087 3,304 3,055 3% 8% 4,449,6 6,665 Premiums and Deposits Other Wealth U.S. $ in millions JH Annuities 347 66 66 7 36 Total premiums and deposits other wealth 347 66 66 7 36 63 639 63 639,76,76 Assets Under Management and Administration U.S. $ in millions Assets Under Management U.S. $ in millions General fund 4,74 9,333 7,8,875 0,748 Segregated funds 49,490 5,945 50,330 5,098 55,806 Mutual funds and other funds 80,65 78,504 75,38 7,34 7,9 Total assets under management 344,847 349,78 343,533 336,97 337,683 Assets under administration 55,56 Total assets under management and administration 400,03 349,78 343,533 336,97 337,683 3% % 8% 4,74 0,748 49,490 55,806 80,65 7,9 344,847 337,683 55,56 400,03 337,683 3% % 8% 7,8 50,330 75,38 343,533 343,533 Assets Under Management and Administration U.S. $ in millions Assets Under Management U.S. $ in millions Insurance 08,099 0,774 09,079 05,35 03,6 Wealth and asset management 65,578 63,8 58,958 55,945 56,668 Other wealth 7,70 75,86 75,496 75,037 77,404 Total assets under management 344,847 349,78 343,533 336,97 337,683 Assets under administration 55,56 Total assets under management and administration 400,03 349,78 343,533 336,97 337,683 6% 8% % 8% 08,099 03,6 65,578 56,668 7,70 77,404 344,847 337,683 55,56 400,03 337,683 6% 8% % 8% 09,079 58,958 75,496 343,533 343,533 Changes in Assets Under Management and Administration U.S. $ in millions Beginning balance 349,78 343,533 336,97 337,683 36,86 Assets acquired (New York Life Pension) 56,587 Premiums and deposits 3,0,636,06 0,403,859 Investment income (loss) (5,9) 8,648 9,005 (395),3 JH Investment withdrawals (4,39) (4,48) (4,36) (3,686) (3,46) Retirement Plan Services withdrawals (5,309) (3,74) (4,90) (3,60) (3,386) Other benefits and withdrawals (3,35) (3,740) (3,480) (3,58) (3,88) Other (,096) (,33) (663) (56) (90) Ending balance 400,03 349,78 343,533 336,97 337,683 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds. 7% 6% 57% % 8% 343,533 30,064 56,587 4,737 3,98 3,356 9,893 (8,567) (6,674) (9,033) (6,987) (7,09) (7,758) (3,49) (4,837) 400,03 337,683 7% 3% 83% 8% 9% 9% 9% 8% 30,064 45,4 8,503 (4,7) (4,887) (4,80) (6,06) 343,533 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other business units and changes in allocated capital. Canadian $ in millions Key Metrics Sales Insurance 44 46 75 35 5 Gross Flows Wealth and asset management 3,64,059 0,00 9,33 0,87 Net income (loss) attributed to shareholders 83 48 506 679 559 Total premiums and deposits 6,08 4,48,59,39,93 Total assets under management and administration 499,068 443,603 398,59 376,99 360,50 5% 90 44 9% 554 5% 5,70,55 5% 4,488 67% 665 96 3%,47 5% 30,536 6,305 6% 50,53 38% 499,068 360,50 38% 398,59 Page 3 U.S. DIVISION (CONT'D)

CORPORATE AND OTHER (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q YTD YTD YTD 05 Fiscal Q4 Statements of Income Revenue Gross investment income before items below Gains (losses) on AFS equities Gains (losses) on AFS bonds and related derivative positions Gains (losses) on macro hedges Interest on surplus funds allocated to divisions Other revenue 50 69 35 (68) 74 83 6 (5) (46) (69) 35 7 57 (9) (34) (49) 09 30 9 (3) (5) (4) 3 88 3 (7) (50) (46) 43 Total revenue, net 6 (6) (65) (89) (40) Contract benefits and expenses General expenses Investment expenses, net Changes in actuarial methods and assumptions Other Total contract benefits and expenses 409 35 547 60 56 Income (loss) before income taxes Income tax (expense) recovery (47) 8 (386) 86 (6) 39 (349) 3 (96) 73 Net income (loss) Less net income (loss) attributed to noncontrolling interest (9) () (00) (93) (6) (6) (3) Net income (loss) attributed to shareholders Corporate and Investments (8) (00) (93) (0) (44) Net income attributed to shareholders' for Reinsurance business 34 3 8 3 4 Net income (loss) attributed to shareholders (94) (77) (75) (97) (0) See the Q press release for a description of Q 05 results compared to Q 04. 7 (54) 70 46 (6) 4 00 4 (63) 39 30 95 (8) 44 03 0 (7) 40 3 3% 6% 9% 7% 7% 8% 75% 7% 6 7% 6% 48% 57% 433 56 30 68 0 (7) (44) (5) (537) (486) 09 8 0 (4) 58 93 (6) (5) 94 49 734 584 (633) (66) 304 77 (39) (449) () (38) (470) 57 46 (7) (44) 8% 9% 8% 8% 77% 3% 8% % 6% % 7% 7% 3 36% 87 54 (59) (400) (977) 59 (96) 79 (97) 377 48,39 (,587) 69 (968) 5 (983) 87 (896) Earnings Analysis Total core earnings (04) (53) (09) (03) (9) Investmentrelated experience including fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes and credit experience (excl. investmentrelated experience in core earnings) (8) 3 (48) (45) (53) Total core earnings and investment related gains in excess of core investment gains () (40) (57) (48) (44) Items excluded from core earnings Direct impact of equity markets and interest rates 4 (4) (7) 0 (46) Change in actuarial methods and assumptions (excl. URR changes) (47) () (59) (69) (30) Net impact of acquisitions and divestitures (8) () One time tax gains (charges) 3 0 Net income (loss) attributed to shareholders (94) (77) (75) (97) (0) 85% % 57% 57% (57) (8) 5 (93) (5) (3) 37 (43) (69) (70) (9) 4 (7) (44) 8% 9% % 36% (430) (86) (66) (94) (98) (896) Wealth and Asset Management Gross Flows Institutional advisory accounts 0,987 3,04,76 96,780 Total wealth and asset management gross flows 0,987 3,04,76 96,780 95% 95% 4,0 4,947 4,0 4,947 83% 83% 8,85 8,85 Premiums and Deposits Institutional advisory accounts 0,987 3,04,76 96,780 Premiums Reinsurance business 9 8 9 0 Total premiums and deposits,008 3,043,94 98,800 95% 5% 93% 4,0 4,947 40 40 4,05 4,987 83% 8% 8,85 77 8,6 Assets Under Management General fund Corporate,45 3,80 4,76 5,306 3,658 General fund Reinsurance 945 954 966 937 894 Segregated funds elimination of amounts held by the Company (4) (3) (0) (94) (83) Institutional advisory accounts 64,680 55,548 4,573 39,07 37,69 Total assets under management 66,86 60,089 46,63 45,076 4,998 Includes only the third party institutional business of Manulife Asset Management and not business from affiliates and the General Fund 6 6% 7% 7% 59%,45 3,658 945 894 (4) (83) 64,680 37,69 66,86 4,998 6 6% 7% 7% 59% 4,76 966 (0) 4,573 46,63 Page 4 CORPORATE AND OTHER

Asset Information

INVESTED ASSETS PORTFOLIO COMPOSITION (Canadian $ in millions, unaudited) As at As at As at As at As at Q 05 % Q 05 % Q4 04 % Q3 04 % Q 04 % Carrying value Cash and shortterm securities 5,647 5.3 % 8,589 6.0 %,079 7.8 % 7,97 7.0 % 4,04 5.8 % Debt securities Government Canadian government & agency US government & agency Foreign governments & agency Corporate Securitized CMBS RMBS ABS Total debt securities,359 4,40 7,5 8,967,06 39,46 48,606 7. % 8.3 % 5.8 % 7.8 % 0.3 % 0. % 0.8 % 50.3 % 4,0 8,803 7,39 85,747,00 54,44 59,758 7.8 % 9.3 % 5.6 % 7.8 % 0.4 % 0. % 0.8 % 5.8 % 7,60 4,836 5,37 73,65 933 49,6 34,446 6.5 % 9. % 5.7 % 7. % 0.4 % 0. % 0.8 % 49.9 % 7,06 3,538 5,303 70,77 94 365,53 9,586 6.6 % 9. % 5.9 % 7.3 % 0.4 % 0. % 0.8 % 50. % 6,65,78 4,468 66,633 9 434,904 3,748 6.8 % 9.3 % 5.9 % 7.3 % 0.4 % 0. % 0.8 % 50.7 % Private placement debt 6,65 9.0 % 6,35 8.5 % 3,84 8.6 %,00 8.6 %,5 8.7 % Mortgages Commercial Retail Office Multi family residential Industrial Other commercial Other mortgages Manulife Bank single family residential Agriculture Total mortgages 8,048 8,779 4,438,80,38 7,59,085 45,063.7 % 3.0 %.5 %.0 % 0.8 % 5.9 % 0.4 % 5.3 % 7,935 8,789 4,408,885,34 7,608,48 45,4.6 %.8 %.4 % 0.9 % 0.8 % 5.7 % 0.4 % 4.6 % 6,359 6,60 3,863,7, 7,69,09 39,458.4 %.3 %.4 % 0.8 % 0.8 % 6.6 % 0.4 % 4.7 % 6,083 5,75 3,7,4,9 7,604,56 38,638.4 %. %.4 % 0.8 % 0.9 % 6.8 % 0.5 % 5.0 % 5,898 5,544 3,609,06,09 7,59,08 37,806.4 %.3 %.5 % 0.8 % 0.9 % 7. % 0.4 % 5.5 % Policy loans 8,64.9 % 8,697.8 % 7,876.9 % 7,70 3.0 % 7,390 3.0 % Loans to bank clients,750 0.6 %,770 0.6 %,77 0.7 %,786 0.7 %,8 0.7 % Public equities Par, equitylinked and passthrough Nonpar and surplus Total public equities 0,473 6,84 7,35 3.5 %.4 % 5.9 % 0,473 7,0 7,484 3.4 %.3 % 5.7 % 9,667 4,876 4,543 3.6 %.8 % 5.4 % 9,448 4,66 4,074 3.7 %.7 % 5.4 % 9, 4,5 3,73 3.8 %.8 % 5.6 % Real estate & other invested assets Alternative longduration assets Office Industrial Company use Other Total real estate Power & infrastructure Private equity Timberland Oil & gas Farmland Other Total alternative longduration assets Leases Affordable housing Other 9,308 865 946,074 3,93 4,59 3,7 3,9,993,363 4 7,853 3,63 376 37 3. % 0.3 % 0.3 % 0.7 % 4.5 %.5 %. %. % 0.7 % 0.4 % 0. % 9.4 %. % 0. % 0. % 8,645 855 956,935,39 4,338 3,03 3,45,,37 43 6,983 3,05 40 37 Total real estate & other invested assets 3,79 0.7 % 30,96 0.0 % 6,85 0.0 % 5,967 0. % 4,485 0.0 % Total invested assets 95,393 00.0 % 308,680 00.0 % 69,30 00.0 % 57,84 00.0 % 44,9 00.0 % Includes government insured mortgages ($9,46 or % as at June 30, 05). Fair value Real estate 3,959 3,7 0,836 0,98 0,9 Total alternative longduration assets 8,649 7,778 4,030 3,38,053 Total real estate & other invested assets 3,55 3,7 7,6 6,870 5,385 The fair values of real estate and other investments are disclosed in the table above since the changes in the fair value of those assets backing insurance and investment contract liabilities are reflected as earnings/charges through actuarial reserves..8 % 0.3 % 0.3 % 0.6 % 4.0 %.4 %.0 %. % 0.7 % 0.5 % 0. % 8.8 %.0 % 0. % 0. % 7,077 67 83,5 0,0 4,00,758,694,6,55 89 3,60,95 377 90.6 % 0.3 % 0.3 % 0.6 % 3.8 %.5 %.0 %.0 % 0.8 % 0.5 % 0. % 8.7 %. % 0. % 0. % 7,378 643 808,375 0,04 3,934,478,639,849,9 45,478,8 378 99.9 % 0.3 % 0.3 % 0.5 % 4.0 %.5 %.0 %.0 % 0.7 % 0.5 % 0.0 % 8.7 %. % 0. % 0. % 6,835 609 794,33 9,55 3,73,37,530,705, 4,53,664 370 98.8 % 0.3 % 0.3 % 0.5 % 3.9 %.5 %.0 %.0 % 0.7 % 0.5 % 0. % 8.7 %. % 0. % 0. % Page 5 INVESTED ASSETS PORTFOLIO COMPOSITION

INVESTED ASSETS FIXED INCOME SECURITIES BY CREDIT QUALITY AND GEOGRAPHIC LOCATION (Canadian $ in millions, unaudited) Debt Securities and Private Placement Portfolio by Credit Quality (at carrying value) Total Private Placements Debt Securities Total Private Placements Debt Securities Credit Rating AAA AA A BBB BB B & lower, and unrated Total AAA AA A BBB BB B & lower, and unrated Total AAA AA A BBB BB B & lower, and unrated Total NAIC designation 3 4 & below 3 4 & below 3 4 & below As at Q 05 % 37,648 5% 3,80 % 50,5 3 4,977 7%,556 % 734 48,606 0,03 3,600 9,3 3 0,78 4,94 5% 840 3% 6,65 0 38,66 % 35,780 % 59,634 3 35,759 3,850 %,574 % 75,58 0 As at Q 05 % 44,49 8% 33,06 % 54,43 3 4,555 5%,783 % 778 59,758 0,034 3,55 3% 8,950 3 0,934,8 737 3% 6,35 0 45,83 36,576 63,38 3 35,489 9% 3,965 %,55 % 86,0 0 As at Q4 04 % 38,60 9% 7,796 % 43,74 3%,99 6%,439 % 65 34,446 0 985 3,95 6,565 8% 0,44 4,69 6%,06 3,84 0 39,605 5% 30,99 50,306 3% 3,443 3,708 %,677 % 57,730 0 As at Q3 04 % 37,998 9% 7,305 % 40,984 3% 0,5 6%,49 % 78 9,586 0 958 3,085 6,6 8% 9,90 45%,0 5% 97,00 0 38,956 6% 30,390 47,0 3% 30,054 3,53 %,645 % 5,686 0 As at Q 04 % 36,945 3 5,754 % 38,498 3% 9,98 6%,06 % 597 3,748 0 800 3,090 5% 6,57 9% 9,097 43%,085 5% 886,5 0 37,745 6% 8,844 44,655 3% 9,05 3, %,483 % 44,863 0 The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (CDS) to complement its cash bond investments. The Company does not use CDS to leverage its credit risk exposure and any CDS protection sold is backed by government security holdings. In order to reflect the actual credit exposure held by the Company, the credit quality carrying values have been adjusted to reflect the credit quality of the underlying issuers referenced in the CDS sold by the Company. At June 30, 05, the Company had $60 (March 3, 05: $579) notional outstanding of CDS protection sold. Debt Securities and Private Placement Portfolio by Geographic Location (at carrying value) Country US Canada Europe Asia & Other Total US Canada Europe Asia & Other Total US Canada Europe Asia & Other Total As at Q 05 % 69,4 47% 43,570 9% 5,84 3% 30,6 % 48,606 0 5,4 8,755,807 976 6,65 84,355 5,35 6,99 3,587 75,58 57% 33% 7% 3% 0 48% 3 8% 0 As at Q 05 % 76,990 48% 47,30 3 5,40 3% 30,8 9% 59,758 0 4,947 8,75,7 968 6,35 9,937 55,855 7,3 3,86 86,0 57% 33% 6% 0 49% 3 7% 0 As at Q4 04 % 67,8 5 35,657 6% 4,996 6,5 34,446 0 3,980 6,849,304,5 3,84 8,6 4,506 6,300 7,663 57,730 6 9% 6% 5% 0 5% 7% 8% 0 As at Q3 04 % 63,9 49% 34,98 7% 5,40 6,7 9,586 0 3,8 6,589,99,094,00 76,30 4,57 6,439 7,366 5,686 59% 3 6% 5% 0 5 8% 8% 0 As at Q 04 % 59,90 48% 34,6 8% 4,970 4,75 3,748 0,93 6,473,74,075,5 7,03 40,589 6,44 5,87 44,863 58% 3% 6% 5% 0 5 8% 8% 0 Page 6 INVESTED ASSETS FIXED INCOME SECURITIES BY CREDIT QUALITY AND GEOGRAPHICAL LOCATION

INVESTED ASSETS FIXED INCOME SECURITIES BY SECTOR (Canadian $ in millions, unaudited) Debt Securities and Private Placement Portfolio by Sector / Industry Holdings (at carrying value) As at Q 05 As at Q 05 As at Q4 04 As at Q3 04 As at Q 04 Carrying Investment Carrying Investment Carrying Investment Carrying Investment Carrying Investment value % grade % value % grade % value % grade % value % grade % value % grade % Debt Securities Government & agency Utilities Financial Energy Consumer (noncyclical) Industrial Basic materials Consumer (cyclical) Securitized MBS/ABS Telecommunications Technology Media & internet Diversified & miscellaneous Total 6,93 98% 0,00 99%,74 5% 96%,04 7% 96% 7,70 5% 0 8,68 6% 0 3,065 % 9%,578 % 99% 3,76 3% 93% 3,048 % 0,879 % 0,33 % 0 57 99% 48,606 0 98% 70,6 4 98%,430 99% 3,58 5% 95%,59 7% 96% 8,3 5% 0 8,83 5% 0 3,87 % 9%,784 % 99% 3,795 % 93% 3,095 % 0,863 % 0,300 % 0 483 98% 59,758 0 98% 57,783 43% 98% 7,99 3% 99% 0,37 5% 95% 9,990 8% 98% 7,065 5% 0 7,09 5% 0,845 % 9%,34 % 99% 3,398 3% 9%,509 % 0,687 % 0,40 % 0 40 98% 34,446 0 98% 55,867 43% 98% 6,43 3% 99% 0,368 6% 9 9,7 7% 97% 6,54 5% 0 6,576 5% 0,807 % 9%,35 % 99% 3,44 3% 9%,44 % 0,606 % 0,8 % 0 395 98% 9,586 0 98% 53,866 43% 98% 5,58 3% 98% 9,5 6% 96% 9,3 7% 98% 6,6 5% 0 6,89 5% 0,783 % 9%,034 % 98% 3,50 3% 9,330 % 0,54 % 0,030 % 0 36 98% 3,748 0 98% Total Private Placements Government & agency Utilities Financial Energy Consumer (noncyclical) Industrial Basic materials Consumer (cyclical) Securitized MBS/ABS Telecommunications Technology Media & internet Diversified & miscellaneous Total Government & agency Utilities Financial Energy Consumer (noncyclical) Industrial Basic materials Consumer (cyclical) Securitized MBS/ABS Telecommunications Technology Media & internet Diversified & miscellaneous Total,599 0,47 47% 93%,64 6% 96%,05 8% 8%,70 9%,508 9% 9 880 3% 73%,496 6% 89% 40 0 56 8 38 % 7 88 6% 0 n/a 6,65 0 9% 65,5 37% 98% 3,474 9% 97% 4,338 96% 3,09 8% 9 0,4 6% 98% 0,676 6% 99% 3,945 % 87% 4,074 % 95% 3,766 % 3,04 % 0,07 % 98%,3 % 9 57 99% 75,58 0 97%,66 0,88 47% 93%,694 6% 96%,959 7% 88%,803 % 93%,53 9% 96% 904 3% 73%,56 6% 9 43 0 6 76% 3 % 85% 9 6% 0 n/a 6,35 0 93% 7,83 39% 98% 33,78 8% 97% 5,76 96% 3,488 7% 95%,4 6% 98% 0,436 6% 99% 4,09 % 87% 4,300 % 96% 3,838 % 93% 3,56 % 99%,986 % 99%,39 % 9 483 98% 86,0 0 97%,4 0 0,907 47% 93%,447 6% 95%,989 9% 85%,5 9% 9%,508 7% 9,70 5% 5,45 6% 8% 4 0 68 79% 3 % 85% 89 6% 0 n/a 3,84 0 9 60,95 38% 98% 8,86 8% 97%,684 95%,979 8% 95% 9,90 6% 98% 8,537 5% 99% 4,05 3% 8 3,739 % 9% 3,439 % 9%,577 % 99%,800 % 99%,39 % 9 40 98% 57,730 0 97%,337 % 0 0,034 45% 93%,357 6% 95%,965 9% 9%,090 95%,59 7% 9%,093 5% 57%,46 6% 8% 40 0 68 79% 9 % 0 89 6% 0 n/a,00 0 9% 58,04 38% 98% 6,466 8% 96%,75 9,676 8% 96% 8,63 6% 99% 8,095 5% 98% 3,900 3% 8% 3,65 % 9% 3,48 % 9%,49 % 99%,698 % 0,7 % 9 395 98% 5,686 0 97%,6 0 9,35 4 9%,73 8% 97%,887 9% 9%,006 95%,48 7% 9%,05 5% 57%,304 6% 8% 4 0 68 79% 88 % 0 87 7% 0,5 0 9% 56,07 39% 98% 4,86 7% 96% 0,938 96%,00 8% 97% 8,67 6% 99% 7,707 5% 98% 3,888 3% 8% 3,338 % 9% 3,9 % 9,398 % 99%,6 % 0,7 % 93% 363 98% 44,863 0 97% Page 7 INVESTED ASSETS FIXED INCOME SECURITIES BY SECTOR

INVESTED ASSETS PROVISIONS, IMPAIRMENTS & UNREALIZED LOSSES (Canadian $ in millions, unaudited) Unrealized (losses) As at Q 05 As at Q 05 As at Q4 04 As at Q3 04 As at Q 04 Amounts Amortized Gross unrealized (losses) < 8 cost Amortized Gross unrealized (losses) Amounts < 8 cost Amortized Gross unrealized (losses) Amounts < 8 cost Amortized Gross unrealized (losses) Amounts < 8 cost Amortized Gross unrealized (losses) cost $ % > 6 months cost $ % > 6 months cost $ % > 6 months cost $ % > 6 months cost $ % Amounts < 8 cost > 6 months Debt securities Go vernment 59,47 (936) % () 63,55 (0) () 5,584 (69) (3) 5,56 (333) % (8) 50,98 (45) % (7) Co rporate Financials,58 (39) % (0),98 (84) (9) 8,888 (86) (6) 9,78 (0) % (8) 8,044 (06) % (3) Nonfinancials 55,869 (73) % (5) 55,35 (4) (5) 47,74 (90) (4) 45,675 (50) % (4) 43,07 () % (4) S ecuritized CMBS,003 (8) % (),068 (6) % () 9 (5) % () 907 (0) % () 890 () % (7) RMBS 4 (9) 57 (0) 56 () 5% (3) 37 () 3% (3) 44 (4) 3% () ABS,38 (8),3 (),8 (),07 (4),88 (6) () Private placement debt 6,745 (469) % 6,374 (03) 3,84 (9) %,00 (63) %,5 (5) % Fixed income securities 67,93 (,30) % (8) 70,85 (556) (6) 45,79 (583) (65) 4,864 (874) % (45) 36,334 (909) % (63) Gross unrealized losses consist of unrealized losses on AFS debt securities and private placements held at cost in the Corporate Surplus segments, as well as the difference between fair value and amortized cost on debt securities and private placements held in liability segments. Losses on AFS debt securities held in Surplus and on all private placements are realized upon sale or by credit impairment. However, for fixed income securities supporting CALM liabilities, losses are only realized upon credit impairment because unrealized gains and losses on debt securities, which impact net investment income, are largely offset by the changes in actuarial liabilities unless the security is credit impaired. Provisions, impairments and recoveries Credit related Loans Debt securities FVTPL Debt securities AFS Other 3 Q 05 Q 05 Q4 04 Q3 04 Q 04 Par Nonpar Total Par Nonpar Total Par Nonpar Total Par Nonpar Total Par Nonpar Total (4) (4) () () (4) (9) (9) (3) () (5) () () (3) (5) (5) (0) () () 5 7 (5) (3) (8) () 0 () (0) () (6) (5) () () Subtotal () (6) (8) Equity related Public AFS (3) (3) (7) (7) () () () () Private equities AFS and Other 3 () (4) (5) Subtotal () () (3) (3) (7) (7) () (5) (6) () () Total () (8) (0) (5) (6) () () 4 3 (3) (5) (8) (8) (7) Includes net new (provisions) recoveries on loans and net (impairments) gains on sale on debt securities and other invested assets, including those held at fair value. Although GAAP does not require us to measure the impairment portion of unrealized losses on debt securities classified as FVTPL, we believe this is a key metric for our business. 3 Other credit related and equity related provisions, impairments and recoveries are included in investment income from Other Investments; please refer to the following page. Net impaired fixed income assets As at Q 05 As at Q 05 As at Q4 04 As at Q3 04 As at Q 04 Gross Impaired Gross Impaired Gross Impaired Gross Impaired Gross Impaired amount Allowances value amount Allowances value amount Allowances value amount Allowances value amount Allowances value Loans Mortgages and loans to bank clients Private placements 75 (9) 46 5 (89) 36 Subtotal 300 (8) 8 Other fixed income 4 Debt securities FVTPL 59 59 Debt securities AFS 8 8 Other Subtotal 68 68 Total 368 (8) 50 83 (33) 50 85 (37) 48 6 (85) 3 89 (7) 7 99 (8) 8 74 (09) 65 69 69 48 48 9 9 0 0 79 79 59 59 378 (8) 60 333 (09) 4 4 Impairments of Other fixed income assets are charged directly to the carrying value of the asset. Accordingly, no allowances are shown against these assets. 86 06 9 56 4 8 373 (40) (84) (4) (4) 46 68 56 4 8 49 90 (36) 54 9 (7) 8 (07) 75 56 56 4 4 8 8 363 (07) 56 Page 8 INVESTED ASSETS PROVISIONS, IMPAIRMENTS AND UNREALIZED LOSSES

INVESTMENT INCOME (Canadian $ in millions, unaudited) Q 05 Q 05 Q4 04 Q3 04 Q 04 Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Cash and shortterm securities Investment income 8 n/a 39 n/a 8 n/a n/a 8 n/a Debt securities Interest income,344 3.8%,3 3.8%,03 4.,68 4.,6 4. Recoveries (impairments), net (4) (0) () 3 7 Gains (losses) on assets backing surplus 8 7 5 7 35 Total,348 3.5%,39 3.5%,7 3.7%,88 3.8%,03 3.9% Includes impairments on debt securities classified as AFS and FVTPL. Public equities Dividend income 33.6% 9.% 47 4.% 93.7% 4 3. Impairments, net () (3) (7) () () Gains (losses) on assets backing surplus 69 6 44 9 3 Total 00 4. 49 3.6% 84 5.% 3.5% 44 4.3% Loans Mortgage loan interest income 448 4. 445 4.% 47 4.5% 4 4. 409 4. Private placement interest income 355 5.5% 35 5.5% 33 6. 337 6. 39 6.% Policy loan interest income 04 5. 08 5.% 94 4.8% 93 4.9% 9 4.8% Loans to bank clients interest income 7 4.% 8 4. 9 4.3% 9 4.3% 9 4.% Recoveries (impairments), net (4) (9) (5) (3) Total 90 4.6% 93 4.6% 883 5. 845 5. 85 4.9% Real estate Rental and other income 3 4.% 5 4.3% 88 3.5% 3 4.9% 3 5.3% Gains on assets backing surplus Total 3 4.% 5 4.3% 88 3.5% 3 4.7% 3 5.3% Other investments Investment income 330 n/a (0) n/a 55 n/a 99 n/a 349 n/a Derivatives Investment income 59 n/a 07 n/a 9 n/a 5 n/a 47 n/a Investment income 3,6 3.8%,64 3.6%,664 4.%,60 4.%,809 4.7% Investment income includes dividends, interest, rental income and realized gains on assets supporting surplus, excluding the macro equity hedging program. Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities (6,079),683 3,4 47, Public equities (93) 45 6 7 437 Loans (54) (8) 5 9 38 Real estate 56 49 77 56 7 Other investments (6) 30 (3) 364 59 Derivatives, including macro equity hedging program (4,075),558,78 634,66 Total (0,6) n/a 5,343 n/a 6,8 n/a,56 n/a 4,093 n/a Total investment income (loss) (6,945) 0.7% 7,985.% 8,846 4. 4,63 6.8% 6,90.8% Investment expenses related to invested assets (3) n/a (6) n/a (45) n/a (89) n/a (30) n/a Investment income (loss) less investment expenses (7,077) 8.8% 7,859. 8,70 4.% 4,074 6.7% 6,77.6% Page 9 ASSET INFORMATION INVESTEMENT INCOME

Actuarial Liabilities Information

VARIABLE ANNUITY PRODUCT GUARANTEES (Canadian $millions, unaudited) Guarantee Value Net Amount at Risk Gross Amount Net of Amount Net of Target Capital Policy Liabilities Held Amount 4 Reinsured Reinsurance Gross Amount 4 Reinsured Reinsurance Policy Liabilities Held 3,5 (00 % of MCCSR) plus Target Capital Q 05 07,63 9,096 98,67 8,36,684 6,45 4,75 4,846 9,597 Q 05 0,3 9,449 00,87 7,90,66 5,58 6,36 4,777,38 Q4 04 99,656 8,840 90,86 7,08,580 5,58 4,86 4,55 9,387 Q3 04 99,74 8,733 9,008 6,667,553 5,4 3,45 4,44 7,669 Q 04 99,09 8,53 90,56 5,76,38 4,345,680 4,348 7,08 Net of Reinsurance As at Q 05 Total Guarantee Value 4 Total Fund Value 4 Net Amount at Risk,4 Key markets, closing levels S&P 500 TSX TOPIX EAFE US Withdrawal Benefits 47,503 43,337 4,467 Income Benefits 55 474 87 Death Benefits 5,086 5,64 550 53,4 49,45 5,04 Canada Withdrawal Benefits 6,765 7,09 75 Maturity Benefits 3,85 7,40 44 Death Benefits,50,96 8 3,867 36,57 878 Japan Withdrawal Benefits 4,83 4,0 30 Maturity Benefits 4,04 4,670 3 Income Benefits Death Benefits 996 957 0 9,03 9,78 43 As at Q 05,063 4,553,630,84 As at Q 05,068 4,90,543,849 As at Q4 04,059 4,63,408,775 As at Q3 04,97 4,96,36,846 As at Q 04,960 5,46,63,97 Reinsurance & Other,956,930 37 Net of amounts ceded to 3rd party reinsurers. Amounts reinsured include amounts covered under stop loss treaties as well as first dollar treaties. Some of the treaties include deductibles and claims limits. Net Amount at Risk is based on sum of excess of guarantee value over fund value only on contracts where amount at risk is currently positive. 3 Under Phase I of IFRS 4, former Canadian GAAP valuation practices continue to apply to insurance contracts. This requires that reserves for segregated fund and variable products have a Conditional Tail Expectation ("CTE") of between 60 and 80. We hold CTE(70) level policy liabilities for both unhedged business and dynamically hedged business. 4 Total Guarantee Value, Total Fund Value and Net Amount at Risk includes certain HK products which are classified as investment contracts under IFRS. There is no reinsurance or hedging for these products. 5 The policy liabilities are held within the insurance contract liabilities, investment contract liabilities and other liabilities, as applicable under IFRS and are shown net of reinsurance. The net amount at risk is not currently payable. Guaranteed death benefits are contingent and only payable upon the eventual death of policyholders if fund values remain below guarantee values. Withdrawal, accumulation and income benefits are also contingent and only payable at scheduled maturity in the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values. Guaranteed benefits in a single contract are frequently a combination of death benefit and living benefit (withdrawal / maturity / income). Death benefit amounts shown reflect only stand alone death benefits plus any excess of death benefits over living benefits on contracts with both death and other benefit forms. Page 30 ACTUARIAL LIABILITIES INFORMATION VARIABLE ANNUITY PRODUCT GUARANTEES

ACTUARIAL LIABILITIES NEW BUSINESS VALUE (Canadian $ in millions, unaudited) 05 05 04 04 04 05 Q 05 04 05 YTD Fiscal Q Q Q4 Q3 Q vs. YTD YTD vs. 04 04 Q 04 YTD New Business Value (NBV) Canada 43 45 43 40 44 U.S. 8 6 4 8 4 Asia Hong Kong 7 59 77 65 43 Japan 46 40 40 3 0 Indonesia and Other Asia 4 9 8 Other 3 4 46 6 Total 7 5 3 74 69 % 5% 67% 3 9% 5 3 88 93 4 46 3 85 86 40 43 36 70 63 44 363 5% 48% 5 5% 9% % % 76 5 7 03 76 63 760 NBV is not calculated for Wealth & Asset Management business and Manulife Bank. Figures have been restated, see Changes to Assumptions and Methodology for 04 in our Embedded Value Report. 3 Other NBV includes our Property and Casualty Reinsurance business. Page 3 ACTUARIAL LIABILITIES NEW BUSINESS VALUE

REGULATORY CAPITAL (Canadian $ in millions, unaudited) 05 05 04 04 04 Q Q Q4 Q3 Q The Manufacturers Life Insurance Company's MCCSR Capital available: Tier capital Common shares 5,08 5,08,895,649,649 Retained earnings and CTA 3,970 3,90 0,740,858 9,68 Qualifying noncontrolling interests 469 437 409 394 40 Innovative instruments,000,000,000,000,000 Other,68,67,65,663,733 Gross Tier capital 43,75 43,09 37,669 38,564 36,40 Deductions: Goodwill & intangibles in excess of limit (5,69) (4,479) (3,8) (3,77) (3,35) Other (8,094) (6,65) (5,654) (7,67) (7,054) Adjustments (,476) (,369) (,90) (,9) (,335) Net Tier capital A 8,436 30,59 7,544 6,53 4,878 Tier Capital Tier A 406 496 367 376 405 Tier B allowed 5,664 5,36 4,0 3,593 3,530 Tier C 6,64 6,504 5,96 5,68 5,38 Adjustments (,476) (,369) (,90) (,30) (,335) Total Tier capital allowed,8 0,957 9,05 8,40 7,98 Total Tier and Tier capital 39,654 4,549 36,649 34,95 3,860 Less Adjustments Total Capital Available B 39,654 4,549 36,649 34,95 3,860 Capital Required: Asset default & market risk 0,697 0,70 9,379 8,95 8,54 Insurance risks 3,50 3,79,77,668,605 Interest rate risks,878,987,638,483,38 Total Capital Required C 6,85 6,968 4,788 4,076 3,59 MCCSR Ratio: Total (B/C) x 00 36% 45% 48% 48% 43% Page 3 CAPITAL INFORMATION REGULATORY CAPITAL

Supplementary Disclosure Wealth and Asset Management