Robert A. CookSenior Executive Vice President

and General Manager, Asia

July 16, 2008

International Insurance Society44th Annual Seminar

CEO Panel IV Asia Experience: Product, Innovation and Distribution

2

Innovation in Distribution

Canada

United States

Australia

28 years experiencein North America

18 months experiencein Asia

My perspective is based on:

3

My Perspective is based on:

1999 2004 2006

#19 #10

John Hancock Acquisition

#4

#1

organic

organic

Manulife’s U.S. Life Insurance Business

New Business

4

My Perspective is based on:

Our Strategy – Multi-channel Distribution

ManufacturerManufacturer ChannelsChannels Target MarketTarget Market

Embrace all channels that can connect you to your customers

5

My Perspective is based on:

Manulife (U.S.) 1996

17%

83%

Marketing Organizations Individual Agents

Manulife (U.S.) - 2006

97%

3%

Marketing Organizations Individual Agents

Sources of Production

6

Innovation in Distribution

Strategies from North America that may lead to

Innovation in Distribution in Asia

7

Strategy 1 (Agency)

Evolve from Product Providers to Planners/Advisors

8

Strategy 2 (Agency)

End of Mass Recruitment and Low Retention

9

Strategy 3 (Agency)

Emergence ofProfessional Sales Management

10

Strategy 4 (Non-Agency)

Specialization of roles

Account Manager Wholesalers Point-of-Sale

11

Strategy 5 (Non-Agency)

End of ExclusivityManagement of

shelf space

12

Bringing Dreams to Life