Manulife annual meeting
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growth
• Improved investment
performance
• Excellent sales and
favourable retention
14
All Businesses Contributed to Success
Canada $614 million
• Addition of Maritime Life and
C$ millions
Total Insurance Sales
2,000
1,500
1,000
500
0 2001 2002 2003 2004
7
2004 Full Year
Strong Top Line Growth
C$ millions
Total Wealth Management Sales
30,000 25,000 20,000 15,000 10,000 5,000 0
$150 90 15 30 40
Total
$255
$325
ຫໍສະໝຸດ Baidu
9
Growth in Funds Under Management
C$ billions
$400
$348
$300
U
$200
% 25 p1
$155
$100
$0 2003 Ge ne ral Fund Se gre gate d Funds 2004 Mutual Funds Othe r Funds
2
A New Global Insurance Leader
Products Distribution
Global market leader Cost synergies Revenue synergies Strong capital position
Geography
3
Summary
A Market-leading Global Insurer
27.3 25.4
MFC
MET
PRU
PFG
LNC
AIG
SLF
GWO
JP
4
Market data as of March 31, 2005. Source: Morgan Stanley
Generali
PRU UK
AEGON
MFC
MET
AVIVA
AXA
PRU
ING
AIG
2004 Full Year
(C$MM, except per share data)
Share Price More Than tripled since IPO
• Core life operations
showed solid improvement
• Extraordinary growth
of variable annuity sales
• Diversified distribution
17
All Businesses Contributed to Success
Reinsurance $232 million
• Favourable mortality • Addition of John
Hancock’s IGP business
• Solid investment return • Strong risk management
18
All Businesses Contributed to Success
Guaranteed and Structured Financial Products
$212 million
• Strong earnings
contribution
• Challenging market
conditions
• Focus on retail segment
19
Solid Results in First Quarter 2005
continued organic growth market share performance
• Improved efficiency and • Strong investment
15
All Businesses Contributed to Success
Asia $324 million
Bank Loans and Other Investments
C$ Billions
6.9 6.9 68.7 31.1 6.6 28.9 8.3 4.7 6.4
%
4 4 41 18 4 17
5 3
4
Total
$168.5
100%
11
All Businesses Contributed to Success
• Excellent mortality
experience
• Tight expense management
13
All Businesses Contributed to Success
U.S. Wealth Management $397 million
• Strong organic business
10
High Quality Asset Portfolio
As at March 31/05
Cash & Short Term Investments Policy Loans Bonds: AAA/AA/A BBB BB & lower Mortgages Equities Real Estate
2,400 2,000 1,600 1,200 800
$481 $503 $743 $281
CAGR
$2,564
25% +
$1,378 $1,075 $874 $710 $1,159
$1,546
400 0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
21
Delivering Shareholder Value
• Increasingly diversified • Solid growth of wealth
management businesses
• Geographic expansion
16
All Businesses Contributed to Success
Japan $165 million
Realizing Expense Synergies • Achieved 50% run-rate by 2004 year-end • Expect 100% run-rate by 2005 year-end • Further benefits likely to emerge in 2006 and beyond
Earnings per Share Return on Shareholders’ Equity
$0.99
+ 8%
14.1%
20
Creating Shareholder Value
10 Years of Tremendous Earnings Growth
Net Income
C$ in millions
5
2004 Full Year
Leading Market Positions
Canada #1 in Individual Life #1 in Group Life and Health #1 in Segregated Funds #1 in Individual Fixed Annuities #4 in Group Pensions United States #1 in Small Case 401(k) #2 in Universal Life #2 in Long Term Care #4 in Variable Life #4 in Variable Annuities
Asia • Leading position in Hong Kong market • Growing presence in 8 additional countries • Ranked in Top 5 in five key markets
6
2004 Full Year
Strong Top Line Growth
N. American Life Insurers
46.7
Global Life Insurers
172.2
Market capitalization C$ in billions
36.8
34.7 23.7 23.4 14.0
80.1 61.1 50.0 46.7
9.5
36.8 34.7 33.1
8.1
2001
2002
2003
2004
8
Integration of John Hancock
Expense Synergies
Original Target
$110 80 10 20 35
Revised
Target
(US$ Millions) United States Canada Asia Investments HO and Other
Exceptional Results
2003
$1,546 $3.33 $3.33 $31,036 $154,527 $19.09
2004
$2,564 $3.65 $3.95 $49,890 $347,677 $28.42
Growth
66% 10% 19% 61% 125% 49%
Shareholders’ Earnings Earnings per Share EPS Excl. Currency and Integration Costs Premiums and Deposits Funds Under Management Book Value per Share
An Exceptional Year
Dominic D’Alessandro
President and Chief Executive Officer
Legal Disclaimer
Forward-Looking Statements This presentation may contain forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties and actual results may differ materially from those implied by such statements. Investors are directed to consider the risks and uncertainties in our business that may affect future performance and that are discussed in Manulife's most recent Annual Report on Form 40-F and John Hancock's most recent Annual Report on Form 10-K, in each case, filed with the U.S. Securities and Exchange Commission. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statements.
Shareholders’ Net Income
Corporate & Other $153 million G&SFP $212 million Reinsurance $232 million Japan $165 million Asia $324 million
12
U.S. Protection $467 million
U.S. Wealth Management $397 million
Canada $614 million
All Businesses Contributed to Success
U.S. Protection $467 million
• Addition of John Hancock’s
businesses and brand
• Improved investment
performance
• Excellent sales and
favourable retention
14
All Businesses Contributed to Success
Canada $614 million
• Addition of Maritime Life and
C$ millions
Total Insurance Sales
2,000
1,500
1,000
500
0 2001 2002 2003 2004
7
2004 Full Year
Strong Top Line Growth
C$ millions
Total Wealth Management Sales
30,000 25,000 20,000 15,000 10,000 5,000 0
$150 90 15 30 40
Total
$255
$325
ຫໍສະໝຸດ Baidu
9
Growth in Funds Under Management
C$ billions
$400
$348
$300
U
$200
% 25 p1
$155
$100
$0 2003 Ge ne ral Fund Se gre gate d Funds 2004 Mutual Funds Othe r Funds
2
A New Global Insurance Leader
Products Distribution
Global market leader Cost synergies Revenue synergies Strong capital position
Geography
3
Summary
A Market-leading Global Insurer
27.3 25.4
MFC
MET
PRU
PFG
LNC
AIG
SLF
GWO
JP
4
Market data as of March 31, 2005. Source: Morgan Stanley
Generali
PRU UK
AEGON
MFC
MET
AVIVA
AXA
PRU
ING
AIG
2004 Full Year
(C$MM, except per share data)
Share Price More Than tripled since IPO
• Core life operations
showed solid improvement
• Extraordinary growth
of variable annuity sales
• Diversified distribution
17
All Businesses Contributed to Success
Reinsurance $232 million
• Favourable mortality • Addition of John
Hancock’s IGP business
• Solid investment return • Strong risk management
18
All Businesses Contributed to Success
Guaranteed and Structured Financial Products
$212 million
• Strong earnings
contribution
• Challenging market
conditions
• Focus on retail segment
19
Solid Results in First Quarter 2005
continued organic growth market share performance
• Improved efficiency and • Strong investment
15
All Businesses Contributed to Success
Asia $324 million
Bank Loans and Other Investments
C$ Billions
6.9 6.9 68.7 31.1 6.6 28.9 8.3 4.7 6.4
%
4 4 41 18 4 17
5 3
4
Total
$168.5
100%
11
All Businesses Contributed to Success
• Excellent mortality
experience
• Tight expense management
13
All Businesses Contributed to Success
U.S. Wealth Management $397 million
• Strong organic business
10
High Quality Asset Portfolio
As at March 31/05
Cash & Short Term Investments Policy Loans Bonds: AAA/AA/A BBB BB & lower Mortgages Equities Real Estate
2,400 2,000 1,600 1,200 800
$481 $503 $743 $281
CAGR
$2,564
25% +
$1,378 $1,075 $874 $710 $1,159
$1,546
400 0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
21
Delivering Shareholder Value
• Increasingly diversified • Solid growth of wealth
management businesses
• Geographic expansion
16
All Businesses Contributed to Success
Japan $165 million
Realizing Expense Synergies • Achieved 50% run-rate by 2004 year-end • Expect 100% run-rate by 2005 year-end • Further benefits likely to emerge in 2006 and beyond
Earnings per Share Return on Shareholders’ Equity
$0.99
+ 8%
14.1%
20
Creating Shareholder Value
10 Years of Tremendous Earnings Growth
Net Income
C$ in millions
5
2004 Full Year
Leading Market Positions
Canada #1 in Individual Life #1 in Group Life and Health #1 in Segregated Funds #1 in Individual Fixed Annuities #4 in Group Pensions United States #1 in Small Case 401(k) #2 in Universal Life #2 in Long Term Care #4 in Variable Life #4 in Variable Annuities
Asia • Leading position in Hong Kong market • Growing presence in 8 additional countries • Ranked in Top 5 in five key markets
6
2004 Full Year
Strong Top Line Growth
N. American Life Insurers
46.7
Global Life Insurers
172.2
Market capitalization C$ in billions
36.8
34.7 23.7 23.4 14.0
80.1 61.1 50.0 46.7
9.5
36.8 34.7 33.1
8.1
2001
2002
2003
2004
8
Integration of John Hancock
Expense Synergies
Original Target
$110 80 10 20 35
Revised
Target
(US$ Millions) United States Canada Asia Investments HO and Other
Exceptional Results
2003
$1,546 $3.33 $3.33 $31,036 $154,527 $19.09
2004
$2,564 $3.65 $3.95 $49,890 $347,677 $28.42
Growth
66% 10% 19% 61% 125% 49%
Shareholders’ Earnings Earnings per Share EPS Excl. Currency and Integration Costs Premiums and Deposits Funds Under Management Book Value per Share
An Exceptional Year
Dominic D’Alessandro
President and Chief Executive Officer
Legal Disclaimer
Forward-Looking Statements This presentation may contain forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties and actual results may differ materially from those implied by such statements. Investors are directed to consider the risks and uncertainties in our business that may affect future performance and that are discussed in Manulife's most recent Annual Report on Form 40-F and John Hancock's most recent Annual Report on Form 10-K, in each case, filed with the U.S. Securities and Exchange Commission. Investors are cautioned not to place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statements.
Shareholders’ Net Income
Corporate & Other $153 million G&SFP $212 million Reinsurance $232 million Japan $165 million Asia $324 million
12
U.S. Protection $467 million
U.S. Wealth Management $397 million
Canada $614 million
All Businesses Contributed to Success
U.S. Protection $467 million
• Addition of John Hancock’s
businesses and brand