Manulife eyes Canada Life for massive merger

(December 9, 2002) Another huge merger is brewing within Canada’s life insurance industry. Manulife Financial Corporation said today it will make an offer to acquire Canada Life Financial Corporation for more than $6.4 billion. Manulife says the transaction will create Canada’s largest insurance company by market capitalization. Sun Life currently holds this position after it acquired Clarica. Canada Life and Manulife had combined premiums and deposits of $40.8 billion for the 12 months ended September 30, 2002. Total assets under administration of the two companies were $192 billion at September 30. Advisor.ca will have more on this story later today.

Filed by Jim MacDonald, Advisor.ca, jmacdonald@advisor.ca.

(12/9/02)