<SEC-DOCUMENT>0001193125-12-279697.txt : 20120828
<SEC-HEADER>0001193125-12-279697.hdr.sgml : 20120828
<ACCEPTANCE-DATETIME>20120622095256
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-279697
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK LIFE INSURANCE CO USA
		CENTRAL INDEX KEY:			0001073894
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				010233346
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR STREET EAST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
		BUSINESS PHONE:		4169260100

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR STREET EAST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANUFACTURERS LIFE INSURANCE CO USA
		DATE OF NAME CHANGE:	19981117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANULIFE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001086888
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		STREET 2:		NORTH TOWER 11
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			00000
		BUSINESS PHONE:		4169263500

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST
		STREET 2:		NORTH TOWER 11
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>John Hancock Life Insurance Company (USA) / Manulife Financial Corporation</TITLE>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>John Hancock Financial Services</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Wealth Management Law Department</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">601 Congress Street</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, MA 02210-2805</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(617) 663-3192</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax: (617) 663-2197</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">E-Mail:
tloftus@jhancock.com</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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</TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;22, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sonny Oh, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office of Insurance Products </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F
Street, NE </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549-4644 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Manulife Financial Corporation and John Hancock Life Insurance Company (U.S.A.) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Combined Registration Statement on Form F-3 (File Nos. 333-179261 and 333-179261-01) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Mr.&nbsp;Oh: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-right:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of Manulife Financial Corporation (&#147;MFC&#148;) and John Hancock Life Insurance Company (U.S.A.)
(&#147;John Hancock USA&#148;) (collectively, the &#147;Registrants&#148;), we respectfully submit this correspondence via EDGAR to respond to your verbal comments on June&nbsp;18, 2012 and on June&nbsp;21, 2012. The comments are with respect to our
January&nbsp;31, 2012 filing of an initial Combined Registration Statement on Form F-3 under the Securities Act of 1933, as amended (the &#147;Act&#148;) (Accession Number<BR></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-right:2%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">0000950123-12-001922) (the &#147;January 31</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Filing&#148;) and our May&nbsp;29, 2012 correspondence filing (Accession Number 0001193125-12-250947) for the
above-referenced registrations of a single payment modified guarantee deferred annuity contract to be issued by the Registrants (the &#147;Contract&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Your comments are shown below in <I>italics</I> followed by our response. We use <U>underlines </U>to show additions and <STRIKE>strikethroughs</STRIKE> to show deletions to the text of the Contract
prospectus that was included in the January&nbsp;31</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
Filing (the &#147;Prospectus&#148;). Following resolution of all staff comments, we intend to file a revised Prospectus (the &#147;Revised Prospectus&#148;) that will incorporate these changes, together with other changes noted in this letter and
edits of an updating nature, as part of a pre-effective amendment to the January&nbsp;31</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Filing (the &#147;Pre-Effective Amendment&#148;). Our cover letter for the Pre-Effective Amendment will request an acceleration of the effective date to July&nbsp;19, 2012. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>COMMENT 1. The first paragraph on page 1 refers to a change from Canadian GAAP to IFRS and the last sentence of the third paragraph explains where to
find out more about the differences between Canadian GAAP and U.S. GAAP. Therefore, for more complete disclosure, please describe the differences between IFRS and U.S. GAAP or where such information may be found. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response</B>: We will revise disclosure in the section entitled &#147;About This Prospectus&#148; in the Revised Prospectus as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><STRIKE>In this Prospectus, unless otherwise specified or the context otherwise requires, references to &#147;MFC&#148; refer to Manulife Financial
Corporation. Unless otherwise specified, all dollar amounts contained in this Prospectus are expressed in U.S. dollars, references to &#147;dollars&#148; or &#147;$&#148; are to U.S. dollars and all references to &#147;Cdn$&#148; are to Canadian
dollars. Unless otherwise specified, MFC financial information included and incorporated by reference in this Prospectus is prepared using generally accepted accounting principles in Canada, which we refer to as &#147;Canadian GAAP.&#148; MFC
adopted International Financial Reporting Standards, which we refer to as IFRS, effective for interim and annual periods commencing January&nbsp;1, 2011. Prior to the adoption of IFRS, MFC prepared its consolidated financial statements in accordance
with Canadian generally accepted accounting principles as in effect</STRIKE> </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Sonny Oh, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">SEC Office of Insurance Products </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;22, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 of 4 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><STRIKE>prior to January&nbsp;1, 2011. Accordingly, Canadian GAAP refers to prior Canadian generally accepted accounting principles for 2010 and earlier
and IFRS for 2011 and beyond.</STRIKE> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Hancock USA filed this Prospectus as part of a joint registration statement with MFC relating to
the Contracts that it issues and a subordinated guarantee that MFC issues. This Prospectus, together with the documents incorporated by reference herein, describes information about both the Contracts and the subordinated guarantee. Under the
registration statement filed with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;), John Hancock USA may, from time to time, sell the Contracts described in this Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Before you invest, you should read this Prospectus together with the additional information described under the heading &#147;VI. The MFC Subordinated Guarantee - Where You Can Find More
Information.&#148; This Prospectus does not contain all of the information contained in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. You should refer to the registration
statement and the exhibits to the registration statement for further information with respect to us, the Contracts and the MFC Subordinated Guarantee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><STRIKE>MFC prepares its consolidated financial statements in accordance with Canadian GAAP, which, subsequent to January&nbsp;1, 2011, is IFRS. Canadian GAAP differs from generally accepted accounting
principles in the United States, which we refer to as &#147;U.S. GAAP.&#148; MFC&#146;s consolidated financial statements incorporated by reference in this Prospectus and in the documents incorporated by reference in this Prospectus may not be
comparable to financial statements prepared in accordance with U.S. GAAP. You should refer to notes 1and 25 to MFC&#146;s annual audited consolidated financial statements as at and for the year ended December&nbsp;31, 2011 on Form 40-F filed on
March 23, 2012, for a discussion of the principal differences between MFC&#146;s financial results calculated under Canadian GAAP and under IFRS and to note 21 to MFC&#146;s annual audited consolidated financial statements as at and for the year
ended December&nbsp;31, 2009 on Form 40-F filed on March&nbsp;19, 2010, for a discussion of the principal differences between MFC&#146;s financial results calculated under Canadian GAAP and under U.S. GAAP. MFC&#146;s financial statements include a
footnote containing condensed consolidating financial information with separate columns for MFC, John Hancock USA and other subsidiaries of MFC, together with consolidating adjustments.</STRIKE> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this Prospectus, unless otherwise specified or the context otherwise requires, references to &#147;MFC&#148; refer to Manulife Financial Corporation.
Unless otherwise specified, all dollar amounts contained in this Prospectus are expressed in U.S. dollars, references to &#147;dollars&#148; or &#147;$&#148; are to U.S. dollars and all references to &#147;Cdn$&#148; are to Canadian dollars.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>MFC prepares its consolidated financial statements in accordance with generally accepted accounting principles in Canada, which we refer
to as &#147;Canadian GAAP,&#148; which differs from U.S. generally accepted accounting principles (&#147;U.S. GAAP&#148;). MFC adopted International Financial Reporting Standards, which we refer to as IFRS, effective for interim and annual periods
commencing January&nbsp;1, 2011. Accordingly, Canadian GAAP refers to prior Canadian generally accepted accounting principles for 2010 and earlier and IFRS for 2011 and beyond. Prior to 2011, MFC reconciled its consolidated financial statements to
U.S. GAAP to the extent required by applicable SEC rules and guidelines. With the adoption of IFRS in 2011, MFC is no longer required to reconcile its annual financial results to U.S. GAAP in its consolidated financial statements. Instead, MFC has
elected to disclose certain consolidated U.S. GAAP information in its Management&#146;s Discussion and Analysis. MFC&#146;s consolidated financial statements incorporated by reference in this Prospectus and in the documents incorporated by reference
in this Prospectus may not be comparable to financial statements prepared in accordance with U.S. GAAP. You should refer to note 24 to MFC&#146;s amended annual audited consolidated financial statements as at and for the year ended December&nbsp;31,
2011 on Form 40-F/A filed on March&nbsp;23, 2012, and to note 22 to MFC&#146;s amended annual audited consolidated financial statements as at and for the year ended December&nbsp;31, 2010 on Form 40-F/A filed on March&nbsp;25, 2011, for a discussion
of the principal differences between MFC&#146;s financial results calculated under Canadian GAAP and under U.S. GAAP. </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Hancock USA
has been a subsidiary of MFC for financial reporting purposes since September, 1999 and, as a consequence, John Hancock USA has been, and will continue to be, included in the consolidated financial statements of MFC in reports filed by MFC with the
SEC since that date. John Hancock USA&#146;s principal executive offices are located at 601 Congress Street, Boston, Massachusetts 02210. You may call us at (800)344-1029. MFC&#146;s </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Sonny Oh, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">SEC Office of Insurance Products </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;22, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 of 4 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">principal executive offices are located at 200 Bloor Street East, Toronto ON, Canada M4W 1E5. You may call us at (416)&nbsp;926-3000. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>COMMENT 2. Accumulation Provisions &#150; Please revise the example to explain how the amount of the monthly annuity payment is calculated.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>We will make the following change in the Revised Prospectus under &#147;III. Description of the Contract <I>&#150;
</I>Accumulation Provisions <I>&#150; </I>Subsequent Guarantee Periods&#148;: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXAMPLE: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following example illustrates how a Contract can work. It assumes that you are age 55 when you purchase the Contract, you do not take
withdrawals, and we make certain Guarantee Periods available until you are age 70: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Age 55 &#150; You purchase a Contract with
a $100,000 Purchase Payment with an assumed interest rate of 2.75% applicable for your chosen 5 year guarantee period. <STRIKE>Your Account Value grows to $114,527.33.</STRIKE> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><STRIKE><FONT STYLE="FONT-FAMILY:WINGDINGS 3">&#103;</FONT> </STRIKE>Age 60 &#150; <U>Your Account Value has grown to $114,527.33.</U> You renew for a subsequent 6-Year Guarantee Period at the assumed
then-current guaranteed rate of 3.25%. <STRIKE>Your Account Value grows to $138,755.28.</STRIKE> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><STRIKE><FONT
STYLE="FONT-FAMILY:WINGDINGS 3">&#103;</FONT> </STRIKE>Age 66 &#150; <U>Your Account Value has grown to $138,755.28.</U> You renew for a subsequent 5-Year Guarantee Period at the assumed then-current guaranteed rate of 3.10%. <STRIKE>Your Account
Value grows to $161,637.77.</STRIKE> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Upon turning a</U>ge 71, <U>your Account Value has grown to $161,637.77. </U>You
elect<U> either to withdraw the Account Value in a lump sum or </U>to begin to receive annuity benefit payments <STRIKE>of $808.19</STRIKE> every month for the remainder of your life. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>COMMENT 3. Charges, Deductions and Adjustments (page 17) &#150; Please revise the first paragraph to deal with the MVA and withdrawal charge separately. </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>We will make the following change in the Revised Prospectus under &#147;IV. Charges, Deductions and Adjustments &#150;Adjustments and
Charges Upon Withdrawals&#148;: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Adjustments and Charges Upon Withdrawals</B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may apply a Market Value Adjustment factor and assess withdrawal charges under the Contracts if<STRIKE> you request a partial or full
withdrawal of Account Value or annuitize any amount</STRIKE><U> on any date other than during the 30-day period after the expiration </U><STRIKE>prior to the end</STRIKE> of either the Initial Guarantee Period or a Subsequent Guarantee Period<U>:
</U> </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>you request a partial withdrawal;</U> </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>you request a full withdrawal; or</U> </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>you annuitize.</U> </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Where permitted by state law, we may also assess an administrative fee if you request a full withdrawal of Account Value or annuitize any amount prior to the end of these periods. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sonny Oh, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">SEC Office of Insurance Products </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;22, 2012 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 4 of 4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any
questions or comments with respect to this letter, please do not hesitate to contact me at (617)&nbsp;663-3192 or, in my absence, please contact David Pickett, Esq. at (617)&nbsp;663-2203. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>


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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Thomas J. Loftus</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thomas J. Loftus</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Counsel&#150; Annuities</FONT></TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
