<SEC-DOCUMENT>0001193125-15-359353.txt : 20160210
<SEC-HEADER>0001193125-15-359353.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20151030100604
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-359353
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK LIFE INSURANCE CO USA
		CENTRAL INDEX KEY:			0001073894
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-572-0203

	MAIL ADDRESS:	
		STREET 1:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	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:				889897526
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
		BUSINESS PHONE:		416-926-3000

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
</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="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>John Hancock Financial Services</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">U.S. Insurance Law</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">601 Congress Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Boston, MA 02210-2805</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">(617) 663-3192</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Fax: (617)&nbsp;663-2197</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-size:11pt">E-Mail:</FONT> <U>tloftus@jhancock.com</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;30, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA
EDGAR</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sonny Oh, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insured Investments Office </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., Mail Stop 8629 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549-8629 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Re:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Hancock Life Insurance Company (U.S.A.)/Manulife Financial Corporation:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Initial Joint Registration Statement filed on Form F-3</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">File Nos.
333-205595 and 333-205595-01</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Oh: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of
John Hancock Life Insurance Company (U.S.A.) (&#147;John Hancock USA&#148;) and Manulife Financial Corporation (&#147;MFC&#148;) (collectively, the &#147;Registrants&#148;), we respectfully submit this correspondence via EDGAR to respond to your
comment letter dated September&nbsp;8, 2015 (the &#147;Comment Letter&#148;). The Comment Letter relates to our July&nbsp;10, 2015 filing (the &#147;July 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Filing&#148;) of an initial Joint
Registration Statement on Form F-3 under the Securities Act of 1933, as amended (the &#147;Act&#148;) (Accession Number 0001193125-15-249847) (the &#147;Registration Statement&#148;), for the above-referenced registrations of single payment modified
guarantee deferred variable annuity contracts to be issued by the Registrants (the &#147;Contract&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your September&nbsp;8, 2015 comments are shown
below in <I>italics</I> followed by our responses. 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 July&nbsp;10<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Filing (the &#147;Prospectus&#148;). Following resolution of all comments, we intend to file a revised Prospectus (the &#147;Revised Prospectus&#148;) that will incorporate these changes and edits
of an updating nature, as part of a pre-effective amendment to the July&nbsp;10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Filing (the &#147;Pre-Effective Amendment&#148;). Our cover letter for the Pre-Effective Amendment will request an
acceleration of the effective date to December 1, 2015. Unless the context otherwise requires, all page and section references in our responses correspond to the July&nbsp;10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Filing. All
capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the July&nbsp;10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 1. </I><B><I>Front Cover Page &#150;</I></B><I> Please confirm that the disclosure provided on the front cover page is limited to one page;
otherwise, please revise accordingly. See Item&nbsp;501(b) of Regulation&nbsp;S-K per Item&nbsp;1 of Form&nbsp;F-3. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>We confirm that
the disclosure on the front cover page is limited to one page in the Revised Prospectus. When we deleted the red herring text at the top of the page there was sufficient room for the disclosure on the cover page. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 2. The fourth paragraph regarding accounting procedures under &#147;About this Prospectus&#148; on page 1 has been dramatically shortened relative
to the corresponding paragraph on page 1 of the June Prospectus. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please add back the fifth through seventh sentences of the paragraph in the June
Prospectus (beginning with &#147;Instead&#148;) for more complete disclosure regarding the differences between U.S.&nbsp;GAAP and IFRS. </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sonny Oh, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The fourth paragraph
now reads as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">MFC prepares its consolidated financial statements in accordance with International Financial Reporting Standards
(&#147;IFRS&#148;), which differs from U.S. generally accepted accounting principles (&#147;U.S. GAAP&#148;). 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. <U>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. For a reconciliation and analysis of major differences between IFRS and U.S. GAAP for net income
attributed to shareholders, you should refer to MFC&#146;s Form 40-F filed on March&nbsp;16, 2012, in the U.S. GAAP Disclosures section of Exhibit 99.2 &#150; Management&#146;s Discussion&nbsp;&amp; Analysis in the MFC Annual Report for the year
ended December&nbsp;31, 2011. </U>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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 3. Risk Factors (page 4) &#150; Under &#147;Risks Related to the MFC Subordinated Guarantee,&#148; please retain risk disclosure
regarding the ability to enforce civil liabilities related to the MFC Subordinated Guarantee provided in the first sentence of the corresponding disclosure on page 4 of the June&nbsp;29, 2012 prospectus (&#147;June Prospectus&#148; [provided for
your reference]). </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The first paragraph under &#147;Risks Related to the MFC Subordinated Guarantee&#148; has been revised as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Risks Related to the MFC Subordinated Guarantee.</B><U> Your ability to enforce civil liabilities related to MFC&#146;s subordinated
guarantee (the &#147;MFC Subordinated Guarantee&#148;) under U.S. securities laws may be affected adversely by the fact that MFC is organized under the laws of Canada, most of its officers and directors and some of the experts named in this
prospectus are residents of Canada, and a substantial portion of their assets are located outside the United States.</U> The financial capacity of MFC to make timely payments to you under <STRIKE>its subordinated guarantee (&#147;</STRIKE>the MFC
Subordinated Guarantee<STRIKE>&#148;)</STRIKE> may be adversely affected by a number of factors. Investors in the Contracts should review the factors discussed under the captions &#147;Risk Factors&#148; and &#147;Caution Regarding Forward-Looking
Statements&#148; in MFC&#146;s Annual Report on Form 40-F/A, dated March&nbsp;20, 2015, under the captions &#147;Risk Management and Risk Factors&#148; and &#147;Critical Accounting and Actuarial Policies&#148; in MFC&#146;s Management&#146;s
Discussion and Analysis for the year ended December&nbsp;31, 2014, and in note 10 to MFC&#146;s annual audited consolidated financial statements as at and for the year ended December&nbsp;31, 2014, each filed as an exhibit to MFC&#146;s Annual
Report on Form 40-F, as amended, for the fiscal year ended December&nbsp;31, 2014 (incorporated by reference in this Prospectus), similar sections in MFC&#146;s subsequent filings that MFC incorporates by reference in this Prospectus, and other
information about MFC included in this Prospectus. In addition, the MFC Subordinated Guarantee constitutes an unsecured obligation of MFC as guarantor, and is subordinated in right of payment to the prior payment in full of all other obligations of
MFC, except for other guarantees or obligations of MFC which by their terms are designated as ranking equally in right of payment with or subordinate to the MFC Subordinated Guarantee of the Contract&#146;s market value adjustment interests, and
effectively rank senior to MFC&#146;s preferred and common shares. Consequently, in the event of MFC&#146;s bankruptcy, liquidation, dissolution, winding-up or reorganization, or upon acceleration of any series of debt securities or other financial
obligations due to an event of default thereunder also triggering payment obligations on other debt, MFC&#146;s assets will be available to pay its obligations on the MFC Subordinated Guarantee </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sonny Oh, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">only after all
secured indebtedness and other indebtedness senior to the MFC Subordinated Guarantee has been paid in full. There may not be sufficient assets remaining to pay amounts due on all or any portion of the MFC Subordinated Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In regard to the ability to enforce rights under the MFC Subordinated Guarantee because MFC is not incorporated in the U.S., in addition to the language
quoted above, the following language has been added as a new paragraph under &#147;Risks Related to the MFC Subordinated Guarantee&#148; in &#147;II. Overview &#150; Risk Factors,&#148; and identical language has been added as the last paragraph in
&#147;VI. The MFC Subordinated Guarantee &#150; What are the terms of the MFC Subordinated Guarantee?&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>MFC&#146;s Incorporation in
Canada May Make it More Difficult for You to Enforce the MFC Subordinated Guarantee. Holders of Contracts may have more difficulty enforcing their rights under the MFC Subordinated Guarantee than would holders of contracts guaranteed by a
corporation incorporated in a jurisdiction of the United States. Your ability to enforce civil liabilities related to the MFC Subordinated Guarantee under U.S. federal securities laws may be affected adversely by the fact that Manulife Financial
Corporation is organized under the laws of Canada, most of its officers and directors and some of the experts named in this Prospectus are residents of Canada, and a substantial portion of their assets are located outside the United States. See
&#147;VI. The MFC Subordinated Guarantee &#150; Enforcement of Judgments.&#148;</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 4. </I><B><I>Overview (page 5) </I></B><I> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B><I>a. </I></B><I>In the first paragraph under &#147;How can I invest in the Contract?&#148; please retain disclosure indicating that no subsequent
Purchase Payments are permitted. See page 5 of June Prospectus. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> We have revised this section as follows, including a second
paragraph telling Contract Owners that we no longer accept subsequent Purchase Payments: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">We use the term Purchase Payment to refer to the
investment you made in the Contract. You made your Purchase Payment to us at our Annuities Service Center. The minimum and maximum Purchase Payments are stated on the cover page of this Prospectus. We allocate<U>d</U> your Purchase Payment to the
Guarantee Period which you designate<U>d</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>We will no longer accept additional Purchase Payments for a Contract.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>b. </I></B><I>Please clarify the last sentence of the first paragraph under &#147;What is the tax status of the Contract?&#148; on page 7.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: We have revised the first paragraph as follows, to include an expanded explanation of the message in the final sentence: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Deferral.</B> The status of the Contract as an annuity generally allows all earnings under the Contract to be tax-deferred until withdrawn or until
Annuity Payments begin (see &#147;VII. Federal Tax Matters&#148; for a more detailed discussion). In most cases, no income tax will have to be paid on your earnings under the Contract until these earnings are paid out. This tax-deferred treatment
may be beneficial to you in building assets in a long-term investment program. <B>A Contract purchased for any tax-qualified retirement plan, including an IRA<U> (a &#147;Qualified Plan&#148;), however, </U>does not provide any additional tax
deferred treatment of earnings beyond the treatment provided by the plan (for a non-Roth account). <U>A participant in a Qualified Plan (or the Owner of an IRA) already gets tax-deferral on any savings inside the plan. So the participant does not
need an annuity to get tax-deferral on contributions to and earnings under a Qualified Plan.</U></B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sonny Oh, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 5</I>. <B><I>Description
of the Contract (page 8) </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>a</I></B>. <I>For &#147;Eligible Plans&#148; please retain the third paragraph that appears under the
corresponding caption on page 9 of the June Prospectus.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The following third paragraph has been retained in the text under
&#147;Eligible Plans&#148;: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">All rights and privileges under the Contract may be exercised by each Owner as to such Owner&#146;s interest
unless expressly reserved to the Group Holder. However, provisions of any plan in connection with which we issued the Contract may restrict an Owner&#146;s ability to exercise such rights and privileges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>b.</I></B> <I>Please note that the revision in the bolded sentence in the first paragraph under &#147;Subsequent Guarantee Periods&#148; on page 9
appears to result in a different default Guarantee Period when one is not elected within the required period, i.e., &#147;select the next shortest Guarantee Period available.&#148; See page 10 of June Prospectus.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please explain the legal basis for the Company to make the change and also impose it on existing Contract Owners. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>This sentence was revised to be consistent with the Contract. The previous wording was not correct; as worded, it implied that we will select
not the shortest, but the <I>next</I> shortest Guarantee Period available. In fact, we have always selected the shortest period available, as stated in the Contract. Therefore the text will continue to read as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">You will have a period of 30 days commencing with the expiration of a Guarantee Period to elect In Writing a Subsequent Guarantee Period from
among those that are available. We also permit you to elect a Subsequent Guarantee Period by telephone. At least 15 days, but not more than 45 days prior to that period, we will provide you with written notice of the expiry of the Guarantee Period.
<B>If you do not elect a Subsequent Guarantee Period within the required period, we will select the shortest Guarantee Period available. </B>The effective date of the Subsequent Guarantee Period will be the first day following the expiry of the
immediately preceding Guarantee Period. Your Account Value is not subject to any Market Value Adjustment at the time it is applied to a Subsequent Guarantee Period pursuant to this provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 6. According to your cover letter, the contracts are no longer being sold. Accordingly, please explain why the disclosure on page 15 under the
captions &#147;Our Approval&#148; and &#147;Discontinuance of New Owners&#148; has been retained. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please also confirm in light of this disclosure
whether the deletion of all disclosure relating to the right to review is appropriate, see e.g., page 7 of June Prospectus. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B>
&#147;Our Approval&#148; and &#147;Discontinuance of New Owners&#148; have been removed. We have determined as well that there are no Contract Owners who are eligible to exercise the Contract&#146;s right to review and cancel the Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 7. Please update the July&nbsp;10, 2015 date provided at the end of the first paragraph on page 26 to the actual effective date. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The sentence with the July&nbsp;10, 2015 filing date has been updated to include the registration numbers as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The Company and MFC filed a joint registration statement on Form F-3 (the &#147;Registration Statement&#148;) relating to the Contracts
offered by this Prospectus with the SEC under the U.S. Securities Act of 1933, as amended. This Prospectus is a part of the Registration Statement. As permitted by SEC rules, this Prospectus does not contain all the information you can find in the
Registration Statement. The SEC allows MFC to &#147;incorporate by reference&#148; information into this Prospectus, which means that we can disclose important information to you by referring you to other documents filed separately with the SEC. For
more information about the Contracts and us, you may obtain a copy of the Registration Statement (For Contracts </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sonny Oh, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 30, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">issued prior to
July&nbsp;20, 2012, File numbers 333-159101 and 333-159101-01; for Contracts issued between July&nbsp;20, 2012 and July&nbsp;10, 2015, File numbers 333-179261 and 333-179261-01; and for Contracts issued after July&nbsp;10, 2015, File numbers
<U>333-205595</U> and <U>333-205595-01</U>) in the manner set forth in the preceding paragraphs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 8</I>. <B><I>Financial Statements, Exhibits, and Certain Other Information </I></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Any financial statements, exhibits, and any other required disclosure not included in this registration statement must be filed in a pre-effective amendment
to the registration statement. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> We will file any financial statements, exhibits, and any other required disclosure not included in,
or incorporated by reference into, the July&nbsp;10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Filing as part of a pre-effective amendment to the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>COMMENT 9. </I><B><I>Representations &#150;</I></B><I> We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the
filings reviewed by the staff to be certain that they have provided all information investors require for an informed decision. Since the registrants are in possession of all facts relating to the registrant&#146;s disclosure, it is responsible for
the accuracy and adequacy of the disclosures it has made. </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Notwithstanding our comments, in the event the registrants request acceleration of the
effective date of the pending registration statement, each should furnish a letter, at the time of such request, acknowledging that </I></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;</I> </TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the registrant from its full responsibility for the adequacy and accuracy of the
disclosure in the filing; and</I> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>the registrant may not assert this action as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In addition, please be advised that the Division of Enforcement has access to all information you provide to the staff of the Division of Investment
Management in connection with our review of your filing or in response to our comments on your filing. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>We will consider a written request for
acceleration of the effective date of the registration statement as a confirmation of the fact that those requesting acceleration are aware of their respective responsibilities. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B> In making any request for acceleration of the effective date of the Registration Statements, the Registrants will acknowledge that: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Registrants from their full responsibility for the adequacy and accuracy of the
disclosure in the filing; and </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:7pt">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Registrants may not assert this action as defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me on any matters regarding this Registration Statement at (617)&nbsp;663-3192. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Thomas J. Loftus </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas J. Loftus </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Counsel &#150; Annuities </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
