<SEC-DOCUMENT>0001086888-19-000064.txt : 20190807
<SEC-HEADER>0001086888-19-000064.hdr.sgml : 20190807
<ACCEPTANCE-DATETIME>20190807170724
ACCESSION NUMBER:		0001086888-19-000064
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190807
FILED AS OF DATE:		20190807
DATE AS OF CHANGE:		20190807

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14942
		FILM NUMBER:		191006373

	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>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>FORM6-K-2QNRS-7AUG2019
<TEXT>
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    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="line-height: 15.95pt;"><br style="line-height: 15.95pt;">
    </div>
    <div style="line-height: 15.95pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">Form 6-K</div>
    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">REPORT OF <font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">FOREIGN</font>
      PRIVATE ISSUER PURSUANT TO RULE 13<font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">a</font>-16 OR <font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">15d</font>-16
      UNDER THE</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
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    </div>
    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">For the month of <u>August, 2019</u></div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Commission File Number: 1-14942</div>
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    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold; font-size: 16pt;">MANULIFE FINANCIAL CORPORATION</font>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">(Translation of registrant's name into English)</div>
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    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">200 Bloor Street East</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">North Tower 10</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Toronto, Ontario, Canada M4W 1E5</div>
    <div style="line-height: 14.4pt; border-bottom: 1.5pt solid black;">
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">(416) 926&#8209;3000</div>
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(Address of principal executive office)</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
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    </div>
    <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Form 20-F</div>
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            <div style="line-height: 12.55pt; font-size: 11pt;">&#9723;</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Form 40-F</div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-family: 'Times New Roman', Times, serif;">&#9723;</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-family: 'Times New Roman', Times, serif;">&#9723;</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
      to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Yes</div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________.</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DOCUMENTS FILED AS PART OF THIS FORM 6-K</div>
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    <div style="text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Description of Exhibit</div>
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          <td style="width: 13.25%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 86.75%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">99.1</div>
          </td>
          <td style="width: 86.75%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">News release &#8211; second quarter results dated August 7, 2019</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">99.2</div>
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          <td style="width: 86.75%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">News release &#8211; quarterly dividend announcement dated August 7, 2019</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
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    <div style="text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
      on its behalf by the undersigned, thereunto duly authorized.</div>
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            <div style="line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt;">MANULIFE FINANCIAL CORPORATION</div>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
          <td style="width: 58.52%; vertical-align: top;">&#160;</td>
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          <td style="width: 58.52%; vertical-align: top;">&#160;</td>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
          <td style="width: 58.52%; vertical-align: top;">&#160;</td>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
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            <div style="line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">By:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-style: italic;">/s/</font>&#160;<font style="font-style: italic;">Kay Song</font></font></div>
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            <div style="line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Kay Song</font></div>
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            <div style="text-indent: -36.6pt; margin-left: 36.6pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Assistant Corporate Secretary</font></div>
            <div style="text-indent: -36.6pt; margin-left: 36.6pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;"> <br>
              </font></div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Date:&#160; August 7, 2019</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT INDEX</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Description of Exhibit</div>
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          <td style="width: 13.17%; vertical-align: top;">&#160;</td>
          <td style="width: 86.83%; vertical-align: top;">&#160;</td>
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          <td style="width: 13.17%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">99.1</div>
          </td>
          <td style="width: 86.83%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">News release &#8211; second quarter results dated August 7, 2019</div>
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          <td style="width: 86.83%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">News release &#8211; quarterly dividend announcement dated August 7, 2019</div>
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<DESCRIPTION>EXHIBIT99-1-EARNINGSRESULTS-7AUG2019
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    <div style="line-height: 11.95pt; margin-bottom: 10pt;"><img width="233" height="60" src="image0.jpg"></div>
    <div style="line-height: 37.2pt; margin-bottom: 6pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 26pt; font-weight: bold;">News Release</div>
    <div style="line-height: 12.55pt; margin-bottom: 3pt;"><font style="font-family: 'Segoe UI', sans-serif; font-size: 10.5pt; font-weight: bold;">C$ unless otherwise stated</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 238.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Segoe UI', sans-serif; font-size: 11pt; font-weight: bold;"><font style="font-size: 10.5pt; font-weight: bold;">TSX/NYSE/PSE: MFC&#160;&#160; </font><font style="font-size: 10.5pt;">SEHK:

          945</font></font></div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">August 7, 2019</div>
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            <div style="line-height: 10.25pt; margin-bottom: 3pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;"><font style="font-family: 'Arial Narrow',sans-serif; font-size: 10pt;">This earnings news release for Manulife Financial Corporation
                (&#8220;Manulife&#8221; or the &#8220;Company&#8221;) should be read in conjunction with the Company&#8217;s Second Quarter 2019 Report to Shareholders, including our unaudited Interim Consolidated Financial Statements for the three and six months ended June 30, 2019,
                prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;), which are available on our website at </font><font style="font-family: 'Arial Narrow',sans-serif; font-size: 10pt;">http://manulife.force.com/Reports</font><font style="font-family: 'Times New Roman',serif; font-size: 10pt;">.</font><font style="font-size: 10pt;">&#160;<font style="font-family: 'Arial Narrow',sans-serif;">Additional




                  information relating to the Company is available on the SEDAR website at </font><font style="font-family: 'Arial Narrow',sans-serif;">http://www.sedar.com</font><font style="font-family: 'Arial Narrow',sans-serif;"> and on the U.S.
                  Securities and Exchange Commission's (&#8220;SEC&#8221;) website at </font><font style="font-family: 'Arial Narrow',sans-serif;">http://www.sec.gov</font><font style="font-family: 'Times New Roman',serif;">.</font></font></div>
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    <div style="margin-right: 2.9pt; line-height: 13.7pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 12pt; font-weight: bold;"><u>Manulife reports 2Q19 net income and core earnings of $1.5 billion</u></div>
    <div style="margin-right: 12.6pt; line-height: 12.55pt; margin-bottom: 3pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Today, Manulife announced its 2Q19 results. Key highlights include:</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Net income attributed to shareholders of $1.5 billion in 2Q19, up $0.2 billion from 2Q18</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Core earnings<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $1.5 billion in 2Q19, in line with 2Q18</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Core ROE<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of 12.7% and ROE of 12.9% in 2Q19</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">NBV<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $0.5 billion in 2Q19, up 14%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> from 2Q18</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">APE sales<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $1.4 billion in 2Q19, up 7% from 2Q18</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">&#9726;</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Neutral WAM net flows<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> in 2Q19 compared with net inflows of $0.1 billion in 2Q18</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Strong LICAT ratio<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> of 144%</div>
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              <div style="line-height: 12.55pt; margin-bottom: 2pt;">Indications of neutral impact from the annual actuarial review on 3Q19 net income; including a neutral impact from LTC<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
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    <div style="line-height: 12.55pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">&#8220;We delivered solid core earnings and net income of $1.5 billion in the quarter, with double-digit core earnings growth
      in Asia,&#8221; said Manulife President &amp; Chief Executive Officer Roy Gori.</div>
    <div style="line-height: 12.55pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">&#8220;We have continued to focus on executing our strategy, with capital released from portfolio optimization increasing to
      $3.7 billion,&#8221; added Mr. Gori. &#8220;We have also taken steps to further strengthen Manulife&#8217;s long-term growth opportunity in Asia, including entering into an asset management joint venture agreement in India.&#8221;</div>
    <div style="margin-right: 12.95pt; line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Phil Witherington, Chief Financial Officer, said, &#8220;We delivered strong growth in new business value of 14% while
      expense growth was a modest 3%. Neutral net flows in our Global Wealth and Asset Management business were in line with the prior year, but improved markedly from the first quarter.&#8221;</div>
    <div style="margin-right: 12.95pt; line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">&#8220;We will complete our annual actuarial review in the third quarter, which includes a comprehensive study of our
      long-term care (&#8220;LTC&#8221;) experience, and although work is still ongoing, preliminary indications suggest that the impact to net income in 3Q19 will be neutral in total and for LTC,&#8221; added Mr. Witherington.</div>
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              <td style="width: 27pt; vertical-align: top;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">Core earnings, core return on common shareholders&#8217; equity (&#8220;core ROE&#8221;), annualized premium equivalent (&#8220;APE&#8221;) sales, new business value (&#8220;NBV&#8221;) and net flows are non-GAAP
                  measures. See &#8220;Performance and non-GAAP measures&#8221; below and in our Second Quarter 2019 Management&#8217;s Discussion and Analysis (&#8220;2Q19 MD&amp;A&#8221;) for additional information.</div>
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              <td style="width: 26.3pt; vertical-align: top;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">All percentage growth / declines in financial metrics in this news release are reported on a constant exchange rate basis. Constant exchange rate basis excludes the
                  impact of currency fluctuations and is a non-GAAP measure. See &#8220;Performance and non-GAAP measures&#8221; below and in our 2Q19 MD&amp;A for additional information.</div>
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              <td style="width: 27pt; vertical-align: top;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">Life Insurance Capital Adequacy Test (&#8220;LICAT&#8221;) ratio of The Manufacturers Life Insurance Company (&#8220;MLI&#8221;).</div>
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              <td style="width: 27pt; vertical-align: top;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">See &#8220;Caution regarding forward-looking statements&#8221; below. The impact of changes to the Ultimate Reinvestment Rate issued by the Canadian Actuarial Standards Board in
                  July, 2019 is not part of our annual actuarial review and is reported separately. See Section A10 &#8220;Updates to the ultimate reinvestment rate&#8221; of our 2Q19 MD&amp;A for additional information.</div>
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            </div>
            <div style="line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">August 7, 2019 &#8211; Press Release Reporting Second Quarter Results</div>
          </div>
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    <div style="line-height: 13.7pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 12pt; font-weight: bold;">BUSINESS HIGHLIGHTS:</div>
    <div style="line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">We continued to make progress on our portfolio optimization initiative, executing on transactions that result in a capital benefit of
      approximately $400 million.<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> In the U.S., we completed two new reinsurance transactions on universal life blocks, and in Canada we completed the second phase of our segregated fund transfer program,
      resulting in additional customers converting their contracts to a less capital-intensive product which offers them increased flexibility and higher potential returns.</div>
    <div style="line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">During the quarter, we continued to make improvements in how we interact with customers. In Asia, we launched an end-to-end online insurance
      platform in collaboration with DBS Bank for the Singapore market. In Canada, Manulife Bank launched the new digital All-In Banking package, which aims to help customers develop better financial habits and improve their financial well-being by
      leveraging leading artificial intelligence technology.</div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">FINANCIAL HIGHLIGHTS:</div>
    <table cellspacing="0" cellpadding="0" id="zb35c529e6c874f968ee67fd8c1e6bc99" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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          <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;"> </font></div>
            <div style="text-align: center; line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Quarterly Results</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;"> </font></div>
            <div style="text-align: center; line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">YTD Results</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -12pt; margin-right: 18.6pt; margin-left: 12pt; line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">($ millions, unless otherwise stated)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">2Q19</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2Q18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">2019</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2<font style="font-family: 'Times New Roman', serif;">0</font>18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="margin-right: 18.6pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow',sans-serif; font-weight: bold;">Profitability:</div>
          </td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Net income attributed to shareholders</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1,475</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1,262</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">3,651</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2,634</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Core earnings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1,452</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1,431</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">3,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2,734</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Diluted earnings per common share ($)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">0.73</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">0.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1.81</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1.28</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Diluted core earnings per common share ($)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">0.72</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">0.70</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1.48</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">1.33</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Return on common shareholders&#8217; equity (&#8220;ROE&#8221;)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">12.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">12.3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">16.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">13.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Core ROE<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">12.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">14.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">13.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">13.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="margin-right: 18.6pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Expense efficiency ratio<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">52.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">51.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">51.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">51.6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Growth:</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Asia new business value</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">364</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">334</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">775</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">659</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Canada new business value</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">127</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">114</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">U.S. new business value</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">96</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">22</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Total new business value<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">479</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">411</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">998</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">795</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Asia APE sales</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">915</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">918</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">2,251</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1,902</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Canada APE sales</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">290</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">198</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">551</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">488</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: 4.5pt; margin-left: 8.25pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">U.S. APE sales</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">154</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">297</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">242</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Total APE sales<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1,359</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1,245</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">3,099</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2,632</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 3.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Wealth and asset management net flows ($ billions)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif'; font-weight: bold;">0.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;"><font style="font-family: 'Times New Roman', serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif';">0.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Arial Narrow','sans-serif';">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); font-family: 'Arial Narrow','sans-serif';">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif'; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif'; font-weight: bold;">(1.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif'; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Arial Narrow','sans-serif';">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif';">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow','sans-serif';">10.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Arial Narrow','sans-serif';">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 3.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Wealth and asset management gross flows ($ billions)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">25.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">29.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">53.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">65.6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 3.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Wealth and asset management assets under management and administration ($ billions)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">653.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">639.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">653.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">639.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="margin-right: 18.6pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Financial Strength:</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">MLI&#8217;s LICAT ratio</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">144</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">132</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">144</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">132</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Financial leverage ratio</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">26.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">29.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">26.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">%</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">29.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Book value per common share ($)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">22.89</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">20.32</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">22.89</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">20.32</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Book value per common share excluding AOCI ($)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">19.52</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">17.68</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">19.52</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">17.68</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 9.1pt; margin-top: 2pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z01a1ab382eae4cc1b203d367dbd62778">

            <tr>
              <td style="width: 27pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">This item is a non-GAAP measure. See &#8220;Performance and non-GAAP measures&#8221; below and in our 2Q19 MD&amp;A for additional information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-right: 21.6pt; line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;"> <br>
    </div>
    <div style="margin-right: 21.6pt; line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">Reported net income attributed to shareholders of $1.5 billion in 2Q19, up $0.2 billion from 2Q18</div>
    <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">The increase compared with 2Q18 was primarily driven by the non-recurrence of a $200 million restructuring charge taken in 2Q18. Higher gains from
      investment-related experience compared with 2Q18 were offset by charges from the direct impact of markets in 2Q19. Investment-related experience in 2Q19 reflected higher-than-expected returns (including fair value changes) on alternative
      long-duration assets (&#8220;ALDA&#8221;) and strong credit experience. Charges related to the direct impact of markets were primarily driven by narrowing corporate spreads.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="line-height: 9.1pt; margin-bottom: 2pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

              <tr>
                <td style="width: 18pt; vertical-align: top;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">See &#8220;Caution regarding forward-looking statements&#8221; below.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <br>
    <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;"><font style="font-size: 8pt;">&#160;</font><br>
    </div>
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      <div id="DSPFPageFooter" style="width: 100%;">
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          <div style="line-height: 0pt;"><br style="line-height: 0pt;">
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            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">August 7, 2019 &#8211; Press Release Reporting Second Quarter Results</div>
          </div>
        </div>
      </div>
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="margin-right: 21.6pt; line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">Achieved core earnings of $1.5 billion in 2Q19, in line with 2Q18</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">On a constant exchange rate basis, core earnings decreased 1% compared with 2Q18. In-force business growth in Asia and higher investment
      income in our surplus portfolio was more than offset by the non-recurrence of both a tax-related benefit and notably positive group insurance policyholder experience in Canada, as well as the impact of actions to improve the capital efficiency of our
      legacy businesses. Core earnings in 2Q19 included net policyholder experience charges of $35 million post-tax compared with gains of $11 million post-tax in 2Q18.</div>
    <div style="line-height: 12.55pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">BUSINESS GROWTH:</div>
    <div style="margin-right: 21.6pt; line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">Achieved new business value (&#8220;NBV&#8221;) of $479 million in 2Q19, an increase of 14% compared with 2Q18</div>
    <div style="line-height: 12.55pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">In Asia, NBV increased 7% to $364 million driven by a more favourable business mix, partially offset by lower sales in Japan as explained below. In Canada,
      NBV of $65 million was in line with the prior year period as higher insurance sales were offset by business mix changes in group insurance and the withdrawal of certain capital-intensive annuity products. In the U.S., NBV nearly quadrupled to $50
      million, primarily as a result of recent actions to improve margins, as well as a more favourable product mix.</div>
    <div style="line-height: 12.55pt; margin-top: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">Reported annualized premium equivalent (&#8220;APE&#8221;) sales of $1.4 billion in 2Q19, an increase of 7% compared with 2Q18</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;"><font style="font-family: 'Arial Narrow','sans-serif';">In Asia, APE sales decreased 2% as growth in Hong Kong and Asia Other</font><font style="font-family: 'Arial Narrow','sans-serif';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> was more than offset by lower sales in Japan. APE sales in Japan decreased 41% due to the temporary suspension of the sale of
        corporate-owned life insurance products related to expected changes to tax regulations. Hong Kong APE sales increased 40% driven by the success of recently-launched health insurance and participating products. In Canada, APE sales increased 46% due
        to a large-case group insurance sale and growth across our individual insurance business including living benefits, term and permanent life insurance product lines. In the U.S., APE sales increased 16% as a result of higher universal life and
        international sales.</font></div>
    <div style="margin-right: 21.6pt; line-height: 12.55pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">Reported neutral Global Wealth and Asset Management net flows in 2Q19 compared with positive net flows of $0.1
      billion in 2Q18</div>
    <div style="line-height: 12.55pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Net flows in Asia were $1.7 billion in 2Q19, up $0.1 billion from 2Q18, driven by lower retail redemptions, partially offset by lower gross flows<sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>. Net flows in Canada were $0.1 billion in 2Q19, a decrease of $0.6 billion from 2Q18, driven by the redemption of a large-case retirement plan. Net flows in the U.S. were negative $1.8 billion in
      2Q19, an improvement of $0.4 billion from 2Q18, primarily due to the non-recurrence of three large-case retirement plan redemptions in 2Q18.</div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt; font-weight: bold;">QUARTERLY EARNINGS RESULTS CONFERENCE CALL</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Manulife Financial Corporation will host a Second Quarter Earnings Results Conference Call at 8:00 a.m. ET on August 8, 2019. For local
      and international locations, please call 416-340-2218 or toll free, North America 1-800-377-0758. Please call in ten minutes before the call starts. You will be required to provide your name and organization to the operator. A replay of this call
      will be available by 11:00 a.m. ET on August 8, 2019 through November 8, 2019 by calling 905-694-9451 or 1-800-408-3053 (passcode: 6780956#).</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">The conference call will also be webcast through Manulife&#8217;s website at 8:00 a.m. ET on August 8, 2019. You may access the webcast at:
      http://manulife.force.com/Reports. An archived version of the webcast will be available on the website following the call at the same URL as above.</div>
    <div style="line-height: 12.55pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;"><font style="font-family: 'Arial Narrow','sans-serif';">The Second Quarter 2019 Statistical Information Package is also
        available on the Manulife website at:</font><font style="font-family: 'Arial Narrow','sans-serif';">&#160;http://manulife.force.com/Reports.</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb7c33bffa7e343a49375c2efc96eb73c">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">Media Inquiries</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">Brooke Tucker-Reid</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">(647) 528<font style="font-family: 'Times New Roman', serif;">-</font>9601</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">brooke_tucker-reid@manulife.com</div>
            <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">Investor Relations</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">Adrienne O&#8217;Neill</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">(416) 926-6997</div>
            <div style="line-height: 12.55pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;"><u>adrienne_oneill@manulife.com</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
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    </div>
    <br>
    <br>
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    <div style="line-height: 9.1pt; margin-bottom: 2pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf61741239144f4688bfd7e029aad42d">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">Asia Other excludes Japan and Hong Kong.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 10.25pt; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60cb322df19146aabb522f78245a7454">

            <tr>
              <td style="width: 17.3pt; vertical-align: top;"><sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Arial Narrow', sans-serif; font-size: 8pt;">Gross flows is a non-GAAP measure. See &#8220;Performance and non-GAAP measures&#8221; below and in our 2Q19 MD&amp;A for additional information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter" style="width: 100%;">
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          <div style="line-height: 0pt;"><br style="line-height: 0pt;">
          </div>
          <div style="line-height: 14.4pt; border-top: 0.5pt solid black; padding-top: 1pt;">
            <div style="line-height: 0pt;"><br style="line-height: 0pt;">
            </div>
            <div style="line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">August 7, 2019 &#8211; Press Release Reporting Second Quarter Results</div>
          </div>
        </div>
      </div>
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">EARNINGS:</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt;">The following table reconciles core earnings to net income (loss) attributed to shareholders:</div>
    <table cellspacing="0" cellpadding="0" id="z41e1e35ba9af4d2991155e5e6a253047" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="10" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;"> </font></div>
            <div style="text-align: center; line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Quarterly Results</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;"> </font></div>
            <div style="text-align: center; line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">YTD Results</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -12pt; margin-right: 18.6pt; margin-left: 12pt; line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">($ millions)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">2Q19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">1Q19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">2Q18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="margin-right: 18.6pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;"><font style="font-weight: bold;">Core earnings</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Global Wealth and Asset Management (&#8220;Global WAM&#8221;)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">242</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">233</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">239</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">475</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">466</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Asia</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">471</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">520</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">411</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">991</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">842</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Canada</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">312</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">283</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">395</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">595</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">678</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">U.S.</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">441</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">475</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">446</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">916</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">868</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="margin-right: 18.6pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Corporate and Other (excluding core investment gains)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">(114</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(63</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(164</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">(177</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(320</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 18.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Core investment gains<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">104</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">200</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Total core earnings</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1,452</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">1,548</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">1,431</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">2,734</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9.35pt; margin-left: 9.35pt; line-height: 11.4pt; margin-top: 6pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Items excluded from core earnings:</div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Investment-related experience outside of core earnings</div>
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          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">146</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">327</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">473</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 16.75pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Direct impact of equity markets and interest rates and</div>
            <div style="text-indent: -9pt; margin-right: 16.75pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">&#160;&#160; variable annuity guarantee liabilities</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">(144</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">249</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">45</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">105</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">95</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-right: 3.6pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Reinsurance transactions</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">63</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">52</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%;">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Restructuring charge</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(200</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(200</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-indent: -9pt; margin-left: 9pt; line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif;">Tax-related items and other</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">(42</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(44</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">(42</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">(111</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt; font-family: 'Arial Narrow', sans-serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 0pt;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="line-height: 11.4pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-weight: bold;">Net income (loss) attributed to shareholders</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">1,475</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">2,176</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">1,262</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif; font-weight: bold;">3,651</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 11.4pt;"><font style="font-family: 'Arial Narrow', sans-serif;">2,634</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-bottom: 2pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf318b414949f46bb8e9ba7492709b405">

          <tr>
            <td style="width: 18pt; vertical-align: top;">
              <div style="line-height: 9.1pt; margin-top: 2pt; margin-bottom: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 9.1pt; margin-top: 2pt; margin-bottom: 2pt; font-family: 'Arial Narrow',sans-serif; font-size: 8pt;">2018 comparatives for core earnings in each segment have been updated to reflect the 2019 methodology for allocating
                capital and interest on surplus to our insurance segments from the Corporate and Other segment.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z740efd315a484460870a3c80022db128">

          <tr>
            <td style="width: 18pt; vertical-align: top;">
              <div style="line-height: 9.1pt; margin-top: 2pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 9.1pt; margin-top: 2pt; margin-bottom: 6pt; font-family: 'Arial Narrow',sans-serif; font-size: 8pt;">This item is a non-GAAP measure. See &#8220;Performance and non-GAAP measures&#8221; below and in our 2Q19 MD&amp;A for
                additional information.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 13.7pt; margin-top: 12pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 12pt; font-weight: bold;">PERFORMANCE AND NON-GAAP MEASURES:</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">We use a number of non-GAAP financial measures to measure overall performance and to assess each of our businesses. A financial measure is
      considered a non-GAAP measure if it is presented other than in accordance with generally accepted accounting principles used for the Company&#8217;s audited financial statements. Non-GAAP measures referenced in this news release include: core earnings;
      core ROE; diluted core earnings per common share; core investment gains; expense efficiency ratio; APE sales; new business value; gross flows; net flows; assets under management and administration; and constant exchange rate basis (measures that are
      reported on a constant exchange rate basis include percentage growth/decline in core earnings, APE sales, new business value, and gross flows). Non-GAAP financial measures are not defined terms under GAAP and, therefore, are unlikely to be comparable
      to similar terms used by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including
      those referred to above, see &#8220;Performance and non-GAAP measures&#8221; in our Second Quarter 2019 MD&amp;A and 2018 MD&amp;A.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
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            </div>
            <div style="line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">August 7, 2019 &#8211; Press Release Reporting Second Quarter Results</div>
          </div>
        </div>
      </div>
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-right: 21.6pt; line-height: 12.55pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Arial Narrow', sans-serif; font-size: 11pt; font-weight: bold;">CAUTION REGARDING FORWARD-LOOKING STATEMENTS:</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our
      representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the &#8220;safe harbour&#8221; provisions of Canadian provincial securities laws and the U.S. Private Securities
      Litigation Reform Act of 1995.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">The forward-looking statements in this document include, but are not limited to, statements with respect to the estimated impact of our
      annual actuarial review and our portfolio optimization initiative and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words
      such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;would&#8221;, &#8220;likely&#8221;, &#8220;suspect&#8221;, &#8220;outlook&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;plan&#8221;, &#8220;forecast&#8221;, &#8220;objective&#8221;, &#8220;seek&#8221;, &#8220;aim&#8221;, &#8220;continue&#8221;, &#8220;goal&#8221;, &#8220;restore&#8221;, &#8220;embark&#8221; and &#8220;endeavour&#8221; (or
      the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such
      statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts&#8217; expectations in any way.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from
      those expressed or implied in such statements.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business
      and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, currency rates, investment losses and defaults, market liquidity and creditworthiness of
      guarantors, reinsurers and counterparties); changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to execute strategic plans
      and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of
      estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies, actuarial methods and embedded value methods; our ability to implement effective hedging strategies and
      unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future
      distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified as available-for-sale; our liquidity, including the
      availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of
      information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar
      proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used;
      political, legal, operational and other risks associated with our non-North American operations; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or
      changes to key elements of the Company&#8217;s or public infrastructure systems; environmental concerns; our ability to protect our intellectual property and exposure to claims of infringement; and our inability to withdraw cash from subsidiaries.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">Additional information about material risk factors that could cause actual results to differ materially from expectations and about
      material factors or assumptions applied in making forward-looking statements may be found under &#8220;Risk Management&#8221;, &#8220;Risk Factors&#8221; and &#8220;Critical Accounting and Actuarial Policies&#8221; in the Management&#8217;s Discussion and Analysis in our most recent annual
      report, under &#8220;Risk Management and Risk Factors Update&#8221; and &#8220;Critical Accounting and Actuarial Policies&#8221; in the Management&#8217;s Discussion and Analysis in our most recent interim report, in the &#8220;Risk Management&#8221; note to the consolidated financial
      statements in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;">The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the
      purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake
      to update any forward-looking statements, except as required by law.</div>
    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;"> <br>
    </div>
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        </div>
        <div style="line-height: 10.25pt; margin-top: 2pt; font-family: 'Arial Narrow', sans-serif; font-size: 9pt;">August 7, 2019 &#8211; Press Release Reporting Second Quarter Results</div>
      </div>
    </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
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<DESCRIPTION>EXHIBIT99-2-DIV-7AUG2019
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Manulife Financial Corporation
         Document created using EDGARfilings PROfile 6.0.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div><br>
  </div>
  <div><img src="image00001.jpg"> </div>
  <div>
    <div style="text-indent: 90.85pt; line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 29.65pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 26pt; font-weight: bold;">News<br>
      Release</div>
    <div style="line-height: 17.7pt;"><br style="line-height: 17.7pt;">
    </div>
    <div style="line-height: 17.7pt;"><font style="font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">C$ unless otherwise stated</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 288pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">TSX/NYSE/PSE: MFC&#160; &#160;&#160; SEHK: 945<br>
        For Immediate Release<br>
        August 7, 2019</font></div>
    <div style="line-height: 13.7pt;"><font style="font-family: 'Manulife JH Sans Demibold', sans-serif; font-size: 12pt;"><br style="line-height: 13.7pt;">
        <br>
        <font style="font-size: 12.5pt;">Manulife Financial Corporation Declares Common Share Dividend</font><br>
      </font><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 12.55pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 11pt;"><font style="font-weight: bold;">Toronto</font> - Manulife Financial Corporation&#8217;s Board of Directors today announced a quarterly shareholders&#8217; dividend of
      $0.25 per share on the common shares of Manulife Financial Corporation (the &#8220;Company&#8221;), payable on and after September 19, 2019 to shareholders of record at the close of business on August 20, 2019.</div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 11pt;">In respect of the Company&#8217;s September 19, 2019 common share dividend payment date, the Company will issue common shares from treasury in connection with
      the reinvestment of dividends and optional cash purchases pursuant to the Company&#8217;s Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan. The price of common shares purchased with
      reinvested dividends will be reduced by a two per cent (2%) discount from the market price, as determined pursuant to the applicable plan. This discount is being offered to reward long-term shareholders for their ongoing commitment.</div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 11pt;"><font style="font-weight: bold;">About Manulife</font><br>
      Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere.<font style="font-family: 'Times New Roman', serif;">&#160;</font>We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over
      82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of June 30, 2019, we had over $1.1 trillion (US$877 billion) in assets under management and administration, and in the previous 12 months we made $29<font style="font-family: 'Times New Roman', serif;">.</font>4 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters
      in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.</div>
    <div style="line-height: 14.9pt;"><br style="line-height: 14.9pt;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4395f2a407b94b4fa0af7128c4cc4c27">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans Demibold', sans-serif; font-size: 9.5pt; font-weight: bold;">Media Relations Contact:</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">Brooke Tucker-Reid</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">Manulife</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">647-528-9601</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">brooke_tucker-reid@manulife.com</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans Demibold', sans-serif; font-size: 9.5pt; font-weight: bold;">Investor Relations:</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">Adrienne O&#8217;Neill</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">Manulife</div>
            <div style="line-height: 16.25pt; font-family: 'Times New Roman', serif; font-size: 9.5pt;">416-926-6997</div>
            <div style="line-height: 16.25pt; font-family: 'Manulife JH Sans', sans-serif; font-size: 9.5pt;">adrienne_oneill@manulife.com</div>
          </td>
        </tr>

    </table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
