10-Q 1 e10-q.txt MANULIFE - NORTH AMERICA 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 ------------------ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 --------------------- Securities and Exchange Commission File No. 812-06037 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 22-2265014 (I.R.S. Employer Identification No.) 500 Boylston Street Boston, Massachusetts 02116 (Address of principal executive offices) (617) 663-3200 (Registrant's telephone number, including area code) --------------------- Indicated by check mark whether the registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. __X__ Yes _____ No APPLICABLE ONLY TO CORPORATE ISSUERS: The number of shares outstanding of the issuer's sole class of common stock, as of June 30, 2000 was 2,600. 2 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA Quarterly Report on Form 10-Q For the period ended June 30, 2000 Table of Contents --------------------------------------------------------------------------------

2 3 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CONSOLIDATED BALANCE SHEETS

See accompanying notes. 3 4 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

See accompanying notes. 4 5 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (UNAUDITED)

See accompanying notes. 5 6 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

See accompanying notes. 6 7 THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of the Company and its wholly-owned subsidiaries have been prepared in accordance with generally accepted accounting principles ("GAAP"), except that they do not contain complete notes. However, in the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the results. These financial statements should be read in conjunction with the financial statements and the related notes included in the Company's annual report on Form 10-K for the year ended December 31, 1999. Operating results for the six months ended June 30, 2000 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2000. 2. RECENT ACCOUNTING STANDARDS In June 1998, the Financial Accounting Standards Board (FASB) issued Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS No. 133). SFAS No. 133 establishes accounting and reporting standards for derivative instruments and for hedging activities. Contracts that contain embedded derivatives, such as certain insurance contracts, are also addressed by the Statement. SFAS No. 133 requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. In July 1999, the FASB issued Statement 137, which delayed the effective date of SFAS No. 133 to fiscal years beginning after June 15, 2000. The Company is evaluating the accounting implications of SFAS No. 133 and has not determined its potential impact on the Company's results of operations or its financial condition. 3. COMPREHENSIVE INCOME Total comprehensive income was as follows:

Other comprehensive income (loss) is reported net of taxes payable (recoverable) of $(833) and $(650) for the three months and $(557) and $(1,350) for the six months ended June 30, 2000 and 1999, respectively. 7 8 Item 2. Management's Discussion And Analysis of Results of Operations And Financial Condition OVERVIEW The following analysis of the consolidated results of operations and financial condition of The Manufacturers Life Insurance Company of North America (hereinafter referred to as "MNA" or the "Company") should be read in conjunction with the Consolidated Financial Statements and the related Notes to Consolidated Financial Statements. CORPORATE STRUCTURE AND OVERVIEW The Company is a wholly-owned subsidiary of Manulife-Wood Logan Holding Co., Inc. ("MWLH"). MWLH is an indirect wholly-owned subsidiary of The Manufacturers Life Insurance Company ("MLI"); prior to June 1, 1999, MLI indirectly owned 85% of MWLH, and minority shareholders associated with MWLH owned the remaining 15%. MLI is a wholly-owned subsidiary of Manulife Financial Corporation ("MFC"), a publicly traded company, based in Toronto, Canada. MFC and its subsidiaries are known collectively as "Manulife Financial." Manulife Financial is a leading provider of financial protection products and investment management services to individuals, families, businesses and groups in selected international markets. Manulife Financial operates in 15 countries and territories worldwide, with more than 28,000 employees and agents. Funds under management by Manulife Financial were in excess of $112 billion (Cdn) as of December 31, 1999 with a consolidated surplus position of $6.5 billion (Cdn). MNA is licensed to sell fixed and variable annuities, traditional life and variable life insurance, and accident and health insurance in all states except New Hampshire and New York. MNA has two subsidiaries, The Manufacturers Life Insurance Company of New York ("MNY") and Manufacturers Securities Services, LLC ("MSS"). MNY is an insurance subsidiary licensed to sell fixed and variable annuities, traditional, variable and universal life insurance, and accident and health insurance in the State of New York only. MSS, a majority-owned broker dealer, acts as investment adviser to the Manufacturers Investment Trust ("MIT"), a no-load, open-end management investment company organized as a Massachusetts business trust and is the principal underwriter of the Company's variable annuity and life insurance contracts and is the exclusive distributor of its insurance products in the State of New York. 8 9 The Company, along with The Manufacturers Life Insurance Company, enjoys strong financial ratings that enhance its ability to attract new sales and retain assets. Distributors and consumers of variable and fixed annuity products utilize the relative financial strength ratings as a criteria in choosing an annuity carrier. The Company has received financial strength ratings of A++ (Superior) by A.M. Best, AA+ (Very Strong) by Standards and Poor's and Aa2 (Excellent) by Moody's Investor Services. The Company is rated AAA (Highest) by Fitch in terms of its ability to meet contractual obligations to policyholders. The Company's operations are classified as either wealth management or insurance. Through its wealth management operations, the Company offers wealth management products and services in the form of individual and group annuities as well as 401(k) pension products. Through its insurance operations, the Company offers traditional, universal and variable life insurance products. The Company's reportable operations have been determined based on differences in product features and distribution, and are consistent with the Company's management structure. The remainder of this discussion will focus solely on the wealth management operations of the Company due to the limited assets and revenues associated with the Company's insurance operations which are in a developmental stage. The Company's primary source of earnings from its wealth management operations are from the sale of annuities and are comprised of fees assessed against policyholder account balances held in the Company's separate accounts including: mortality and expense risk charges, surrender charges, and an annual administrative charge. In addition, the Company earns a spread between the advisory fees charged to manage the separate account assets invested in MIT and the subadvisory fees paid to external managers of those assets. A key factor in the Company's profitability is sustained growth in the underlying assets through market performance coupled with the ability to acquire and retain variable annuity and life deposits. The Company began to sell pension products in 1998. No significant revenues were generated from the sales of these products in either 1999 or 2000. FORWARD-LOOKING STATEMENTS Certain information included herein is forward-looking with respect to the Company, including its business operations and strategy and financial performance and condition. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe" or "continue" or the negative thereof or similar variations. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include among other things, general economic and market factors such as interest rates, business competition and changes in government regulations or in tax laws. REVIEW OF OPERATING RESULTS The discussion that follows compares results for the three months ended June 30, 2000 to those for the three months ended June 30, 1999. 2000 Compared to 1999 The Company recorded net income of $7.1 million in 2000 versus net income of $15.7 million in 1999, a decrease of $8.6 million or 55%. Revenues grew by 32% to $112.4 million due primarily to growth in fee income earned on additional separate account assets and increased advisory profits associated with additional assets in MIT. Separate account assets at June 30, 2000 compared to June 30, 1999 were higher by $3.4 billion or 25%. The asset growth is attributed to an increase in variable annuity sales and strong equity market performance in late 1999 and the first quarter of 2000. Total sales during the second quarter 9 10 of 2000 were $1.1 billion, an increase of 36% over the same quarter in 1999. Total fees, including advisory fees and fees generated by separate accounts and policyholder funds increased by $27.2 million or 33% in 2000. The Company incurred total benefits and expenses in 2000 of $101.3 million, an increase of $40.5 million, or 67% compared to 1999. The additional expenses mainly reflect an increase in Deferred Acquisition Cost (DAC) amortization, selling, administrative and operating expenses, additional sub-advisory expenses associated with additional assets in MIT and higher commission financing costs. The amortization of DAC increased by $21.5 million during the second quarter of 2000, due to a higher DAC balance and poor overall equity market performance related to the Company's separate account assets. Due to poor fund performance in Q2 2000, there was additional DAC amortization for the quarter as compared to favorable investment growth for Q2 1999, which caused a slower amortization of DAC for that reporting period. Selling, administrative and operating expenses increased approximately $8.0 million in 2000 due to the Company's significant growth. The Company paid an additional $6.4 million of sub-advisory expenses during the second quarter of 2000 due to higher separate account asset levels in MIT, fueled by the addition of 8 new funds in May 2000. The Company's financing costs consist of reinsurance fees and borrowing costs. Reinsurance costs increased from a recovery of $1.2 million at June 30, 1999 to a recovery of $0.1 million at June 30, 2000. Borrowing costs increased 83% from $3.6 million at June 30, 1999 to $6.6 million at June 30, 2000. The commission financing loan increased by approximately $146.0 million over June 30, 1999 levels due to higher cash requirements associated with increased sales volumes at Q2 2000 and the second half of 1999. The discussion that follows compares results for the six months ended June 30, 2000 to those for the six months ended June 30, 1999. 2000 Compared to 1999 The Company recorded net income of $22.2 million in 2000 versus net income of $25.6 million in 1999, a decrease of $3.4 million or 13%. Revenues grew by 34% to $220.3 million due primarily to growth in fee income earned on additional separate account assets and increased advisory profits associated with additional assets in MIT. Total sales during the first half of 2000 were $2.3 billion, an increase of 53% over the same period in 1999. Total fees, including advisory fees, and fees generated by separate accounts and policyholder funds increased by $56.4 million or 36% in 2000. The Company incurred total benefits and expenses in 2000 of $186.0 million, an increase of $61.5 million, or 49% compared to 1999. The additional expenses mainly reflect an increase in DAC amortization, selling, administrative and operating expenses, additional sub-advisory expenses associated with additional assets in MIT and higher commission financing costs. The amortization of DAC increased by $22.5 million through the second quarter of 2000 compared to the same period for 1999. The increase can be attributed to a higher DAC balance and poor overall equity market performance related to the Company's separate account assets. Due to poor fund performance through the second quarter of 2000, there was additional DAC amortization for the period, as compared to favorable investment growth for the same period in 1999, which caused a slower amortization of DAC for that reporting period. Selling, administrative and operating expenses increased approximately $19.0 million in 2000 due to the Company's significant growth. The Company paid an additional $13.9 million of sub-advisory expenses during the first half of 2000 due to higher separate account asset levels in MIT, fueled by the addition of 13 new funds in the fourth quarter of 1999 and first half of 2000. The Company's financing costs consist of reinsurance costs and borrowing costs. Reinsurance costs decreased from a recovery of $0.1 million at June 30, 1999 to a recovery of $0.6 million at June 30, 2000. Borrowing costs increased 65% from $7.2 million at June 30, 1999 to $11.9 million at June 30, 2000. The commission financing loan increased by approximately $146.0 million over June 30, 1999 levels due to 10 11 higher cash requirements associated with increased sales volumes over the last four quarters. FINANCIAL POSITION 2000 Compared to 1999 Total assets increased from $17.7 billion at December 31, 1999 to $19.1 billion at June 30, 2000, an increase of $1.4 billion or 8%. Separate account assets increased by 8% over the first half of 2000 and represent 91% of total assets as the Company continues to focus on its variable option annuity products. The Company continues to own high quality investment grade fixed maturity investments to support its general account liabilities and shareholder's equity. The Company's DAC asset grew by 20% as the Company experienced increased annuity sales volumes during the first half of 2000. The Company deferred the related costs, net of current amortization, associated with those sales. Total liabilities have increased proportionately with the growth in the related assets, primarily in the Company's separate accounts. During the first half of 2000, the Company borrowed an additional $98.3 million from MLI to support its sales volumes and related acquisition expenses. MARKET RISK Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. The primary market risk exposure for the Company is the impact of lower than expected equity market performance on its asset-related fee revenue. The Company also has certain exposures to changes in interest rates. The Company earns asset based fees on the asset levels invested in the separate accounts. As a result, the Company is subject to equity risk and the effect changes in equity market levels will have on the amounts invested in the separate accounts. Interest rate risk is the risk that the Company will incur economic losses due to adverse changes in interest rates. This risk arises from the issuance of certain interest sensitive annuity products and the investing of those proceeds in fixed rate investments. The Company manages its interest rate risk through an asset/liability management program. The Company has established a target portfolio mix which takes into account the risk attributes of the liabilities supported by the assets, expectations of market performance, and a generally conservative investment philosophy. Preservation of capital and maintenance of income flows are key objectives of this program. In addition, the Company has diversified its product portfolio offerings to include products that contain features that will protect it against fluctuations in interest rates. Those features include adjustable crediting rates, policy surrender charges, and market value adjustments on liquidations. Based on the Company's overall exposure to interest rate and equity price risks, the Company believes that changes in market rates would not materially affect the consolidated near-term financial position, results of operations or cashflows of the Company as of June 30, 2000. Refer to the Company's Annual Report on form 10-K for a more detailed discussion of market risks. 11 12 PART II--OTHER INFORMATION Item 1 -- Legal Proceedings No reportable events Item 2 -- Changes In Securities (a) and (b) No reportable events (c) The Company currently sells Venture Group Annuity, a flexible premium payment deferred variable unallocated group annuity, to retirement plans that qualify for special tax treatment under Section 401(a) of the Internal Revenue Code. Sales of these securities are not required to be registered under the Securities Act of 1933 (Section 3(a)(2) of this Act). Manufacturers Securities Services, LLC, a majority owned subsidiary of the Company is the principal underwriter of the contracts and Manulife-Wood Logan Co., Inc., an affiliate of the Company, is the promotional agent. There are no maximum or minimum purchase payments required to establish a contract. The value of a contract will vary according to the investment performance, charges and expenses of the subaccounts in which the contract is invested. As of June 30, 2000, the total variable assets in the Venture Group Annuity was $53,047,111. Items 3 -- Defaults Upon Senior Securities No reportable events Item 4 -- Submission Of Matters To A Vote Of Security Holders No reportable events Item 5 -- Other Information No reportable events Item 6A -- Exhibits (3) Exhibits (the Registrant is also referred to as the "Company") ------------------- ------------------------------------------------------------ Exhibit No. Description ------------------- ------------------------------------------------------------ 1(a) Underwriting Agreement between the Company and Manufacturers Securities Services, LLC, formerly NASL Financial Services, Inc. (Underwriter) -- Incorporated by reference to Exhibit (b)(3)(i) to Form N-4, file number 33-76162, filed March 1, 1999. 1(b)i Promotional Agent Agreement between Manufacturers Securities Services, LLC, formerly NASL Financial Services, Inc. (Underwriter), the Company and Wood Logan Associates, Inc. (Promotional Agent) -- Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4, file number 33-76162, filed April 29, 1997 on behalf of The Manufacturers Life Insurance Company of North America Separate Account A. 1(b)ii Amendment to Promotional Agent Agreement -- Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-4, file number 33-76162, filed February 25, 1988 on behalf of The Manufacturers Life Insurance Company of North America Separate Account A. 2 Not Applicable 12 13 3(i)(a) Certificate of Incorporation of the Company -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 3(i)(b) Certificate of Amendment of Certificate of Incorporation of the Company, Name Change, July 1984 -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 3(i)(c) Certificate of Amendment of Certificate of Incorporation of the Company, Authorization of Capital, December 1994 -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 3(i)(d) Certificate of Amendment of Certificate of Incorporation of the Company, Name Change, March 1997 -- Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form S-1, file number 333-6011, filed October 9, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 3(i)(e) Certificate of Amendment of Certificate of Incorporation of the Company, Registered Agent, July 1997 -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 3(ii) Amended and Restated By-Laws of the Company -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 4(i) Form of Individual Single Payment Deferred Fixed Annuity Non-Participating Contract -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 4(ii) Form of Group Single Payment Deferred Fixed Annuity Non-Participating Contract -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 4(iii) Individual Retirement Annuity Endorsement -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 4(iv) ERISA Tax-Sheltered Annuity Endorsement -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 4(v) Tax-Sheltered Annuity Endorsement -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 4(vi) Section 401 Plans Endorsement -- Incorporated by reference to Exhibit 4 to Registration Statement on Form S-1, file number 33-6011, filed June 14, 1996 5 Opinion and Consent of James D. Gallagher, Esq. -- Incorporated by reference to Exhibit 5 to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 6 Not Applicable 7 Not Applicable 13 14 8(ii) Amendment to Remote Service Agreement dated March 1999 between Manufacturers Life Insurance Company of North America and CSC Continuum Inc. -- Incorporated by reference to Post Effective Amendment No. 9 to the Registration Statement on Form N-4, file number 33-76162, filed April 27, 2000 9 Not Applicable 10(i) Form of broker-dealer agreement between the Company, Manufacturers Securities Services, LLC, formerly NASL Financial Services, Inc. (underwriter), Wood Logan Associates, Inc. (Promotional Agent) and broker-dealers -- Incorporated by reference to Exhibit (b)(3)(iii) to pre-effective amendment no. 1 to Form N-4, file number 33-9960, filed February 2, 1987 on behalf of the NASL Variable Account of the Company, now known as The Manufacturers Life Insurance Company of North America Separate Account A (10)(ii) Reinsurance and Guaranteed Death Benefits Agreement between the Company and Connecticut General Life Insurance Company -- Incorporated by reference to Exhibit (b)(7)(i) to Registration Statement on Form N-4, file number 33-76162, filed March 1, 1996 (10)(iii) Reinsurance Agreement between the Company and PaineWebber Life Insurance Company -- Incorporated by reference to Exhibit (b)(7)(iii) to Registration Statement on Form N-4, file number 33-76162, filed March 1, 1996 (10)(iv) Coinsurance Agreement between the Company and Peoples Security Life Insurance Company -- Incorporated by reference to Exhibits (10)(iv) through (10)(viii) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 (10)(v) Reinsurance and Accounts Receivable Agreements between the Company and ITT Lyndon Life -- Incorporated by reference to Exhibits (10)(iv) through (10)(viii) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 (10)(vi) Automatic Modified -- Coinsurance Reinsurance Agreement between the Company and Transamerica Occidental Life Insurance Company -- Incorporated by reference to Exhibits (10)(iv) through (10)(viii) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 (10)(vii) Automatic Yearly Renewable Term Reinsurance Agreement between the Company and Transamerica Occidental Life Insurance Company -- Incorporated by reference to Exhibits (10)(iv) through (10)(viii) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 (10)(viii) Amendment No. 1 to the Variable Annuity Guaranteed Death Benefit Reinsurance Agreement between the Company and Connecticut General Life Insurance Company -- Incorporated by reference to Exhibits (10)(iv) through (10)(viii) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1, file number 33-6011, filed January 29, 1997 (10)(ix) Coinsurance Agreement between the Company and The Manufacturers Life Insurance Company (USA) Incorporated by reference to Form 10K, file number 812-06037, filed March 31, 1998 on behalf of The Manufacturers Life Insurance Company of North America 11 Not Applicable 12 Not Applicable 13 Not Applicable 14 Not Applicable 14 15 15 Not Applicable 16 Not Applicable 17 Not Applicable 18 Not Applicable 19 Not Applicable 20 Not Applicable 21 The Company has the following wholly owned subsidiaries: Manufacturers Securities Services, LLC and The Manufacturers Life Insurance Company of New York 22 Not Applicable 23(i) Not Applicable 23(ii) Not Applicable 24 (i) Power of Attorney -- John D. Richardson, Director and Chairman of the Company -- Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4, file number 33-76162, filed April 29, 1997 on behalf of The Manufacturers Life Insurance Company of North America Separate Account A. 24(ii) Power of Attorney -- David W. Libbey, Principal Financial Officer of the Company -- Incorporated by reference to Form 10Q, file number 812-06037, filed November 14, 1997 on behalf of The Manufacturers Life Insurance Company of North America. 24(iii) Power of Attorney -- Peter Hutchison, Director of the Company -- Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-4, file number 33-76162, filed February 25, 1988 on behalf of The Manufacturers Life Insurance Company of North America Separate Account A. 24(iv) Power of Attorney -- John D. DesPrez III -- Incorporated by reference to Exhibit (14)(iv) to post-effective amendment no. 1 to Form N-4, file number 333-38081 filed April 19, 1999. 25 Not Applicable 26 Not Applicable 27 Financial Data Schedule -- Filed herein. 28 Not Applicable ITEM 6B -- REPORTS ON FORM 8-K No reports on Form 8-K were filed during the quarter. 15 16 SIGNATURES 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. THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA (Registrant) By: /s/ DAVID W. LIBBEY ---------------------------------------------------------- David W. Libbey Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) Date: August 11, 2000 17 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 27 Financial data schedule for quarter ended June 30, 2000

MANUFACTURERS LIFE INSURANCE CO OF NORTH AMERICA 10-Q