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| Manufacturers Life
In 1887, an Act of Parliament incorporated The Manufacturers Life Insurance Company and in 1903 the Canadian company entered the U.S. market via Detroit, Michigan. In 1940 Manufacturers became the first North American company to offer insurance to controlled diabetics and sold its one-millionth policy seven years later. Headquartered in Canada, Manufacturers has agents in 15 countries worldwide and over 28,000 employees. Manufacturers had capital of Cdn$8.0 billion as of June 2000 and total assets under administration of $79.7 billion at year-end 1997.
On September 24, 1999, Toronto, Canada-based Manufacturers Life Insurance Company demutualized and became Manulife Financial. Only 35% of the company's 671,000 eligible policyholders worldwide voted. Eligible policyholders residing in Canada, the United States, Hong Kong and the Philippines were entitled to choose between cash and/or Manulife Financial shares.
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