Exhibit 12(b)

MANULIFE FINANCIAL CORPORATION

CALCULATION OF EARNINGS TO FIXED CHARGES RATIOS

(Canadian Dollars in Millions)

(Canadian GAAP)

	For the Twelve Months Ended December 31,
	2004		2003		2002		2001		2000
Earnings (a):
Income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes	$	3,383.6	$	1,862.7	$	1,742.4	$	1,355.7	$	1,167.6
Add: fixed charges		562.3		352.8		350.2		284.2		217.3
Add: distributed income of equity investees		122.9		4.8		3.4		2.1		1.9
Less: preference security dividend requirements of consolidated subsidiaries		134.0		125.4		132.6		69.1		62.6
Earnings		3,934.8		2,094.9		1,963.4		1,572.9		1,324.2
Fixed charges:
Interest expensed and capitalized		422.9		227.4		217.6		215.1		154.7
Interest on element of rental		5.4		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries		134.0		125.4		132.6		69.1		62.6
Total fixed charges	$	562.3	$	352.8	$	350.2	$	284.2	$	217.3
Ratio of earnings to fixed charges		7.0		5.9		5.6		5.5		6.1

(a) For the purpose of calculating the ratio of earnings to fixed charges, “earnings” represent income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes, plus fixed charges and distributed income of equity investees, less preference security dividend requirements of consolidated subsidiaries. “Fixed charges” consist of interest expensed and capitalized, which includes amortization of premiums, discounts and capitalized expenses related to indebtedness, the portion of rental expense that management believes is representative of the interest component of lease expense, and preference security dividend requirements of consolidated subsidiaries.

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MANULIFE FINANCIAL CORPORATION

CALCULATION OF EARNINGS TO FIXED CHARGES RATIOS

(Canadian Dollars in Millions)

(Continued)

(Including Interest Credited to Policyholders)

(U.S. GAAP)

	For the Twelve Months Ended December 31,
	2004		2003		2002		2001		2000
Earnings (a):
Income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes	$	3,361.3	$	1,916.6	$	1,306.7	$	1,270.9	$	2,191.6
Add: fixed charges		2,451.3		1,103.0		1,049.5		1,004.0		929.8
Add: distributed income of equity investees		122.9		4.8		3.4		2.1		1.9
Less: preference security dividend requirements of consolidated subsidiaries		133.9		125.4		132.6		69.1		62.6
Earnings		5,801.6		2,899.0		2,227.0		2,207.9		3,060.7
Fixed charges:
Interest expensed and capitalized		437.0		234.5		217.6		215.1		154.7
Interest on element of rental		5.4		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries		133.9		125.4		132.6		69.1		62.6
Interest credited to policyholders		1,875.0		743.1		699.3		719.8		712.5
Total fixed charges	$	2,451.3	$	1,103.0	$	1,049.5	$	1,004.0	$	929.8
Ratio of earnings to fixed charges		2.4		2.6		2.1		2.2		3.3

(a) For the purpose of calculating the ratio of earnings to fixed charges, “earnings” represent income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes, plus fixed charges and distributed income of equity investees, less preference security dividend requirements of consolidated subsidiaries. “Fixed charges” consist of interest expensed and capitalized, which includes amortization of premiums, discounts and capitalized expenses related to indebtedness, the portion of rental expense that management believes is representative of the interest component of lease expense, preference security dividend requirements of consolidated subsidiaries, and interest credited to policyholders.

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MANULIFE FINANCIAL CORPORATION

CALCULATION OF EARNINGS TO FIXED CHARGES RATIOS

(Canadian Dollars in Millions)

(Continued)

(Excluding Interest Credited to Policyholders; Net of Interest Rate and Currency Swaps)

(U.S. GAAP)

	For the Twelve Months Ended December 31,
	2004		2003		2002		2001		2000
Earnings (a):
Income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes	$	3,361.3	$	1,916.6	$	1,306.7	$	1,270.9	$	2,191.6
Add: fixed charges		538.3		332.1		322.1		264.9		214.5
Add: distributed income of equity investees		122.9		4.8		3.4		2.1		1.9
Less: preference security dividend requirements of consolidated subsidiaries		133.9		125.4		132.6		69.1		62.6
Earnings		3,888.6		2,128.1		1,499.6		1,468.8		2,345.4
Fixed charges:
Interest expensed and capitalized, net of interest rate and currency swaps related to debt issued for capital purposes		399.0		206.7		189.5		195.8		151.9
Interest on element of rental		5.4		—		—		—		—
Preference security dividend requirements of consolidated subsidiaries		133.9		125.4		132.6		69.1		62.6
Total fixed charges	$	538.3	$	332.1	$	322.1	$	264.9	$	214.5
Ratio of earnings to fixed charges		7.2		6.4		4.7		5.5		10.9

(a) For the purpose of calculating the ratio of earnings to fixed charges, “earnings” represent income before minority interest in consolidated subsidiaries, income or loss from equity investees and provision for income taxes, plus fixed charges and distributed income of equity investees, less preference security dividend requirements of consolidated subsidiaries. “Fixed charges” consist of interest expensed and capitalized, which includes amortization of premiums, discounts and capitalized expenses related to indebtedness, net of interest rate and currency swaps related to debt issued for capital purposes, the portion of rental expense that management believes is representative of the interest component of lease expense, and preference security dividend requirements of consolidated subsidiaries.

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