Preview of Insurance Cos Q1 2009 Earnings

Scotia Capital, 20 April 2009Canadian Lifecos - Another Tough Quarter but Capital Positions Remain Strong - Focus Turns to Credit• Declining equity markets make for another tough quarter. Obviously, Manulife is the most sensitive, and with equity markets, on a Manulife weighted average basis, down 9% quarter over quarter (QoQ), its EPS should suffer to the tune of $0.88, as outlined in Exhibit 1.