Manulife Q1 2009 Earnings

Scotia Capital, 8 May 2009• EPS of negative $0.67 missed our negative $0.40 estimate. Consensus was negative $0.35.Implications• $0.17 EPS commercial real estate hit (an increase in actuarial provision for default) accounted for the bulk of the miss, and we put underlying EPS at $0.52. Sales were mixed.• Despite the miss on credit, credit is still very good. The commercial real estate hit related