Scotia Capital Increases $ Targets on Cdn Insurance Companies

Scotia Capital, 12 January 2006Modestly increasing targets to reflect 2007 estimates, to fully incorporate 2007E EPS and 2007E ROE estimates.� We are modestly increasing our share price targets for the lifecos to reflect our 2007 EPS and ROE estimates. We expect 2007E ROE to be 20.7% for GWO, 14.6% for IAG, 16.0% for MFC, and 13.9% for SLF.� While we still recommend market weight in the lifeco