BMO NB's Postscript on Life Ins Q4 2005

BMO Nesbitt Burns, 20 February 2006� Overall, Q4/05 results were in line with expectations driven by strong gains in equity markets, good credit and expense gains from acquisitions. The clear standout in the quarter was Manulife, which reported robust earnings and sales results.� The Canadian life insurers remain prolific generators of excess capital. We estimate that the lifecos had