Scotia Capital on Manulife's Q1 2006 Earnings

Scotia Capital, 5 May 2006� 16% EPS growth (22% ex f/x), owing to strong sales growth, favourable investment results and the emergence of expense synergies. Results of $1.19 per share were $0.02 per share ahead of our estimate and $0.01 per share ahead of consensus. Excluding the impact of currency, which negatively impacted the company's YOY EPS by $0.07 per share, EPS growth was an impressive