Life Insurance Cos Excess Capital Position

Scotia Capital, 20 November 2006What It Means� In terms of excess capital as a percentage of BV, we estimate MFC has the most (at 14% of BV), followed by SLF at 11%, IAG at 7% and GWO at 6%.� In Q3/06 we estimate excess capital positions grew the fastest for GWO and IAG, where buybacks have been limited. GWO's business is the least capital intensive, IAG's is the most.� We forecast GWO's excess