Manulife Q3 2006 Earnings

BMO Capital Markets, 3 November 2006Investment Thesis & OutlookWe upgraded Manulife shares on July 24, 2003 (two months before the JHF acquisition) at roughly $20.50 and a quarterly dividend of $0.09. Since that time the shares have provided a total return of 99.2% versus the TSX composite of 78.4% and the TSX/S&P Life & Health index of 89.5%. Given the strong share price performance, we