Recap of Insurance Cos Q3 2006 Earnings

Scotia Capital, 15 November 2006Life Insurance Companies� Buoyant U.S. equity markets contribute to stronger-than-expected quarter. On average, the 11% YOY EPS growth in Q3/06 was 2% better than our 9% expectation, in part due to strong equity markets in the U.S. and in part due to better-than-expected claims experience. After �misses� in Q1/06 and Q2/06, largely due to the weight of a rapidly