Preview of Insurance Cos Q4 2006 Earnings

Scotia Capital, 24 January 2007� Canadian Lifecos � Moving To Overweight �� Favourable macro environment. The macro environment continues to look good for our insurers. Currency rates are much more favourable than six months ago and continue to move in a direction that adds to our EPS estimates. Long-term interest rates appear to have stabilized, and with Scotia Economics forecasting both U.S. 10