RBC CM Initiates Coverage of Manulife at Top Pick

RBC Capital Markets, 30 April 2007EventWe are initiating coverage of Manulife with a Top Pick, Average Risk rating on its shares.Investment Opinion� We believe that Manulife deserves the premium valuation it trades at compared to Canadian financial services companies and life insurers worldwide, based on the company's sales and earnings growth track record, excess capital holdings, growth