Manulife Q1 2007 Earnings

Scotia Capital, 4 May 2007Event� Manulife reported Q1/07 EPS of $0.67, in-line with our estimate and $0.01 below consensus. We peg underlying EPS in the $0.65 range. EPS growth was 13%.What It Means� Once again, exceptional growth in the U.S. Fixed Products segment continues to drive growth - as this returns to average levels suggested by management, we see EPS growth decelerating to the 12%