Preview of Life Insurance Cos Q2 2008 Earnings

RBC Capital Markets, 23 July 2008Macro environment negative for lifecos (but not as bad as in Q1/08)� We expect currency translation to negatively impact the big 3 lifecos' YoY earnings growth by 5% on average with Manulife being the most impacted (6%). The Canadian dollar strengthened against the US dollar (9%) and the British Pound (10%). Industrial Alliance is not impacted by currency