Sun Life Q4 2008 Earnings

Scotia Capital, 13 February 2009� $1.25 EPS loss (ex the $1.48 EPS gain from sale of CI), well below our $0.14 loss estimate and consensus of a $0.10 gain.What It Means� 2/3 of miss was due to much higher credit hits than anticipated (total credit hits were $0.95 EPS) and 1/3 of miss wasdue to higher equity market hits than anticipated (total of $1.22 in EPS).� Credit woes continue - company