Preview of Insurance Cos Q2 2009 Earnings

Scotia Capital, 20 July 2009Canadian Lifecos � A Noisy Quarter Expected � Focus Remains on Credit � Capital Positions Very Strong� Lots of moving parts this quarter. A sharp increase in equity markets quarter over quarter (QOQ) combined with continued uncertainty in credit conditions could lead to a noisy Q2/09 for the lifecos. Manulife has suggested that all of the gains from the rebound in