Sun Life Q1 2007 Earnings

BMO Capital Markets, 2 May 2007Investment Thesis & OutlookSince upgrading SLF to Outperform in June 2005, the shares have provided a respectable total annualized return of 14%. We are downgrading the shares to Market Perform due to their recent relative share price outperformance and expectations that ROE improvements in the U.S. could take longer than expected.When we upgraded the shares 20