Preview of Life Insurance Cos Q4 2007 Earnings

RBC Capital Markets, 4 February 2008Macro environment poor for lifecos in Q4/07� We expect currency translation to negatively impact the big 3 lifecos' YoY earnings growth by 7% on average with Manulife being the most impacted (8%). The Canadian dollar strengthened against the US Dollar (16%), the Japanese Yen (12%), and the British Pound. Industrial Alliance is not impacted by currency movements