Manulife Q2 2009 Earnings

Scotia Capital, 7 August 2009Event� MFC reported $1.09 EPS, versus our $0.45 estimate and consensus of $0.70. Dividend was cut 50% as part of MFC's plan to build "fortress" capital levels.Implications� 50% dividend cut was very disappointing - it's now up to MFC to prove it can service this capital better and that a reduced dividend is a better long-term value proposition. At least the dividend