Sun Life Q2 2009 Earnings

Scotia Capital, 7 August 2009Event� EPS was $1.05, beating our $0.95 estimate and consensus of $0.89.Implications� Credit hits continue to hurt EPS. SLF's track record in this regard has been extremely poor, in our opinion. Total credit hits in Q2/09 were $0.78 EPS, well above our $0.39 estimate.� A very noisy Q2/09; we'd peg underlying EPS in line with our $0.72 estimate and underlying ROE at