The Financial Post reports in its Wednesday, April 20, edition that the stocks of Canada's life insurers have not been performing well this year, but the pullbacks make prices look compelling, says RBC Capital Markets. The Post's John Shmuel writes in the Trading Desk column that the four lifecos under coverage by RBC are down 6 per cent year-to-date in Toronto, with Manulife Financial ($18.61) being the biggest laggard, down 12 per cent. Prices have been hurt by investor fears about the Canadian economy and the impact low oil prices will have on insurer portfolios. RBC analyst Darko Mihelic says, "We continue to believe that concerns over rates, equity markets, Asian slowdown and oil prices, amongst other concerns, are more than reflected in current lifeco valuations." Mr. Mihelic forecasts that lifecos will see about 7 per cent in year-over-year earnings growth, a very healthy metric. Healthy earnings come alongside historically cheap price-to-book ratios, with Manulife seeing a ratio of 0.9, compared with its historical level of 1.5. Great-West Lifeco and Industrial Alliance are also trading below their historical price-to-book. Sun Life Financial, at 1.4, is slightly higher than its past 1.3 range.