The Financial Post reports in its Wednesday, Jan. 21, edition that Canada's life insurers have not had a good start to the year. The Post's David Pett writes in the Trading Desk column that the group's upcoming earnings season, which begins Feb. 11, may add to the misfortune if weak equity and bond markets last quarter bite into profits more than expected. RBC Capital Markets analyst Darko Mihelic says: "We have reduced our reported EPS estimates for most lifecos due to market movements in the quarter. ... But we have left our 'core' estimates unchanged." He says macro factors were negative for Canadian lifecos, noting drops in both the S&P/TSX composite and MSCI EAFE indexes during the quarter, and declines in government interest rates in Canada, the United States and Japan. His reported earnings-per-share estimate for Industrial Alliance Insurance and Financial Services falls to 95 cents from 99 cents, while his reported earnings estimates for Manulife Financial and Sun Life Financial drop to 18 cents and $1.04 per share, from 26 cents and $1.19. For Great-West Lifeco, Mr. Mihelic's reported estimate is unchanged at 69 cents per share.