LIIC and LOMA to merge

TORONTO, Jan. 14 – The Life Insurance Institute of Canada (LIIC) and LOMA are pleased to announce
that plans are underway to merge the operations and activities of the LIIC with those of LOMA.

“This is a win-win prospect that will benefit the
Canadian life and health insurance industry”, says Cathy Honor, Chairman of the LIIC.
“We have an excellent partnership with LOMA that dates back almost 50 years. We
recognize that our industry is rapidly consolidating, and teaming up with LOMA, who has a
similar mission to that of the LIIC, will reduce expenses, eliminate redundancies and
streamline administration.”

LIIC will continue to operate out of Canada and will become
a Council of LOMA, supported by Executive Director, Debbie Cole-Gauer, who will become an
employee of LOMA. “Having access to LOMA’s resources will open a new door to enhanced
Canadian educational activities. The merger will provide LIIC with new services, and
superior technological capabilities that will improve our ability to communicate and
administer Canadian educational activities.” says Cole-Gauer.

LIIC’s Board of Directors unanimously supports a
recommendation to merge with LOMA and a special meeting of the membership will be held on
March 5, 2002 where member company representatives will have the opportunity to vote on the merger.

“LOMA has a great relationship with both the LIIC and
with our Canadian members, so we are exceptionally pleased with this merger,” says
Tom Donaldson, President of LOMA. “At the same time, LOMA’s resources should lend
both enhanced support and increased efficiencies to activities in Canada. Several Canadian
companies were among LOMA’s founding members in 1924. Furthermore, since 1952 when the
LIIC merged its professional education program into the FLMI program, we have worked
closely as a team. Thus, we have a lot of experience in cooperating with the LIIC. This
will be a seamless process.”

The Life Insurance Institute of Canada (LIIC) is a
non-profit association representing 42 of Canada’s life and health insurance companies, in
business to serve the educational, networking and professional development needs of its
membership and their employees.