ScotiaLife Financial Expands Insurance Product Offering, Including Home and Auto

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Opens First Insurance Centre

TORONTO, Aug. 17 2009 – Scotiabank Group today launched an enhanced, comprehensive suite of insurance products and services, with new convenient online capabilities and the Group’s first retail storefront, a ScotiaLife Financial insurance centre. The suite includes a new home and auto insurance program as well as additional life and health products – now with access to online quotes.

“Insurance is a critical component of Scotiabank Group’s strategic priorities. Today’s events represent the culmination of efforts in executing the Group’s strategic initiatives. We continue to see insurance as a growth platform for Scotiabank Group and we will endeavour to further expand the insurance business going forward,” said Robin Hibberd, Executive Vice-President, Personal Lending and Insurance, Scotiabank.

ScotiaLife Financial, the Scotiabank Group’s new Canadian insurance brand, is building on a solid foundation of products, services and expertise that includes life and health, creditor, travel and now home and auto insurance.

The home and auto insurance offering provides comprehensive coverage for vehicles, including motor homes and snowmobiles, as well as residential and vacation homes, condominiums and the personal property of renters. The initial response to the program has been overwhelming.

“Our new home and auto insurance offer is something our customers have been enquiring about for some time now. We are committed to expanding our product suite, acquiring new customers and providing exceptional levels of service while growing our insurance business,” said Mark Cummings, Senior-Vice-President and Head, Insurance Canada, Scotiabank.

ScotiaLife Financial now also offers two new life and health products, exclusively for Scotiabank customers. ScotiaLife Critical Illness Insurance complements customers’ existing disability insurance and extended health care plans, paying a one-time lump-sum benefit following diagnosis of heart attacks, cancer or strokes, with up to $100,000 of coverage. ScotiaLife Health and Dental Insurance is coverage that includes emergency travel protection and optional dental coverage for individuals not covered by an employer plan or looking to supplement existing plans.

Scotiabank Group is also focused on how its customers can access insurance products and services. The ScotiaLife Financial insurance centre represents a new distribution channel and will initially offer Scotia Home and Auto insurance with licensed agents on-site.

“We believe our first insurance centre will provide local access for those individuals who prefer a face-to-face experience. We will examine the opportunities to open more pilot locations in the future,” said Mr. Cummings.

In addition, enhancements to ScotiaLife Financial’s Web site are now available allowing customers to access and experience comprehensive insurance services including new product information supported by robust quotation and application tools at

“We understand that customers are looking for solutions from a trusted source,” said Mr. Cummings. “We appreciate the loyalty of our customers and our goal is to provide them with comprehensive insurance solutions in a convenient and straight-forward manner.”

About Scotiabank

Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With close to 69,000 employees, Scotiabank Group and its affiliates serve approximately 12.8 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $513 billion in assets (as at April 30, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit