The Globe and Mail reports in its Friday, Oct. 25, edition that National Bank analyst Gabriel Dechaine is downgrading the Canadian life insurance industry, "opting for a 'tactical' downgrade" position ahead of third quarter earnings season, even though he sees potential for further short-term gains. The Globe's David Leeder writes that Mr. Dechaine says in a note: "Lifeco stocks are rewarding investors once again, with the average 'Big-4' up 22 per cent year-to-date, outpacing the S&P/TSX by 600 basis points and the Big-Six banks by 700 basis points. Performance has been led by iA Financial and Manulife Financial, up 30 per cent and 40 per cent year-to-date. ... Market tailwinds set the group up for strong Q3/24 results, considering wealth segments generate over 30 per cent of group earnings. Having said that, we are now facing the dilemma of whether to 'chase' names that we continue to like long term, or to take a more tactical approach." Mr. Dechaine continues to rate Sagicor Financial Company "outperform," with an unchanged $9 share target. Analysts on average target the shares at $8.67. The Globe reported on Aug. 1 that Mr. Dechaine rated Sagicor Financial "outperform." It was then worth $6.