No:
For example if you take 12 000 damage hit from a fire ball when dueling another sorceress with maxed telekinesis, resistances and 95% (max) energy shield:
Damage to life = 12 000*0,17*(1-0,75)*(1-0)*(1-0,95) = 25,5 life lost
then the Damage goes to Mana kicks in, gaining you 11.475 mana..hurray!!