Two-part question... What is your take on the news today of Propel launching an insurance product? Do you have any further details on this, and do you feel it will be a lucrative addition to the business with growth potential? Also, EQB today had news of a 300 million deposit note...is this a significant event for the company?
Thanks,
Shane.
PRL is laucnhing a payment protection plan for its Canadian business, Fora, which will be available in eight provinces across Canada. This insurance product gives customers protection against unexpected financial issues, and may cover payments in the events of job loss, loss of life or critical illness. This offers a new revenue stream in Canada and we feel this additional service really helps to begin rounding out its product offerings. With PRL launching this product in Canada, we can envision the company beginning to expand into other regions as well in the future, and overall this demonstrates PRL's ability to innovate and grow.
The EQB $300M deposit note news was fairly significant, as it was the first time the bank has returned to this funding market since 2022. The deposit note has a fixed rate of 5.16%, and was oversubscribed by 4.2X.