Q: Comment on their results last night?
5i Research Answer:
We have comments posted on EIF.
IFC posted EPS of $3.63 beating estimates of $3.37 and revenues of $5.11B slightly missed estimates of $5.13B. Its operating direct premiums written (DPM) increased 6%, with organic growth of 7%, and its combined ratio of 91.2% improved slightly against last year. Net operating income per share rose 19%, largely due to premium growth and strong investment results. Its operating ROE increased to 14.7% from higher operating earnings, and its book value per share rose to $84.76. Management expects favourable market conditions to continue, driven by inflation and cat losses. This was a strong quarter for IFC, and it continues to move higher, nearing all-time highs.