Thanks.
EPS of $0.30 missed estimates of $0.394 and revenues of $639.1M beat estimates of $614.7M. The company increased its market share by expanding its distribution relationships and as a result, insurance revenue grew by 58.3%. Its net investment income grew significantly for the quarter, due to rising yields and a growing investment portfolio. Its net income was lower than expected, largely due to losses on the run-off of a US program. Its Canadian segment saw revenue growth of 33.2% and an ROE of 28.4%. Its US segment saw revenue growth of 70.9%, however, it saw a net loss of ($1.7M) due to losses on the runoff of a US program. The company expanded its balance sheet, generated positive free cash flow, and repurchased shares. It has a strong financial position and is seeing good growth across its segments. We feel that once the run-off of its US program is complete, its ROE and net income will greatly improve. We continue to like the name here.