Q: Thoughts on the quarter please. After the conference call....thanks....Steve
5i Research Answer:
We have a few answers posted on PRL. Overall, it wasn't the best quarter from PRL but they are being conservative and thinking longer-term which is what you probably want to see in this type of business. The conference call highlighted an uptick in delinquencies in the US which caused PRL to get a bit more conservative on their underwriting. This appears to be due to factors such as student loan repayments restarting, government shutdown and potentially just a bit higher inflation eating into consumer income. Management sounds like they are simply being more proactive, which is a good thing, and once when they have a better handle on the economic backdrop, they will look to increase volumes again.