EPS of $2.7 missed expectations of $2.86 and revenue of $5.8B beat expectations of $5.56B. Direct premiums written increased by 4% year-over-year, while its combined ratio increased by 1.3 points (decreasing gross profits). Net profits and ROE increased for the quarter, led by strong operating performance, and against a weaker base as last years performance was impacted by an impairment charge. The company expects a hard insurance market to continue into next year, and overall this has been the first earnings miss since late 2019 for the company. It continues to be an incredibly robust insurance company in Canada, and adds solid shareholder value, with a debt payback yield of 3.7%, dividend yield of 2.0%, and buyback yield of 0.4%. While the results were somewhat disappointing, IFC continues to be an industry leader. (5iResearch)