What's your reasoning for investing in IFC now?
The Canada curve 2Y10Y curve is now only at 25bps, while it was at 70bps 1 year ago. IFC is a P&C. The liability book duration of a P&C is ~10yrs and they typically only invest out to 10 yrs to match those liabilities. With a flat curve, both P&C and Life insurance companies are going to have a hard time making money.