Asked what has changed since the financial crisis era and the prolonged period of low long-term interest rates, Ricard pointed to multiple factors. He said the industry has become more disciplined, has experienced consolidation, and has shifted away from products that were more capital-intensive in prior cycles.He said that if the company focused solely on share repurchases, it would be “easy” to push ROE even higher, but that iA’s longer-term aim is to remain a growth organization. Ricard added that acquis ...