Ann: HY22 Results Investor Presentation, page-2

The valuation change in prepaid funerals' funds under management is reflective of how worldwide sharemarkets have performed. Far from ideal as it led IVC to record a net loss, but perhaps a temporary situation for a year or two (given Mr Powell's determination on policy in the USA that's caused sharemarkets to retreat).

One broker said IVC's growth in funeral numbers of eight per cent was below the subsector's total rise of 12 per cent, so it's lost market share.

I hold PFP but not IVC, but regard this IVC result as reasonable. On a down day, it wasn't hammered by investors on the ASX.

Excess mortality is apparent, as the company points out, and our population is continuing to age.

The Labor/Greens government's determination to lift annula migrant intake numbers 'above 160,000' is a positive long term for IVC though many in the community will be unimpressed as most migrants gravitate to Sydney and Melbourne, and arguably force up rents and crowding (on the roads and transport, assuming that eventually, more return to offcies, and perhaps for a greater median number of days per week).