TORONTO, Aug. 5, 2021 /CNW/ - Sagen MI Canada Inc.
(the "Company") (TSX: MIC.PR.A) today reported second
quarter 2021 net income of $152
million and net operating income of $156 million.
Second Quarter 2021 Financial Results
Net income of $152 million was
$54 million higher than the same
quarter in the prior year, primarily due to lower losses on claims
and higher premiums earned, partially offset by higher expenses,
higher interest expense on long term debt and lower investment
income.
Net operating income of $156
million was $55 million higher
than the same quarter in the prior year, primarily due to lower
losses on claims and higher premiums earned, partially offset by
higher expenses and higher interest expense on long term debt.
Preferred Dividends
The Company also announced today that its Board of Directors had
declared a dividend of $0.3375 per
Class A preferred share, Series 1, payable on September 30th, 2021, to holders of
record at the close of business on September
15th, 2021.
Detailed Operating Results
For more information on the Company's operating results, please
refer to the Company's Management Discussion and Analysis
("MD&A") as posted on SEDAR and available at www.sedar.com.
This Press Release, as well as the Company's second quarter 2021
consolidated Financial Statements and MD&A are also posted on
the Investor section of the Company's website,
https://www.sagen.ca/about/investor-relations/. Investors are
encouraged to review all of these materials.
About Sagen MI Canada Inc.
Sagen MI Canada Inc., operating through its wholly owned
subsidiary, Sagen Financial Mortgage Insurance Company Canada
(doing business as SagenTM), is the largest private
sector residential mortgage insurer in Canada. The
Company provides mortgage default insurance to Canadian
residential mortgage lenders, making homeownership more accessible
to first-time homebuyers. Sagen differentiates itself through
customer service excellence, innovative processing technology, and
a robust risk management framework. For more than two decades, the
Company has supported the housing market by providing thought
leadership and a focus on the safety and soundness of the mortgage
finance system. As at June
30th, 2021, the Company had $7.7 billion total assets and $3.4 billion shareholders' equity. Find out more
at www.sagen.ca.
Contact Information:
Investors – Aaron
Williams, 905-287-5504 aaron.williams@sagen.ca
Media – Susan Carter,
905-287-5520 susan.carter@sagen.ca
Non-IFRS financial measures reconciled to comparable IFRS
measures for such periods
Definitions of key non-IFRS financial measures and explanations
of why these measures are useful to investors and management can be
found in the Company's "Glossary", in the "Non-IFRS financial
measures" section at the end of the MD&A for the three and six
months ended June 30th,
2021. The MD&A, along with the Company's most recent financial
statements, are available on the Company's website and on SEDAR at
www.sedar.com.
Caution regarding forward-looking information and
statements
Certain statements made in this news release contain
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"). When used in this
news release, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "seek", "propose", "estimate",
"expect", and similar expressions, as they relate to the Company
are intended to identify forward-looking statements. Specific
forward-looking statements in this document include, but are not
limited to, the timing for payment of the dividends on the Class A
preferred shares, Series 1.
Since forward-looking statements relate to future events and
conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. The Company cautions
that although it is believed that the assumptions are reasonable in
the circumstances, these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward-looking statements. The Company
does not undertake to update any forward-looking statements, except
to the extent required by applicable securities laws.
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Sagen MI Canada and Sagen are trademarks owned by Sagen MI Canada
Inc.
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SOURCE Sagen MI Canada Inc.