TORONTO, Feb. 2, 2023
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported fourth quarter 2022 net income of $146 million.
Fourth Quarter 2022 Financial
Results
Net income of $146 million was
$15 million lower than the same
quarter in the prior year, primarily due to higher losses on
claims, lower investment income and higher expenses, which were
partially offset by higher premiums earned and lower interest
expense on the Company's 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 March 31st, 2023, to holders of record
at the close of business on March
15th, 2023.
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 fourth quarter 2022
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 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 December
31st, 2022, the Company had $6.9 billion total assets and $2.6 billion shareholders' equity. Find out more
at www.sagen.ca.
Contact Information:
Investors – Philip Mayers,
905-287-5393 philip.mayers@sagen.ca
Media – Susan Carter,
905-287-5520 susan.carter@sagen.ca
______________________
|
Sagen MI Canada and
Sagen are trademarks owned by Sagen MI Canada Inc.
|
SOURCE Sagen MI Canada Inc.