TORONTO, Aug. 3, 2023
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported second quarter 2023 net income of $112 million.
On January 1, 2023, the Company
adopted IFRS 17: Insurance contracts ("IFRS 17") and IFRS 9:
Financial instruments ("IFRS 9") for the first time. IFRS 17
and IFRS 9 were applied retrospectively and comparative information
was restated. While the Company's business model and related
risks are not affected by these changes in accounting policies, the
transition to IFRS 17 will have a material impact on the Company's
reported financial results.
For more details, refer to the Company's second quarter 2023
unaudited condensed consolidated interim financial statements and
Management's Discussion and Analysis ("MD&A").
Second Quarter 2023 Financial
Results
Net income of $112 million was
$21 million lower than in the same
quarter in the prior year, primarily due to lower net insurance
service result, partially offset by higher investment income.
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, 2023, to holders of
record at the close of business on September
15th, 2023.
Sagen MI Canada Inc. designates any and all dividends paid or
deemed for Canadian federal, provincial or territorial income tax
purposes to be paid as "eligible dividends", unless indicated
otherwise in respect of dividends paid subsequent to this
notification, and hereby notifies all recipients of such dividends
of this designation.
Detailed Operating
Results
For more information on the Company's operating results, please
refer to the Company's MD&A as posted on SEDAR and available at
www.sedar.com.
This Press Release, as well as the Company's second quarter 2023
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 June
30th, 2023, the Company had $6.8 billion total assets and $2.8 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.
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SOURCE Sagen MI Canada Inc.