TORONTO, May 2, 2024
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported first quarter 2024 net income of
$145 million.
First Quarter 2024 Financial
Results
Net income of $145 million was
$44 million higher than the same
quarter in the prior year, primarily due to higher net insurance
service result and 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
June 28th, 2024, to holders of record at the close
of business on June 14th, 2024.
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 Management's Discussion & Analysis as
posted on SEDAR+ and available at www.sedarplus.com.
This Press Release, as well as the Company's first quarter 2024
condensed consolidated Financial Statements and Management's
Discussion & Analysis 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 March 31st, 2024, the Company
had $6.7 billion total assets
and $2.9 billion shareholders'
equity. Find out more at www.sagen.ca.
Contact Information:
Investors – Amit
Chalam, 647-248-2071 amit.chalam@sagen.ca
Media – Susan Carter,
905-287-5520 susan.carter@sagen.ca
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Sagen MI Canada and
Sagen are trademarks owned by Sagen MI Canada Inc.
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SOURCE Sagen Mortgage Insurance Company Canada