TORONTO, May 4, 2023
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported first quarter 2023 net income of $101 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 first quarter 2023
unaudited condensed consolidated interim financial statements and
Management's Discussion and Analysis ("MD&A").
First Quarter 2023 Financial Results
Net income of $101 million was
$4 million lower than the same
quarter in the prior year, primarily due to lower 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 June 30th, 2023, to holders of record
at the close of business on June
15th, 2023.
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 first 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
Companyprovides 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,
2023, the Company had $6.7 billion
total assets and $2.8 billion
shareholders' equity. Find out more at www.sagen.ca.
Investors – Philip Mayers,
905-287-5393 philip.mayers@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 MI Canada Inc.