TORONTO, Nov. 3, 2022 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A) today reported third quarter 2022 net income of $167 million.

Third Quarter 2022 Financial Results

Net income of $167 million was $7 million lower than the same quarter in the prior year, primarily due to higher losses on claims, which was partially offset by higher premiums earned, higher investment income 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 December 30th, 2022, to holders of record at the close of business on December 15th, 2022.

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 third 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 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 September 30th, 2022, the Company had $6.9 billion total assets and $2.4 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

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Sagen MI Canada and Sagen are trademarks owned by Sagen MI Canada Inc.

 

 

SOURCE Sagen MI Canada Inc.

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