TORONTO, Aug. 4, 2022
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported second quarter 2022 net income of $169 million.
Second Quarter 2022 Financial
Results
Net income of $169 million was
$17 million higher than the same
quarter in the prior year, primarily due to higher premiums earned,
lower expenses, higher investment income and a gain on repurchase
of the long-term debt partially offset by a lower net recovery on
claims.
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, 2022, to holders of
record at the close of business on September
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 second 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 June
30th, 2022, the Company had $6.7 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.
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SOURCE Sagen MI Canada Inc.