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.
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.
Investors – Philip Mayers, 905-287-5393 email@example.com
Media – Susan Carter, 905-287-5520 firstname.lastname@example.org
Sagen MI Canada and Sagen are trademarks owned by Sagen MI Canada Inc.
SOURCE Sagen MI Canada Inc.
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