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Sagen MI Canada Inc. (T:MIC)

Business Focus: Property Insurance

Sector:  Financials Industry:  Property & Casualty Insurance
Company Contact
Address: 2060 Winston Park Dr Suite 300
Tel: 1-905-2875504
IR: See website
Key People
Stuart Levings
President, Chief Executive Officer, Director
Edward Orlik
Senior Vice President, Chief Information Officer
Craig Sweeney
Senior Vice President, Chief Risk Officer
Winsor J. Macdonell
Senior Vice President, General Counsel, Secretary
Jim Spitali
Senior Vice President - Sales and Marketing
Mary-Jo Hewat
Senior Vice President - Human Resources
Business Overview
Sagen MI Canada Inc. is a Canada-based company, operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada, doing business as Sagen, which is a residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership accessible to first-time homebuyers. It has built a broad underwriting and distribution platform that provides customer-focused products and support services to Canada's residential mortgage lenders and originators. The Company underwrites mortgage insurance for residential properties in all provinces and territories of Canada and has the market share among private sector mortgage insurers. Its products and services include Homebuyer 95 Program, New to Canada Program, Investment Property Program, Family Plan Program, Second Mortgage Program, Progress Advance Program, Energy Efficient Housing Program and Purchase Plus Improvements Program.
Financial Overview
For the six months ended 30 June 2023, Sagen MI Canada Inc revenues decreased 1% to C$384.3M. Net income decreased 11% to C$213.1M. Revenues reflect Premiums earned decrease of 9% to C$315.9M, Insurance finance expense decrease of 35% to -C$31.3M, General investment expenses decrease of 49% to -C$6.4M. Net income also reflects Other operating expenses increase of 17% to C$18.9M (expense).
Employees: 250 as of Dec 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $815.08M as of Jun 30, 2023
Annual revenue (TTM): $926.58M as of Jun 30, 2023
EBITDA (TTM): $753.48M as of Jun 30, 2023
Net annual income (TTM): $526.03M as of Jun 30, 2023
Free cash flow (TTM): $473.12M as of Jun 30, 2023
Net Debt Last Fiscal Year: $480.62M as of Jun 30, 2023
Shares outstanding: 5,009,590 as of Jun 30, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization