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 OAKVILLE ON L6H 5R7 |
| Tel: | 1-647-2482071 |
| Website: | https://www.sagen.ca |
| IR: | See website |
| Key People | ||
| Stuart Levings President, Chief Executive Officer, Director | Philip Mayers Chief Financial Officer, Senior Vice President | 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 fiscal year ended 31 December 2023, Sagen MI Canada Inc revenues increased 22% to C$891.5M. Net income increased 22% to C$511.7M. Revenues reflect Premiums earned increase of 11% to C$730.2M, Interest increase of 39% to C$235.3M, Dividends increase of 3% to C$27.5M. Net income also reflects Provision for Loan Losses decrease of 79% to C$1.2M (expense), Interest expense decrease of 2% to C$37.8M (expense). |
| Employees: | 250 as of Dec 31, 2022 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $649.35M as of Dec 31, 2023 |
| Annual revenue (TTM): | $891.47M as of Dec 31, 2023 |
| EBITDA (TTM): | $728.99M as of Dec 31, 2023 |
| Net annual income (TTM): | $511.74M as of Dec 31, 2023 |
| Free cash flow (TTM): | $221.48M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $475.86M as of Dec 31, 2023 |
| Shares outstanding: | 5,015,628 as of Dec 31, 2023 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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