Sagen MI Canada Inc. Reports Third Quarter 2022 Results and Declares Preferred Share Dividend

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Sagen MI Canada Inc. Reports Third Quarter 2022 Results and Declares Preferred Share Dividend

Canada NewsWire

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 [email protected]

Media Susan Carter, 905-287-5520 [email protected]

______________________

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

 

 

SOURCE Sagen MI Canada Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/November2022/03/c0427.html

Copyright CNW Group 2022

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).