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TORONTO , May 4, 2023 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX:MIC) today reported first quarter 2023 net income of $101 million.
On January 1, 2023, the Company adopted IFRS 17: Insurance contracts ("IFRS 17") and IFRS 9: Financial instruments ("IFRS 9") for the first time. IFRS 17 and IFRS 9 were applied retrospectively and comparative information was restated. While the Company's business model and related risks are not affected by these changes in accounting policies, the transition to IFRS 17 will have a material impact on the Company's reported financial results.
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For more details, refer to the Company's first quarter 2023 unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A").
First Quarter 2023 Financial Results
Net income of $101 million was $4 million lower than the same quarter in the prior year, primarily due to lower insurance service result, partially offset by higher investment income.
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 June 30 th, 2023, to holders of record at the close of business on June 15 th, 2023.
Detailed Operating Results
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For more information on the Company's operating results, please refer to the Company's MD&A as posted on SEDAR and available at www.sedar.com.
This Press Release, as well as the Company's first quarter 2023 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 March 31 st, 2023, the Company had $6.7 billion total assets and $2.8 billion shareholders' equity. Find out more at www.sagen.ca.
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. |
SOURCE Sagen MI Canada Inc.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.