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

TORONTO, Feb. 2, 2023 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A) today reported fourth quarter 2022 net income of $146 million.

Fourth Quarter 2022 Financial Results

Net income of $146 million was $15 million lower than the same quarter in the prior year, primarily due to higher losses on claims, lower investment income and higher expenses, which were partially offset by higher premiums earned 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 March 31^st, 2023, to holders of record at the close of business on March 15^th, 2023.

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 fourth 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 Sagen^TM), 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 December 31^st, 2022, the Company had $6.9 billion total assets and $2.6 billion shareholders' equity. Find out more at www.sagen.ca.

Contact Information:

Investors – Philip Mayers, 905-287-5393 [e-mail]

Media – Susan Carter, 905-287-5520 [e-mail]

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

 

SOURCE Sagen MI Canada Inc.

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