TORONTO, May 5, 2022
/CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A)
today reported first quarter 2022 net income of $155 million.
First Quarter 2022 Financial
Results
Net income of $155 million was
$22 million higher than the same
quarter in the prior year, primarily due to higher premiums earned,
higher investment income and lower losses on claims partially
offset by higher expenses and higher 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 June 30th, 2022, to holders of record
at the close of business on June
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 first 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 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 March
31st, 2022, the Company had $6.8 billion total assets and $2.6 billion shareholders' equity. Find out more
at www.sagen.ca.
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Sagen MI Canada and Sagen are
trademarks owned by Sagen MI Canada Inc.
SOURCE Sagen MI Canada Inc.