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

TORONTO, Aug. 4, 2022 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC.PR.A) today reported second quarter 2022 net income of $169 million.

Net income of $169 million was $17 million higher than the same quarter in the prior year, primarily due to higher premiums earned, lower expenses, higher investment income and a gain on repurchase of the long-term debt partially offset by a lower net recovery on claims.

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 September 30^th, 2022, to holders of record at the close of business on September 15^th, 2022.

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 second 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. 

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 June 30^th, 2022, the Company had $6.7 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]

SOURCE Sagen MI Canada Inc.