TORONTO, Nov. 4, 2021 /CNW/ - Sagen MI Canada Inc.
(the "Company") (TSX: MIC.PR.A) today reported third quarter
2021 net income of $174 million and
net operating income of $176
million.
Third Quarter 2021 Financial Results
Net income of $174 million and net
operating income of $176
million were $50 million and
$57 million higher respectively than
the same quarter in the prior year, primarily due to lower losses
on claims and higher premiums earned, partially offset by higher
expenses, higher interest expense and lower 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 December 31st, 2021, to holders of
record at the close of business on December
15th, 2021.
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 2021
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 Financial 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 September
30th, 2021, the Company had $8.0 billion total assets and $3.5 billion shareholders' equity. Find out more
at www.sagen.ca.
Contact
Information:
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.