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