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.
Second Quarter 2022 Financial Results
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.
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…