Mortgage insurer Sagen MI Canada has published its financial results for the third quarter of 2024, during which the firm saw a slight dip in the net income attributable to its owners.
According to the company’s interim financial statements seen by Insurance Business, here’s how Sagen MI Canada performed in the period:
|
Metric |
Q3 2024 |
Q3 2023 |
|---|---|---|
|
Insurance revenue |
$221.3 million |
$215.6 million |
|
Insurance service result |
$182.6 million |
$181 million |
|
Total investment income |
$65.6 million |
$63.5 million |
|
Income before income taxes |
$197.1 million |
$198.2 million |
|
Net income for the period attributable to owners of the company |
$146.6 million |
$148 million |
Separately, in a release, Sagen MI Canada reported: “Net income of $147 million was $1 million lower than the same quarter in the prior year, primarily due to lower net insurance service result, which was partially offset by higher investment income.”
Read more: Sagen MI Canada announces robust Q2 results
Sagen MI Canada’s board declared a dividend of $0.3375 per Class A preferred share, Series 1, payable at the end of the year.
The firm noted: “Sagen MI Canada Inc. designates any and all dividends paid or deemed for Canadian federal, provincial, or territorial income tax purposes to be paid as ‘eligible dividends’, unless indicated otherwise in respect of dividends paid subsequent to this notification, and hereby notifies all recipients of such dividends of this designation.”
As of September 30, Sagen MI Canada had $6.8 billion in total assets and $3 billion in shareholders’ equity.
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