The company's IFRS 17 and IRRS 9 adoption impacted its results over the past year
Sagen MI Canada Inc. has reported second quarter 2023 net income of $112 million.
This result was $21 million lower on an annual basis, mainly as a result of lower net insurance service output. Sagen said that this was partially offset by higher investment income.
The company noted that its latest results were impacted by its adoption of IFRS 17: Insurance contracts and IFRS 9: Financial instruments effective January 1 this year.
“IFRS 17 and IFRS 9 were applied retrospectively and comparative information was restated,” Sagen said. “While the company’s business model and related risks are not affected by these changes in accounting policies, the transition to IFRS 17 will have a material impact on the company’s reported financial results.”
Congratulations to Sagen’s own Debbie McPherson, SVP, Sales and Marketing, for being recognized on @CMPmagazine's 2022 Mortgage Global 100 list! We’re so proud of her achievements and the impactful work she has done within the mortgage industry. https://t.co/wZ97xTO0PC. pic.twitter.com/iu3ixucQoy
— Sagen (@Sagen) November 30, 2022
The company also reported that its board of directors had declared a dividend of $0.3375 per Class A preferred share, Series 1. This will be payable on September 30, 2023, to holders of record at the close of business on September 15, 2023.
“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,” it said.
