Insurer announces Q1 results amid turbulent market
Private-sector residential mortgage insurer Sagen MI Canada has reported first-quarter 2026 net income of $118 million, down $13 million from the same period a year earlier.
The Toronto-based company, which operates through wholly owned subsidiary Sagen Mortgage Insurance Company Canada, released its results on April 30. It said the year-over-year decline in profit was driven mainly by a lower insurance service result and higher insurance finance expense, partly offset by higher investment income.
Sagen provides mortgage default insurance to a range of Canadian residential mortgage lenders, helping support access to homeownership for first-time buyers.
As of March 31, 2026, Sagen reported total assets of $6.9 billion and shareholders’ equity of $2.8 billion.
Alongside the earnings release, the board declared a cash dividend of $0.3375 per Class A preferred share, Series 1. The dividend is payable on June 30, 2026, to shareholders of record at the close of business on June 15, 2026. The company said it designates all dividends it pays, unless otherwise indicated, as eligible dividends for Canadian federal, provincial and territorial income tax purposes.
Sagen also highlighted a governance change affecting its preferred shareholders. Effective March 27, 2026, following amendments to the federal Insurance Companies Act, holders of the Class A Preferred Shares, Series 1, are no longer entitled to notice of or to vote at shareholder meetings, although their dividend and redemption rights are unchanged.
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