Sagen MI Canada Inc. has reported net income of $163 million for the fourth quarter of 2024, marking a $12 million increase compared to the same period in the previous year.
The rise in net income was primarily attributed to a higher net insurance service result, although this was partially offset by a slight decline in investment income.
Additionally, the company’s board of directors declared a dividend of $0.3375 per Class A preferred share, Series 1. This dividend is scheduled to be paid on March 31, 2025, to shareholders on record as of the close of business on March 14.
Sagen MI Canada also announced that it designates all dividends paid or deemed for Canadian federal, provincial, or territorial income tax purposes as "eligible dividends," unless otherwise specified for dividends paid after this notification. This designation applies to all recipients of such dividends.
In August, the company reported second-quarter net income of $151 million, up $39 million from a year earlier, driven by higher net insurance service results and increased investment income.
Sagen MI Canada is a Canadian private sector residential mortgage insurer offering mortgage default insurance and helping make homeownership accessible to first-time buyers through its subsidiary, Sagen Mortgage Insurance Company Canada.
The company has operated for more than 20 years and is known for its processing technology and risk management framework.
