Mr. Amit Chalam reports

SAGEN MI CANADA INC. REPORTS FIRST QUARTER 2024 RESULTS AND DECLARES PREFERRED SHARE DIVIDEND

Sagen MI Canada Inc. had a first quarter 2024 net income of $145-million.

First quarter 2024 financial results

Net income of $145-million was $44-million higher than the same quarter in the prior year, primarily due to higher net insurance service result and higher investment income.

Preferred dividends

The company's board of directors had declared a dividend of 33.75 cents per Class A preferred share, Series 1, payable on June 28, 2024, to holders of record at the close of business on June 14, 2024.

Sagen MI Canada 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.

Detailed operating results

For more information on the company's operating results, please refer to the company's management's discussion and analysis as posted on SEDAR+.

This news release, as well as the company's first quarter 2024 condensed consolidated financial statements and management's discussion and analysis, are also posted on the investor section of the company's website. Investors are encouraged to review all of these materials.

About Sagen MI Canada Inc.

Sagen MI Canada, operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada (doing business as Sagen), is the largest private sector residential mortgage insurer in Canada. The company provides mortgage default insurance to Canadian residential mortgage lenders, making home ownership more accessible to first-time homebuyers. Sagen differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, the company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31, 2024, the company had $6.7-billion in total assets and $2.9-billion in shareholders' equity.