Sagen MI Canada Inc. reported net income of $119 million for the third quarter of 2025, a decrease of $27 million from the same period last year, according to results released Thursday.
The residential mortgage insurer attributed the decline primarily to lower insurance revenue and reduced investment income during the quarter. Net income for the nine months ended Sept. 30, 2025, totalled $361.2 million, down from $442.5 million in the same period of 2024.
Insurance revenue for the third quarter reached $207.6 million, down from $221.3 million in the third quarter of 2024. For the nine-month period, insurance revenue declined to $576.9 million from $612.3 million year over year.
The company’s insurance service result, which measures underwriting performance, was $165.4 million in the third quarter, compared with $182.6 million in the prior-year quarter. Year to date, the insurance service result totalled $472.8 million, down from $504.8 million in 2024.
Total investment income decreased to $47.3 million in the quarter from $62.8 million a year earlier. Net investment income for the nine-month period was $152.9 million, compared with $214.8 million in 2024. The company noted net losses on derivatives and foreign exchange of $31.2 million for the nine months ended Sept. 30, 2025.
Total assets stood at $6.96 billion as of Sept. 30, 2025, up from $6.77 billion at the end of 2024. Shareholders’ equity was $2.85 billion, compared with $2.88 billion at year-end 2024.
The company declared a dividend of $0.3375 per Class A preferred share, Series 1, payable Dec. 31 to shareholders of record as of Dec. 15. During the nine-month period, the company paid total dividends of $444 million on common shares and $4.1 million on preferred shares.
The company’s Class A Preferred Shares, Series 1, trade on the Toronto Stock Exchange under the symbol MIC.PR.A.
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