TORONTO, Nov. 2, 2023 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX:MIC-PR-A.TO) today reported third quarter 2023 net income of $148 million.
On January 1, 2023, the Company adopted IFRS 17: Insurance contracts ("IFRS 17") and IFRS 9: Financial instruments ("IFRS 9") for the first time. IFRS 17 and IFRS 9 were applied retrospectively and comparative information was restated. While the Company's business model and related risks are not affected by these changes in accounting policies, the transition to IFRS 17 has had a material impact on the Company's reported financial results.
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