TORONTO, Feb. 1, 2024 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX:MIC-PR-A.TO) today reported fourth quarter 2023 net income of $151 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 to the Company's financial statements retrospectively and comparative information was restated. IFRS 17 has had a material impact on the Company's consolidated financial statements in 2023. Despite this impact, the Company's business model and related risks are not affected by these changes in accounting policies.
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