SEDAR Interim Financial Statements

[
  {
    "companyName": "SAGEN MI CANADA INC.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 722183,
      "shortTermInvestments": 23581,
      "accruedInvestmentIncomeAndOtherReceivables": 134986,
      "derivativeFinancialInstruments": 25369,
      "bondsAndDebentures": 5137276,
      "privateCreditLoansAndAlternativeAssets": 267723,
      "preferredShares": 320176,
      "totalInvestedAssetsAccruedInvestmentIncomeAndOtherReceivables": 6631294,
      "incomeTaxesRecoverable": 50369,
      "prepaidAssets": 4763,
      "deferredTaxAsset": 197575,
      "investmentInAssociate": 45171,
      "propertyAndEquipment": 1338,
      "rightOfUseAssets": 4233,
      "intangibleAssets": 16172,
      "goodwill": 11172,
      "totalAssets": 6962087,
      "accountsPayableAndAccruedLiabilities": 176187,
      "incomeTaxesPayable": 2824,
      "insuranceContractLiabilities": 2868465,
      "shareBasedCompensationLiabilities": 35612,
      "derivativeFinancialInstruments": 72326,
      "leaseLiabilities": 5990,
      "debtOutstanding": 922273,
      "accruedNetBenefitLiabilitiesUnderEmployeeBenefitPlans": 32027,
      "totalLiabilities": 4115704,
      "commonShares": 767600,
      "preferredShares": 97907,
      "retainedEarnings": 1930467,
      "accumulatedOtherComprehensiveIncomeLoss": {
        "insuranceFinanceReserve": 2761,
        "fairValueReserve": 46891,
        "otherReserves": 757
      },
      "totalShareholdersEquity": 2846383,
      "cashPerShare": null,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "insuranceRevenue": 576895,
      "insuranceServiceExpenses": {
        "netLossesOnClaims": 25151,
        "insuranceExpenses": 78908,
        "total": 104059
      },
      "insuranceServiceResult": 472836,
      "insuranceFinanceExpense": 79392,
      "otherOperatingExpenses": 31830,
      "investmentIncome": {
        "interest": 176732,
        "dividends": 15494,
        "lossFromAssociate": 668,
        "netRealizedGainsFromSaleOfInvestments": 8970,
        "netFairValueGainsLossesOnFinancialAssetsAtFVTPL": -2604,
        "netLossesOnDerivativesAndForeignExchange": -31235,
        "changeInAllowanceForExpectedCreditLosses": -6466,
        "total": 160223
      },
      "generalInvestmentExpenses": -7291,
      "interestExpense": 29284,
      "incomeBeforeIncomeTaxes": 485262,
      "incomeTaxes": {
        "current": 126524,
        "deferred": -2454,
        "total": 124070
      },
      "netIncome": 361192
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netIncome": 361192,
        "adjustmentsForNonCashItemsInNetIncome": 370746,
        "changesInOperatingAssetsAndLiabilities": 221011,
        "interestReceivedFromBondsAndDebentures": 170403,
        "dividendsReceivedFromPreferredShares": 15494,
        "interestAndFeesPaidOnDebtOutstanding": -31726,
        "incomeTaxesPaid": -180772,
        "shareBasedCompensationAwardsSettledInCash": -4430,
        "netCashGeneratedFromOperatingActivities": 561722
      },
      "financingActivities": {
        "dividendsPaid": -444050,
        "paymentOfLeaseLiabilities": -630,
        "netCashUsedInFinancingActivities": -444680
      },
      "investingActivities": {
        "purchaseOfShortTermInvestments": -71904,
        "proceedsFromSaleOrMaturitiesOfShortTermInvestments": 50114,
        "purchaseOfBondsPrivateCreditLoansAndAlternativeAssets": -1081278,
        "proceedsFromSaleOrMaturitiesOfBondsPrivateCreditLoansAndAlternativeAssets": 1186050,
        "purchaseOfPreferredShares": -1014,
        "proceedsFromSaleOfPreferredShares": 193118,
        "purchaseOfIntangibleAssetsAndPropertyAndEquipment": -4017,
        "netSettlementOfDerivativeFinancialInstruments": -20004,
        "investmentInAssociate": 0,
        "netCashGeneratedFromInvestingActivities": 251065
      },
      "increaseDecreaseInCashAndCashEquivalents": 368107,
      "cashAndCashEquivalentsBeginningOfPeriod": 354076,
      "cashAndCashEquivalentsEndOfPeriod": 722183
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Associate",
        "description": "47.50% equity-accounted interest in India Mortgage Guarantee Corporation Private Limited (IMGC)",
        "ownershipPercentage": 47.5,
        "value": 45171,
        "notes": "Mortgage guarantee company in India"
      },
      {
        "type": "Marketable Securities",
        "description": "Alternative assets - investment in Brookfield Infrastructure Debt Fund III (BID III)",
        "ownershipPercentage": null,
        "value": 82819,
        "notes": "Vehicle for debt investments in high quality infrastructure assets; committed to $75 million USD"
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": null,
      "classesOfShares": ["Class A Common Shares", "Class A Preferred Shares"],
      "warrants": [],
      "options": [
        {
          "number": 11044,
          "exercisePrice": null,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "nineMonthsEndedSeptember302025": {
          "options": 5874,
          "restrictedShareUnits": 2484,
          "performanceShareUnits": 1661,
          "executiveDeferredShareUnits": 456,
          "totalShareBasedCompensation": 10475
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Brookfield subsidiaries and affiliates",
          "description": "Investment management, property valuation, and IT consulting services",
          "amount": 1498,
          "period": "Three months ended September 30, 2025"
        },
        {
          "counterparty": "Falcon Holdings Acquisition Corporation",
          "description": "Cross-currency interest rate swap derivative agreement",
          "amount": -2641,
          "period": "As at September 30, 2025"
        }
      ]
    },
    "subsequentEvents": []
  }
]