TORONTO, Jan. 15, 2020 /CNW/ - The Board of Directors of Genworth MI Canada Inc. (the "Company") (TSX: MIC) today announced that it has declared a special dividend of $2.32 per common share, for an aggregate amount of approximately $200 million. This special dividend is to be paid on February 11, 2020, to shareholders of record at the close of business on January 28, 2020.
"As we work towards achieving our target leverage ratio of 15 per cent, we are pleased to return additional capital to shareholders, which will be funded from increased debt and liquid securities at Genworth MI Canada Inc." said Stuart Levings, President and CEO.
Genworth MI Canada Inc. 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.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at September 30th, 2019, the Company had $7.1 billion total assets and $4.0 billion shareholders' equity. Find out more at www.genworth.ca.
SOURCE Genworth MI Canada