Mount Logan Capital Inc. Announces First Quarter 2023 Financial Results
TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) announced today its financial results for the quarter ended March 31, 2023. All amounts are stated in United States dollars, unless otherwise indicated. The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts (“IFRS 17”) which became effective January 1, 2023. IFRS 17 is effective for years beginning as of January 1, 2023, and has been applied retrospectively with a transition date of January 1, 2022. IFRS 17 does not impact the underlying economics of the business, nor does it impact the Company’s business strategies.
- Increases MYGA Volumes Quarter-over-Quarter, Increases Insurance Net Investment Income Year-over-Year, Successfully Transitions to IFRS 17
Declares Quarterly Distribution of C$0.02 Per Common Share in the Second Quarter of 2023, Marking the Fifteenth Consecutive Quarter of a Shareholder Distribution
TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) announced today its financial results for the quarter ended March 31, 2023. - The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts (“IFRS 17”) which became effective January 1, 2023.
- Concurrent with the Amendment, a wholly owned subsidiary of Mount Logan upsized its existing credit facility by $4.5 million.
- Total Capital as at March 31, 2023, our total capital was $78.0 million, an decrease of $30.0 million from December 31, 2022.