Trisura Group Ltd

Latest Results (20.01.2026):

Trisura Group Ltd — Q3 2025: The company reported solid quarterly results with net income of $38.6 million and operating net income of $34.4 million for the third quarter of 2025. Gross premiums written (GPW) rose 11.2% year-over-year to $853.7 million, operating diluted EPS was $0.71 (EPS $0.79), book value per share was $18.90 (up 20.8% YoY), and operating ROE was 18.0%. The combined ratio for Q3 2025 was 86.0%, supported by higher net investment income and positive non-operating investment results.

Key financials (Q3 2025)

GPW $853.7M (+11.2% YoY); Net insurance revenue $197.3M (+6.4% YoY); Underwriting income $27.6M (-4.7% YoY); Operating EBT $45.5M (+4.1% YoY); Net investment income $20.1M (+23.8% YoY); Net gains (losses) on investments ~ $7.8M (pre-tax items reported in MD&A).

Underwriting performance

Combined ratio 86.0% (up 1.6 pts YoY) comprised of a loss ratio of 34.3% and expense ratio of 51.7%. Underwriting income was slightly lower quarter-over-quarter but remained profitable; consolidated underwriting trends were affected by a shift in business mix toward specialty lines and higher corporate-level expenses.

Trisura Specialty (Q3 2025)

Specialty GPW $275.6M; Underwriting income / Operating EBT $19.5M. Primary lines (Surety, Corporate Insurance, Warranty) drove net insurance revenue growth. Surety and Warranty showed notable growth and contributed materially to Specialty results, while Canadian fronting volumes softened versus prior year.

Trisura US Programs (Q3 2025)

US Programs GPW $578.2M (+18.1% YoY); Operating EBT $8.1M. Fee income was $22.3M for the quarter; retention rate ~10.0%. Results were impacted by the strategic non-renewal/run-off of certain programs (“Exited lines”), which reduced reported revenue and fee income but left ongoing programs showing underlying growth.

Investment and non-operating items

Net investment income increased to $20.1M in Q3 2025 (driven by interest and dividend income). Net gains/losses and other non-operating items produced positive non-operating results (net of tax), with Q3 non-operating results reported at $4.1M (includes realized/unrealized investment movements, FX and derivative impacts). Movement in the yield curve and some derivative-related volatility were noted.

Capital, returns and balance sheet

Book value per share $18.90 (+20.8% YoY). Operating ROE 18.0% (ROE 15.1%). Debt-to-capital ratio 13.0% (up from 11.6% YoY) after additional borrowings to further capitalize the US Surety balance sheet; still below the stated long-term target of 20%.

Other notable items

Exited lines generated a small Q3 net loss (~$0.375M) and remain presented separately as non‑operating/run‑off business. Management continues to refine segment and non‑IFRS reporting measures (effective Q1/Q3 2025) to align with how the business is managed and measured.