Trisura Group Reports Second Quarter 2025 Results: 21% Growth in BVPS and Significant Progress in Surety Expansion
TORONTO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Trisura Group Ltd. ("Trisura" or "Trisura Group") (TSX:TSU), a leading specialty insurance provider, today announced financial results for the second quarter of 2025.
David Clare, President and CEO of Trisura, stated,
"In Q2, we achieved a strong Operating ROE of 17.8% with Operating net income of $33.3 million or $0.69 per share. We continued to benefit from our Specialty focus, disciplined underwriting and growing investment income. Profitable underwriting resulted in a quarterly Combined ratio of 85.6%. We observed the most significant growth in Primary Lines, with a 35.1% increase across segments which carry a significantly higher underwriting margin profile and contribute most meaningfully to profitability.
We continue to make progress in our Surety platform, with 60.7% growth in quarterly premiums as we gain momentum in the US and expanded our Canadian presence. In the quarter, we further capitalized our US Surety balance sheet, enhancing its capacity to underwrite, while maintaining a conservative 13.8% Debt-to-capital ratio, demonstrating a strong posture to continue pursuing accretive growth.
Consistent growth in book value, reaching a new record $843 million at Q2, has been achieved through strong underwriting and investment returns." Highlights
Operating ROE(1) of 17.8% was strong, reflecting profitability from core operations (ROE(1) of 15.6% in the quarter).
BVPS(2) of $17.63 increased 21.1% over Q2 2024 demonstrating consistent expansion in book value, with EPS of $0.76 in the quarter and a strong financial position.
Operating net income(3) was $33.3 million in the quarter, which increased over the prior year as a result of growth in Underwriting income(3) and Net investment income. Net income of $37.1 million was greater than Operating net income primarily as a result of higher Net gains on the investment portfolio.
Operating EPS(1) of $0.69 in the quarter increased by 6.2% demonstrating the strength of core operations(4) through continued growth and profitability.
Combined ratio(1) for the quarter was 85.6%, reflecting a strong underwriting performance across the portfolio.
GPW(2) growth of 8.9% in Q2 2025, excluding Exited lines from 2025 and 2024. This was led by growth of 35.1% in our Primary lines(5), which carry a significantly higher underwriting margin profile and contribute most meaningfully to profitability.
Net insurance revenue(3) growth of 18.1% in Q2 2025 was led by momentum in Primary lines, as well as growth in US Programs.
Q2 2025
Q2 2024
Variance
YTD 2025
YTD 2024
Variance
GPW
900,376
956,117
(5.8
%)
1,612,047
1,679,247
(4.0
%)
Net insurance revenue
195,785
165,831
18.1
%
368,495
318,885
15.6
%
Underwriting income
28,183
25,410
10.9
%
58,039
54,769
6.0
%
Net investment income
18,864
16,902
11.6
%
37,061
33,655
10.1
%
Operating net income
33,258
31,253
6.4
%
67,428
64,442
4.6
%
Net income
37,129
27,141
36.8
%
66,119
63,574
4.0
%
Loss ratio(1)
33.2
%
33.4
%
(0.2
pts)
32.4
%
32.5
%
(0.1
pts)
Expense ratio(1)
52.4
%
51.3
%
1.1
pts
51.9
%
50.3
%
1.6
pts
Combined ratio
85.6
%
84.7
%
0.9
pts
84.3
%
82.8
%
1.5
pts
OEPS - diluted - in dollars
0.69
0.65
6.2
%
1.39
1.33
4.5
%
EPS - diluted - in dollars
0.76
0.56
35.7
%
1.36
1.31
3.8
%
BVPS - in dollars
17.63
14.56
21.1
%
17.63
14.56
21.1
%
Debt-to-capital ratio(2)
13.8
%
12.4
%
1.4
pts
13.8
%
12.4
%
1.4
pts
Operating ROE
17.8
%
19.6
%
(1.8
pts)
17.8
%
19.6
%
(1.8
pts)
ROE
15.6
%
14.4
%
1.2
pts
15.6
%
14.4
%
1.2
pts
Consolidated Performance
Net insurance revenue of $195.8 million, increased by 18.1% compared to Q2 2024, reflecting growth in the business, and in particular, growth in our Primary Lines.
Underwriting income of $28.2 million, increased by 10.9% compared to Q2 2024 due to growth in the business, partially offset by a slightly higher Combined ratio.
The consolidated Combined ratio of 85.6% was higher for the quarter compared to prior year as a result of a higher Expense ratio.
Net investment income rose 11.6% in the quarter compared to Q2 2024 as the investment portfolio continues to grow.
Net Income and Operating Net Income
Operating net income of $33.3 million, increased 6.4% compared to Q2 2024 as a result of growth in insurance operations and growth in Net investment income.
Net income of $37.1 million, increased by 36.8% compared to Q2 2024, as a result of Net gains on the investment portfolio, along with growth in Underwriting income and Net investment income.
Operating ROE of 17.8% (ROE 15.6%) was slightly lower than Q2 2024, as strong profitability from core operations continued, but was partially offset by disproportionately higher Shareholders' equity as a result of unrealized gains on the investment portfolio.
Capital
The Company and its regulated specialty insurance subsidiaries are ...
