Specialty insurance provider Trisura Group has announced its financial results for the first quarter of 2025, reporting a net income of $29.0 million and strong operating return on equity (ROE) of 18.4% driven by operating net income of $34.2 million.
Trisura noted that Q1 2025 net income was lower than Q1 2024 primarily as a result of higher net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
Positively, the company’s operating net income in Q1 2025 increased over the prior year as a result of growth in the business. The reported return on equity for the quarter stood at 15%.
Gross premiums written experienced a slight decrease of 1.6%, reaching $711.7 million in Q1 2025. This dip was mainly due to the non-renewed programs in US Programs during 2024, offset by growth in our Primary lines.
Notably, Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income.
In its insurance operations, the company reported its net insurance revenue grew 12.8% in Q1 2025, to $172.7 million, compared to Q1 2024, reflecting growth in the business, driven by growth in its Primary Lines.
Underwriting income also increased, to $29.9 million or 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher combined ratio.
The consolidated combined ratio increased 1.9pts, to 82.7%, for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher expense ratio but a lower loss ratio.
Net investment income grew 8.6% during the quarter, it was primarily driven by the expansion of the investment portfolio.
Trisura’s book value per share (BVPS) reached $17.16 , marking a 23.5% increase over Q1 2024, which according to the firm demonstrates consistent expansion in book value.
Operating EPS of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations through continued growth and profitability.
Reported EPS for the quarter was $0.60, a decrease compared to Q1 2024, primarily due to higher net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
David Clare, President and CEO of Trisura, stated: “In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.
“Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.
“Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.”
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