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Trisura Group (TSU) investor relations material
Trisura Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 delivered strong results, with operating ROE reaching 18.0% and a combined ratio of 86.0%, reflecting disciplined underwriting and profitable growth across primary lines.
Book value per share rose to CAD 18.90, up 20.8% year-over-year, with book value at a record $904 million, driven by profitability and robust investment returns.
Surety, warranty, and corporate insurance lines led growth, with surety net insurance revenue up 25% year-over-year and warranty written premium up 38%.
U.S. platform expansion continues, with new licensing and program launches supporting scale and credibility.
Net income was $38.6 million and operating net income was $34.4 million, both up year-over-year.
Financial highlights
Operating EPS was CAD 0.71, up 4.4% year-over-year; diluted EPS was $0.79, up 6.8%.
Gross premiums written were CAD 853.7 million, up 11.2% year-over-year; net insurance revenue was CAD 197.3 million, up 6.4%.
Net investment income hit CAD 20.1 million, up 23.8% year-over-year, with assets reaching CAD 1.8 billion.
Operating net income for the quarter was CAD 34.4 million, exceeding the prior year.
Underwriting income was $27.6 million, slightly lower due to a higher combined ratio.
Outlook and guidance
Expectation for continued growth in surety in Q4, with mid-teens top-line growth anticipated.
Warranty growth expected to normalize to mid-teens levels after a period of high growth.
U.S. programs forecasted to grow in Q4, but at a lower rate than Q3, with further expansion opportunities in 2026.
Investment income contribution seen as durable and supportive of book value growth into 2026 and beyond.
Management expects to maintain sufficient capital above regulatory and internal targets, supporting ongoing operations and growth.
Outlook for Trisura Specialty combined ratio
US Surety capitalization impact on future ROE
Drivers of Q3 expense ratio increase
US Corp Insurance investment return timeline
Reinsurance capacity impact on US Programs growth
Future adjustments to investment portfolio risk
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Next Trisura Group earnings date
Q4 202513 Feb, 2026
Next Trisura Group earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Trisura Group Ltd., a specialty insurance company, provides financial protection insurance products and services worldwide. The company offers surety bonds, search and recovery bonds, maritime bonds, employment bonds, performance bonds, credit enhancement and other commercial lines of business to customers in various industries. It also provides bilingual translation and translation management services; translation of technical manuals for the aerospace industry; provision of bilingual editorial services; and language-to-language interpretation services. The company operates through two segments, Trisura Surety Bonds and Trisura Risk Solutions. Trisura Group was formerly known as Trisura Insurance Company Limited and changed its name to Trisura Group Ltd. in February 2006.
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