Trisura Group (TSU) Q2 2026 earnings summary

Executive summary

• Book value surpassed CAD 1 billion, achieving the 2027 target ahead of schedule, with book value per share up 20.2% year-over-year to CAD 21.19, reflecting disciplined underwriting and capital management.

• Operating net income rose 10.7% year-over-year to CAD 36.8 million, or CAD 0.76 per share, supported by a combined ratio of 84.9% and strong investment returns.

• Net income increased 15.3% year-over-year to CAD 42.8 million, and EPS rose 17.1% to CAD 0.89.

• Focused on scaling primary lines, expanding in the U.S., and maintaining underwriting discipline.

• Celebrated 20th anniversary, highlighting decades of underwriting experience and North American expansion.

Financial highlights

• Net insurance revenue for Q2 2026 was CAD 198.4 million, up 1.4% year-over-year; YTD net insurance revenue grew 6.4%.

• Underwriting income increased 6.6% year-over-year to CAD 30.0 million in Q2 2026.

• Net investment income rose 18.1% year-over-year to CAD 22.3 million in Q2 2026.

• Operating EPS was CAD 0.76, up 10.1% year-over-year; diluted EPS was CAD 0.89, up 17.1%.

• Operating return on equity was 16.7%, above the mid-teens target.

Outlook and guidance

• Expect mid-teens growth in net insurance revenue for primary lines for the full year.

• U.S. platforms anticipated to match or exceed Canadian earnings contributions as they mature.

• Combined ratio in Warranty expected to be slightly higher than historic levels for the remainder of the year.

• Continued investment in technology, talent, and infrastructure to support future growth.

• Management expects to maintain sufficient capital above regulatory and internal targets to fund operations and support growth.