Trisura Group (TSU) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results, with high ROE of 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, driven by robust earnings and 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.

• Operating net income rose 3.6% year-over-year to CAD 34.4 million, with net income up 6.9% to CAD 38.6 million, driven by higher net investment income and non-operating gains.

Financial highlights

• Operating EPS was CAD 0.71, up 4.4% year-over-year; diluted EPS increased 6.8% to CAD 0.79.

• 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.

• Book value per share increased 15% year-to-date, reaching CAD 18.90 at September 30, 2025.

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.