Trisura Group (TSU) Q4 2025 earnings summary

Executive summary

• Achieved 18% book value per share growth and 85% combined ratio in 2025, driven by North American expansion, shift toward primary lines, and disciplined underwriting.

• Surety premiums grew 36% year-over-year, with significant U.S. and Canadian expansion; Warranty and Corporate Insurance also posted double-digit growth.

• U.S. Programs grew 17% in the quarter, supported by improved reinsurance capacity and a widely licensed platform.

• Investment income rose 18% to CAD 83 million, with annual growth of 17.3%, reflecting active portfolio management.

• Strategic focus remains on specialty insurance, disciplined underwriting, and prudent growth, supported by the strongest capital base in company history.

Financial highlights

• Operating EPS was CAD 0.75 for the quarter and CAD 2.85 for the year; operating ROE reached 17%.

• Gross premiums written were CAD 786 million for the quarter, up 10% year-over-year; net insurance revenue was CAD 200 million, up 11.8%.

• Combined ratio was 85% for the quarter and 84.9% for the year, reflecting disciplined underwriting.

• Net investment income increased 25% to CAD 21.5 million for the quarter; annual net income was $142.2 million, up 19.6%.

• Book value per share rose 18% to CAD 19.42, with total book value exceeding CAD 920 million.

Outlook and guidance

• Expect mid-teens top-line growth and combined ratios of 86%-87% for Surety, Warranty, Corporate Insurance, and Canadian Fronting in 2026.

• U.S. Programs anticipated to grow mid- to high-single digits with a low-80s combined ratio.

• Net investment income growth to track net premiums earned, with a focus on defending yields.

• Canadian Fronting premiums expected to be flat to slightly down, but underwriting income to remain stable.

• Management expects to maintain sufficient capital to exceed regulatory and internal targets and to fund ongoing operations.