Trisura Group has announced its financial results for Q3 2024. The company's insurance revenue growth was 10.5% ($807.6 million) in Q3 2024, compared to $730.7 million in the same quarter last year.
Net income for the quarter reached $36.1 million, up from $14.8 million in Q3, a 143.2% increase associated with a run-off program. Furthermore, operating net income increased by 4.7% to $33.2 million thanks to growing earnings from US Programs and higher net investment income.
Earnings per share (EPS) for Q3 2024 increased from $0.31 in 2023 to $0.74 in the same quarter. Meanwhile, operating EPS stood at $0.68.
Trisura Speciality also contributed $261.7 million in insurance revenue, marking an 18.4% increase over Q3 2023, while Trisura US programs reported insurance revenue of $546 million, reflecting a 7.1% increase as existing programs matured. Fee income of $23.5 million in the quarter increased by 13.0% compared to Q3 2023, and operating net income of $12.7 million grew 11.6% and supported a 15.0% operating ROE.
David Clare, President and CEO of Trisura, said: “Trisura reported strong performance in the quarter with Operating net income of $33.2 million, or $0.68 per share, driven by growth, profitable underwriting in Trisura Specialty, growing earnings from US programs and higher net investment income.
“Maturation of our business and continued expansion with distribution partners drove insurance revenue growth of 10.5%. Our platforms demonstrated disciplined underwriting, supporting growing net income and an 18.6% operating ROE.
“We are excited to observe strong growth in US Surety, with $36.5 million in premiums written in the quarter as our relationships expand.
“Growth, strong earnings, and unrealized gains on the investment portfolio lifted book value to almost $750 million. We have a growing pipeline of opportunities, and remain optimistic for the years ahead.”
