Trisura Group Ltd. has announced record-breaking financial results for the fourth quarter and full year of 2024, highlighting significant growth, increased profitability, and ongoing expansion in key markets.
The specialty insurer reported an all-time high Operating net income of US$135.8 million for the year, with fourth-quarter operating net income reaching US$38.2 million, or US$0.79 per share. The company’s operating combined ratio stood at 81.5% for Q4 and 82.9% for the year, reflecting strong underwriting performance and higher investment income.
Net income in Q4 surged by 70.1% year-over-year to US$19.3 million, contributing to an annual net income of US$118.9 million, Trisura’s highest ever. Earnings per share (EPS) for the quarter grew to US$0.40 from US$0.23 in Q4 2023, while full-year diluted EPS reached US$2.45, a 72.5% increase compared to 2023.
“Our continued growth and profitability demonstrate the strength of our diversified insurance platform,” said David Clare, president and CEO of Trisura. “With record book value, increased investment income, and a well-funded expansion strategy, we remain positioned for long-term success.”
Trisura made notable strides in expanding its US presence, particularly in surety and corporate insurance. US surety premiums grew by 197% in 2024, while the company also bound its first premium in US corporate insurance.
Despite challenges from non-renewed US programs categorized under “Exited lines,” the company’s ongoing US programs continued to show strong growth and profitability. Trisura’s overall combined ratio for the year was 88.8%, improving from 91.2% in 2023.
Other financial highlights include:
Trisura’s net investment income rose by 5.8% in Q4, benefiting from a strong capital base and operational profitability. The company’s Canadian subsidiary reported a Minimum Capital Test ratio of 276%, well above regulatory requirements, while its US insurance companies are expected to exceed state capital requirements.
With a strong balance sheet and continued expansion, Trisura remains well-positioned to capitalize on new opportunities in the specialty insurance sector.
“Our disciplined approach to underwriting, investments, and expansion will continue driving long-term value for our shareholders,” Clare said.
