Trisura Group has released its financial results for the quarter and year ended December 31, 2023.
Here’s how the specialty insurance provider fared in the periods:
|
Metric |
Q4 2023 |
Q4 2022 |
FY 2023 |
FY 2022 |
|---|---|---|---|---|
|
Insurance revenue |
CA$755 million |
CA$595.7 million |
CA$2.8 billion |
CA$2 billion |
|
Net income (loss) |
CA$11.3 million |
CA$(40.7 million) |
CA$66.9 million |
CA$27.8 million |
|
Operating net income |
CA$25.9 million |
CA$23.5 million |
CA$110.2 million |
CA$83.3 million |
Of the insurance revenue in the fourth quarter, CA$227.4 million was generated in Canada; CA$527.5 million in the US. Both Trisura Canada and Trisura US posted increases from the same three-month span in 2022.
“Trisura ended the year with strong operational performance,” president and chief executive David Clare said in a release. “Operating net income of CA$25.9 million in the quarter, or CA$0.54 per share, was achieved through measured growth, profitable underwriting, and enhanced investment income – supporting annual operating net income of over CA$110 million.
“Quarterly net income of CA$11.3 million, or CA$0.23 per share, was impacted by the run-off of a US program, partially offset by unrealized gains in the investment portfolio.”
The CEO added: “Our business remains well-capitalized, supported by surplus capital, a CA$50 million revolving credit facility, a 10.8% debt-to-capital ratio, and a conservatively positioned investment portfolio.”
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