Trisura Group Reports Third Quarter 2025 Results: Strong Growth in BVPS Demonstrates Consistent, Profitable Underwriting and Increasing Investment Income

Executive Summary

• Trisura Group reported record book value of $904 M and BVPS of $18.90, up 20.8% YoY.
• Operating net income rose 3.6% to $34.4 M ($0.71 per diluted share); total net income increased 6.9% to $38.6 M.
• Combined ratio slipped to 86.0% (vs. 84.4% prior year) driven by a higher mix of specialty lines, while Net insurance revenue grew 6.4% to $197.3 M.

Key Details

• Operating ROE: 18.0% (down 0.5 pts YoY).
• BVPS: $18.90, up 20.8% YoY; record book value of $904 M.
• Operating Net Income: $34.4 M (+3.6%).
• Net Income: $38.6 M (+6.9%).
• Operating EPS (diluted): $0.71 (+4.4% YoY).
• EPS (diluted): $0.79 (+6.8% YoY).
• Combined Ratio: 86.0% (up 1.6 pts YoY); loss ratio 34.3%, expense ratio 51.7%.
• Net Insurance Revenue: $197.3 M (+6.4% YoY), driven by Primary lines (+16.2%).
• GPW Growth: 11.2% YoY (Q3) and 0.8% YTD.
• Underwriting Income: $27.6 M, slightly down YoY due to higher combined ratio.
• Net Investment Income: $20.1 M (+23.8% YoY).
• Debt‑to‑Capital Ratio: 13.0% (up from 11.6% YoY) – still well below the 20% target.
• Analyst Consensus Operating EPS Estimate: $0.71 for Q3 2025.

Notable Quotes

“Q3 was another strong quarter with Operating ROE of 18.0% and Operating net income of $34.4 million… A Combined ratio of 86.0% showcases our consistent underwriting profitability…” – David Clare, President & CEO

The release also announced a Q3 earnings conference call scheduled for November 7, 2025 at 9:00 a.m. ET.