SEDAR Interim Financial Statements

Trisura Group Ltd. Condensed Interim Consolidated Financial Statements (unaudited) For the three and nine months ended September 30, 2025 Table of contents for the Condensed Interim Consolidated Financial Statements of Trisura Group Ltd. Condensed Interim Consolidated Statements of Financial Position .................................................................................................. 3 Condensed Interim Consolidated Statements of Income .................................................................................................................... 4 Condensed Interim Consolidated Statements of Comprehensive Income ....................................................................................... 5 Condensed Interim Consolidated Statements of Changes in Equity ................................................................................................. 6 Condensed Interim Consolidated Statements of Cash Flows ............................................................................................................. 7 Notes to the Condensed Interim Consolidated Financial Statements ............................................................................................... 8 TRISURA GROUP LTD. Condensed Interim Consolidated Financial Statements (unaudited) 2 As at Note September 30, 2025 December 31, 2024 Assets Cash and cash equivalents 244,705 270,378 Investments 4,6 1,795,854 1,434,534 Other assets 8 43,254 42,392 Reinsurance contract assets 7.2 2,708,389 2,771,163 Capital assets and intangible assets 42,693 29,383 Deferred tax assets 41,867 44,043 Total assets 4,876,762 4,591,893 Liabilities Insurance contract liabilities 7.1 3,652,167 3,546,053 Other liabilities 9 186,255 162,302 Debt outstanding 11 134,772 98,272 3,973,194 3,806,627 Shareholders’ equity Common shares 12 480,095 481,797 Contributed surplus 12,245 9,796 Retained earnings 367,170 262,489 Accumulated other comprehensive income (loss) 44,058 31,184 903,568 785,266 Total liabilities and shareholders’ equity 4,876,762 4,591,893 See accompanying notes to the Condensed Interim Consolidated Financial Statements TRISURA GROUP LTD. Condensed Interim Consolidated Statements of Financial Position (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 3 Three months Nine months For the three and nine months ended September 30, Note 2025 2024 2025 2024 Insurance revenue 7.1 776,476 807,645 2,314,931 2,324,160 Insurance service expenses 7.1 (624,582) (702,514) (1,900,489) (1,866,111) Net income (expense) from reinsurance contracts assets 7.2 (115,581) (69,539) (298,611) (355,604) Insurance service result 36,313 35,592 115,831 102,445 Net investment income (loss) 14 20,118 16,252 57,179 49,907 Net gains (losses) 15 4,950 11,379 12,846 24,117 Net credit impairment reversals (losses) 4.2 2,864 (324) (222) (2,304) Total investment income (loss) 27,932 27,307 69,803 71,720 Finance income (expenses) from insurance contracts (24,903) (29,356) (105,396) (71,507) Finance income (expenses) from reinsurance contracts 21,508 25,130 91,684 61,824 Net insurance finance income (expenses) (3,395) (4,226) (13,712) (9,683) Net financial result 24,537 23,081 56,091 62,037 Net insurance and financial result 60,850 58,673 171,922 164,482 Other income 662 816 6,813 6,998 Other operating expenses (9,086) (11,056) (35,718) (36,128) Other finance costs (1,420) (998) (3,548) (2,323) Income before income taxes 51,006 47,435 139,469 133,029 Income tax expense --- 17.1 (12,444) (11,347) (34,788) (33,367) Net income attributable to shareholders 38,562 36,088 104,681 99,662 Weighted average number of common shares outstanding during the period (in thousands) – basic 47,809 47,755 47,790 47,683 Earnings per common share (in dollars) – basic 13 0.81 0.76 2.19 2.09 Earnings per common share (in dollars) – diluted 13 0.79 0.74 2.16 2.05 See accompanying notes to the Condensed Interim Consolidated Financial Statements TRISURA GROUP LTD. Condensed Interim Consolidated Statements of Income (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 4 Three months Nine months For the three and nine months ended September 30, 2025 2024 2025 2024 Net income attributable to shareholders 38,562 36,088 104,681 99,662 Items that may be or are reclassified subsequently to Net income FVOCI investments Net unrealized gains (losses) 11,496 22,832 26,916 20,468 Reclassification of net gains (losses) 848 749 4,118 3,504 Income tax benefit (expense) (2,813) (5,740) (7,038) (5,939) 9,531 17,841 23,996 18,033 Items that will not be reclassified subsequently to Net income FVOCI equity investments Net unrealized gains (losses) 1,619 2,863 1,716 6,149 Realized gains (losses) 203 - 1,015 (168) Income tax benefit (expense) (438) (711) (676) (1,503) 1,384 2,152 2,055 4,478 Cumulative translation gain (loss) 9,177 (5,653) (13,177) 4,138 Other comprehensive income (loss) 20,092 14,340 12,874 26,649 Total comprehensive income 58,654 50,428 117,555 126,311 See accompanying notes to the Condensed Interim Consolidated Financial Statements TRISURA GROUP LTD. Condensed Interim Consolidated Statements of Comprehensive Income (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 5 Note Common shares Contributed surplus Retained earnings AOCI (1) Total Balance as at January 1, 2025 481,797 9,796 262,489 31,184 785,266 Net income - - 104,681 - 104,681 Other comprehensive income (loss) - - - 12,874 12,874 Total comprehensive income - - 104,681 12,874 117,555 Share issuance 12 813 - - - 813 Shares purchased under RSUs (2) plan 12 (2,515) - - - (2,515) Share based payments - 2,449 - - 2,449 Balance as at September 30, 2025 480,095 12,245 367,170 44,058 903,568 Common shares Contributed surplus Retained earnings AOCI (1) Total Balance at January 1, 2024 481,023 7,491 143,574 (12,659) 619,429 Net income - - 99,662 - 99,662 Other comprehensive income (loss) - - - 26,649 26,649 Total comprehensive income - - 99,662 26,649 126,311 Share issuance 2,989 - - - 2,989 Shares purchased under RSUs (2) plan (3,137) - - - (3,137) Share based payments - 1,789 - - 1,789 Balance as at September 30, 2024 480,875 9,280 243,236 13,990 747,381 (1) Accumulated other comprehensive income (loss) (net of income taxes) (2) Restricted Share Units See accompanying notes to the Condensed Interim Consolidated Financial Statements TRISURA GROUP LTD. Condensed Interim Consolidated Statements of Changes in Equity (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 6 For the nine months ended September 30, Note 2025 2024 Operating activities Net income 104,681 99,662 Items not involving cash: Depreciation and amortization 2,734 897 Unrealized losses (gains) (13,706) (21,734) Net credit impairment losses (reversals) 4.2 222 2,304 Stock options granted 1,623 1,143 Change in working capital 19 232,144 (34,022) Realized losses (gains) on investments (2,227) (1,530) Income taxes paid (43,453) (25,707) Interest paid (2,330) ( --- 1,656) Net cash flows from (used in) operating activities 279,688 19,357 Investing activities Proceeds on disposal of investments 214,901 201,926 Purchases of investments (545,872) (573,793) Purchases of capital assets (2,482) (2,888) Acquisition of subsidiary 18 - (15,015) Purchases of intangible assets (502) (300) Net cash flows from (used in) investing activities (333,955) (390,070) Financing activities Shares issued 12 813 2,989 Shares purchased under RSU plan 12 (2,515) (3,137) Loans received 11 36,500 46,607 Loans repaid 11 - (23,335) Principal portion of lease payments (1,533) (1,772) Net cash flows from (used in) financing activities 33,265 21,352 Net increase (decrease) in cash and cash equivalents during the period (21,002) (349,361) Cash, beginning of period 250,383 559,741 Cash equivalents, beginning of period 19,995 44,275 Cash and cash equivalents, beginning of period 270,378 604,016 Impact of foreign exchange on cash and cash equivalents (4,671) 8,195 Cash, end of period 233,263 243,217 Cash equivalents, end of period 11,442 19,633 Cash and cash equivalents, end of period 244,705 262,850 See accompanying notes to the Condensed Interim Consolidated Financial Statements TRISURA GROUP LTD. Condensed Interim Consolidated Statements of Cash Flows (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 7 Trisura Group Ltd. (the “Company”) was incorporated under the Business Corporations Act (Ontario) (the “Act”) on January 27, 2017. The Company’s head office is located at 333 Bay Street, Suite 1610, Box 22, Toronto Ontario, M5H 2R2. The Company has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. The Company’s Canadian business operates as a Canadian property and casualty insurance company, licensed in all provinces and territories. The Company's US business operates as a US property and casualty insurance company and is a domestic surplus lines insurer that can write business as a non-admitted surplus line insurer in all states and admitted business in most states. Certain lines of the business operate as a hybrid fronting carrier where a large portion of its gross premiums written are ceded to reinsurers. The common shares of the Company are publicly traded on the Toronto Stock Exchange under the symbol “TSU”. Note 2 – Basis of presentation These Condensed Interim Consolidated Financial Statements have been prepared in accordance with IAS Standards (IAS 34 Interim Financial Reporting), as issued by the International Accounting Standards Board (“IASB”). The Condensed Interim Consolidated Financial Statements should be read in conjunction with the annual financial statements for the year ended December 31, 2024. These statements have been prepared in accordance with IFRS® Accounting Standards (“IFRS”) as issued by the IASB. The Condensed Interim Consolidated Financial Statements comprise the financial results of the Company and all entities controlled by the Company, on a consolidated basis of presentation. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. In accordance with IFRS, presentation of assets and liabilities on the Condensed Interim Consolidated Statements of Financial Position is in order of liquidity. The Company’s functional and presentation currency is Canadian dollars. These Condensed Interim Consolidated Financial Statements were authorized --- for issuance by the Company’s Board of Directors on November 6, 2025. Note 3 – Summary of material accounting policies The accounting policies applied during the three and nine months ended September 30, 2025 are the same as those described and disclosed in Note 2 – Summary of material accounting policies of the December 31, 2024 Consolidated Financial Statements, unless updated below. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. a) IFRS 18 – Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. IFRS 18 enhances disclosure requirements in the following areas: the statement of profit and loss, aggregation and disaggregation of financial information, and management-defined performance measures. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and will be applied retrospectively. The Company is currently assessing potential impacts of this new standard on the presentation and disclosure in the financial statements. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 1 – The Company 8 4.1 Classification of cash and investments The following table presents the classification of cash and cash equivalents, short-term securities and investments: As at September 30, 2025 FVOCI FVTPL Amortized cost Total Cash and cash equivalents - - 244,705 244,705 Investments Short-term securities - - 15,041 15,041 Fixed income (1) 1,313,690 159,014 4,500 1,477,204 Common shares - 58,490 - 58,490 Preferred shares 105,834 70,180 - 176,014 Alternatives - 69,105 - 69,105 Total investments 1,419,524 356,789 19,541 1,795,854 Total cash, cash equivalents and investments 1,419,524 356,789 264,246 2,040,559 As at December 31, 2024 FVOCI FVTPL Amortized cost Total Cash and cash equivalents - - 270,378 270,378 Investments Short-term securities - - 14,339 14,339 Fixed income (1) 1,020,114 150,235 4,500 1,174,849 Common shares - 45,704 - 45,704 Preferred shares 69,702 61,561 - 131,263 Alternatives - 68,379 - 68,379 Total investments 1,089,816 325,879 18,839 1,434,534 Total cash, cash equivalents and investments 1,089,816 325,879 289,217 1,704,912 (1) As at September 30, 2025, included in Fixed income are exchange-traded debt funds amounting to $142,372 (December 31, 2024 - $140,793). TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 4 – Investments 9 4.2 Unrealized gains and losses and carrying value of investments The amortized cost and carrying value of investments as at September 30, 2025 and December 31, 2024 were as follows: As at September 30, 2025 FVTPL investments FVOCI and amortized cost investments Total investments At carrying value Amortized cost Unrealized gains Unrealized losses Carrying value At carrying value Short-term securities - 15,041 - - 15,041 15,041 Fixed income 159,014 1,291,714 26,476 - 1,318,190 1,477,204 Common shares 58,490 - - - - 58,490 Preferred shares 70,180 104,047 1,787 - 105,834 176,014 Alternatives 69,105 - - - - 69,105 356,789 1,410,802 28,263 - 1,439,065 1,795,854 As at December 31, 2024 FVTPL investments FVOCI and amortized cost investments Total --- investments At carrying value Amortized cost Unrealized gains Unrealized losses Carrying value At carrying value Short-term securities - 14,339 - - 14,339 14,339 Fixed income 150,235 1,028,404 - (3,790) 1,024,614 1,174,849 Common shares 45,704 - - - - 45,704 Preferred shares 61,561 69,710 - (8) 69,702 131,263 Alternatives 68,379 - - - - 68,379 325,879 1,112,453 - (3,798) 1,108,655 1,434,534 The expected credit loss ("ECL") of $5,811 as at September 30, 2025 (September 30, 2024 – $5,596) does not reduce the carrying amount of these investments in the Condensed Interim Consolidated Statements of Financial Position. The movement in ECL is recognized in other comprehensive income (loss) as net credit impairment reversals (losses). Impairment losses on financial investments subject to impairment assessment For the nine months ended September 30, 2025 and 2024, an analysis of changes in the fair value and the corresponding ECL is as follows: For the period ended September 30, 2025 For the period ended September 30, 2024 12mECL LTECL Total 12mECL LTECL Total Beginning fair value 1,015,562 4,552 1,020,114 527,130 750 527,880 New assets purchased 473,639 - 473,639 543,033 - 543,033 Assets derecognized or matured (181,493) (2,050) (183,543) (168,601) - (168,601) Change in fair value 19,766 (11) 19,755 15,265 (482) 14,783 Net foreign exchange income (loss) (16,275) - (16,275) 3,039 - 3,039 Movement between 12mECL and LTECL 1,492 (1,492) - (4,504) 4,504 - Ending fair value 1,312,691 999 1,313,690 915,362 4,772 920,134 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 4 – Investments (Continued) 10 For the period ended September 30, 2025 For the period ended September 30, 2024 12mECL LTECL Total 12mECL LTECL Total Beginning ECL 3,523 2,066 5,589 3,193 99 3,292 New assets purchased 2,642 - 2,642 1,901 - 1,901 Assets derecognized or matured (190) (2,800) (2,990) (607) - (607) Movement in ECL (179) 749 570 140 870 1,010 Movement between 12mECL and LTECL 1 (1) - (981) 981 - Ending ECL 5,797 14 5,811 3,646 1,950 5,596 4.3 Pledged assets In the normal course of insurance and reinsurance operations, the Company must secure its obligations under certain insurance and reinsurance contracts by collateralizing them with letters of credit or trust arrangements. As at September 30, 2025, the Company has pledged cash, cash equivalents and short-term deposits amounting to $102 (December 31, 2024 – $111), under insurance and reinsurance trust arrangements and are therefore not readily available for general use by the Company. As at September 30, 2025, the Company pledged $14,576 (December 31, 2024 – $11,790) of fixed income investments, and $200 (December 31, 2024 – $611) of cash and cash equivalents, as security deposits to various US state insurance departments to be held in trust for various states and are therefore not readily available for general use by the Company. Note 5 – Fair value and notional amount of derivatives The following sets out the fair value and notional amount of derivatives as at September 30, 2025 and December 31, 2024: As at September 30, 2025 December 31, 2024 Fair value Fair value Notional amount Asset Liability Notional amount Asset Liability Foreign currency contracts Forwards 141,496 231 - 136,744 - 1,611 Equity contracts Swap agreement 13,158 12,460 - 12,990 12,530 - 154,654 12,691 - 149,734 12,530 1,611 Term to maturity --- less than one year 154,654 12,691 - 149,734 12,530 1,611 The Company uses foreign currency forward contracts to reduce its exposure to fluctuations in the exchange rates that could arise from its USD, EUR and GBP denominated investments, including investments in subsidiaries. The notional amounts of the forwards as at September 30, 2025 are $86,766 USD (December 31, 2024 – $76,157 USD), €11,385 EUR (December 31, 2024 – €1,603 EUR) and £1,240 GBP (December 31, 2024 – £1,240 GBP). The Company also uses swap agreements to mitigate exposure to equity market fluctuations associated with its share based compensation. These derivatives are recorded at fair value (see Note 6, Note 8, Note 9) and gains and losses are recorded in net gains (losses) (see Note 15). TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 4 – Investments (Continued) 11 The following sets out the financial instruments measured at fair value and classified in accordance with the fair value hierarchy as at September 30, 2025 and December 31, 2024: As at September 30, 2025 Total fair value Level 1 Level 2 Level 3 Fixed income 1,472,704 - 1,472,704 - Common shares 58,490 58,490 - - Preferred shares 176,014 164,957 11,057 - Alternatives 69,105 - - 69,105 Total investments 1,776,313 223,447 1,483,761 69,105 Derivative financial assets 12,691 - 12,691 - Financial assets 1,789,004 223,447 1,496,452 69,105 Financial liabilities - - - - As at December 31, 2024 Total fair value Level 1 Level 2 Level 3 Fixed income 1,170,349 - 1,170,349 - Common shares 45,704 45,704 - - Preferred shares 131,263 120,931 10,332 - Alternatives 68,379 - - 68,379 Total investments 1,415,695 166,635 1,180,681 68,379 Derivative financial assets 12,530 - 12,530 - Financial assets 1,428,225 166,635 1,193,211 68,379 Financial liabilities 1,611 - 1,611 - The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the hierarchy as at September 30, 2025 and December 31, 2024: September 30, 2025 December 31, 2024 Balance at beginning of period 68,379 56,778 Realized and unrealized gains (losses) 2,299 (1,011) Purchase of securities 4,594 10,153 Sale of securities (4,281) (2,676) Foreign exchange (1,886) 5,135 Balance at end of period 69,105 68,379 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 6 – Fair value measurement 12 7.1 Roll-forward of insurance contract liabilities ("ICL") issued showing liability for remaining coverage ("LRC") and liability for incurred claims ("LIC") Insurance operations 2025 LRC LIC Total Present value of future cash flows Risk adj. for non-financial risk Opening balance of ICL, as at January 1, 2025 567,372 2,639,663 339,018 3,546,053 Insurance revenue (2,314,931) - - (2,314,931) Insurance service expenses: Incurred claims and other directly attributable expenses 47,092 1,068,879 98,962 1,214,933 Changes that relate to past service - 131,547 (58,718) 72,829 Insurance acquisition cash flows amortization 612,727 - - 612,727 Insurance service result from insurance contracts (1,655,112) 1,200,426 40,244 (414,442) Finance expense (income) from insurance contracts - 105,396 - 105,396 Effects of exchange rate movements (9,131) (69,385) (15,318) (93,834) Total amounts recognized in comprehensive --- income (1,664,243) 1,236,437 24,926 (402,880) Cash flows: Premiums received 2,255,276 - - 2,255,276 Claims and other directly attributable expenses paid - (1,056,475) - (1,056,475) Insurance acquisition cash flows (689,807) - - (689,807) Total cash flows 1,565,469 (1,056,475) - 508,994 Ending balance of ICL, as at September 30, 2025 468,598 2,819,625 363,944 3,652,167 Insurance operations 2024 LRC LIC Total Present value of future cash flows Risk adj. for non-financial risk Opening balance of ICL, as at January 1, 2024 700,843 1,841,713 227,395 2,769,951 Insurance revenue (2,324,160) - - (2,324,160) Insurance service expenses: Incurred claims and other directly attributable expenses 44,142 1,155,271 117,010 1,316,423 Changes that relate to past service - 9,291 (64,279) (54,988) Insurance acquisition cash flows amortization 604,676 - - 604,676 Insurance service result from insurance contracts (1,675,342) 1,164,562 52,731 (458,049) Finance expense (income) from insurance contracts - 71,507 - 71,507 Effects of exchange rate movements 10,334 29,043 3,720 43,097 Total amounts recognized in comprehensive income (1,665,008) 1,265,112 56,451 (343,445) Cash flows: Premiums received 2,188,482 - - 2,188,482 Claims and other directly attributable expenses paid - (881,346) - (881,346) Insurance acquisition cash flows (626,607) - - (626,607) Total cash flows 1,561,875 (881,346) - 680,529 Ending balance of ICL, as at September 30, 2024 597,710 2,225,479 283,846 3,107,035 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 7 – Insurance and reinsurance contracts 13 As at September 30, 2025, the liability for incurred claims, including the risk adjustment, was calculated at a 73% level of confidence (December 31, 2024 - 73%). Discount rates applied for discounting of future cash flows are listed below: As at September 30, 2025 As at December 31, 2024 Insurance contracts issued and reinsurance contracts Currency 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years CAD 3.30% 3.89% 4.67% 5.32% 5.16% 3.82% 4.20% 4.73% 5.07% 4.97% USD 4.16% 4.29% 5.09% 5.87% 6.09% 4.72% 5.17% 5.32% 4.98% 4.92% 7.2 Roll-forward of reinsurance contract assets ("RCA") showing asset for remaining coverage ("ARC") and assets for incurred claims (“AIC”) 2025 Reinsurance contracts held ARC AIC Total Present value of future cash flows Risk adj. for non-financial risk Opening balance of RCA, as at January 1, 2025 193,692 2,278,620 298,851 2,771,163 Allocation of reinsurance premiums (ceding premiums paid) (1,741,584) - - (1,741,584) Claims recovered: Amounts recoverable for incurred claims and other directly attributable expenses 387,108 899,190 87,276 1,373,574 Changes to amounts recoverable for incurred claims - 121,278 (51,879) 69,399 Net income (expense) from reinsurance contracts assets (1,354,476) 1,020,468 35,397 (298,611) Finance income (expense) from reinsurance contracts - 91,684 - 91,684 Effects of exchange rate movements (6,400) (62,042) (14,346) (82,788) Total amounts recognized in comprehensive income (1,360,876) 1,050,110 21,051 (289,715) Cash flows: Premiums paid, net of ceding commissions, claims recovered, and other directly attributable expenses paid 1,134,654 (907,713) - 226,941 Total cash flows 1,134,654 (907,713) - 226,941 Closing reinsurance contract assets 139,447 2,421,017 319,902 2,880,366 Closing reinsurance contract --- liabilities (171,977) - - (171,977) Ending balance of RCA, as at September 30, 2025 (32,530) 2,421,017 319,902 2,708,389 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 7 – Insurance and reinsurance contracts (Continued) 14 2024 Reinsurance contracts held ARC AIC Total Present value of future cash flows Risk adj. for non-financial risk Opening reinsurance contract assets 300,000 1,590,376 201,599 2,091,975 Opening reinsurance contract liabilities (88,386) - - (88,386) Opening balance of RCA, as at January 1, 2024 211,614 1,590,376 201,599 2,003,589 Allocation of reinsurance premiums (ceding premiums paid) (1,825,911) - - (1,825,911) Claims recovered: Amounts recoverable for incurred claims and other directly attributable expenses 427,134 981,656 103,613 1,512,403 Changes to amounts recoverable for incurred claims - 14,781 (56,877) (42,096) Net income (expense) from reinsurance contracts assets (1,398,777) 996,437 46,736 (355,604) Finance income (expense) from reinsurance contracts - 61,824 - 61,824 Effects of exchange rate movements 5,214 26,438 3,411 35,063 Total amounts recognized in comprehensive income (1,393,563) 1,084,699 50,147 (258,717) Cash flows: Premiums paid, net of ceding commissions, claims recovered, and other directly attributable expenses paid 1,468,404 (794,945) - 673,459 Total cash flows 1,468,404 (794,945) - 673,459 Closing reinsurance contract assets 345,648 1,880,130 251,746 2,477,524 Closing reinsurance contract liabilities (59,193) - - (59,193) Ending balance of RCA, as at September 30, 2024 286,455 1,880,130 251,746 2,418,331 7.3 Reinsurance Contracts The Company uses reinsurance in the ordinary course of business to reduce its exposure to any one claim or event under the policies it issues. A large portion of this reinsurance is affected under reinsurance agreements known as treaty reinsurance. In some instances, it is negotiated on a facultative (one-off) basis for individual policies, generally when the exposures under these policies are not sufficiently mitigated by the treaty reinsurance. The Company’s fronting and US program operations cede the majority of the insurance revenue generated through it to third- party reinsurers. As such, reinsurance contract assets are significant to the Company’s financial position, and the associated credit risk is monitored each reporting period. Reinsurance does not relieve the Company of its obligations to policyholders. The Company’s obligation to pay policyholders is not contingent on the reinsurers paying, or honouring its contractual obligations. For this reason, the Company evaluates the financial condition of its reinsurers and monitors the concentration of credit risk to minimize its exposure to losses from reinsurer insolvencies or contract disputes. Reinsurers providing reinsurance policies are generally required to have a minimum A.M. Best credit rating of A- at the inception of each policy or are otherwise required to post agreed upon levels of collateral. Unlicensed reinsurers must post an agreed upon level of collateral. There is a provision for reinsurer non-performance of $10,386 as at September 30, 2025 (December 31, 2024 – $13,507). TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) Note 7 – Insurance and reinsurance contracts (Continue --- d) 15 Note 8 – Other assets As at September 30, 2025 and December 31, 2024, other assets consist of: As at September 30, 2025 December 31, 2024 Accrued investment income 16,233 14,000 Derivative financial assets 12,691 12,530 Tax recoveries 8,374 4,118 Prepaid expenses 4,913 2,711 Other assets 1,043 9,033 43,254 42,392 Note 9 – Other liabilities As at September 30, 2025 and December 31, 2024, other liabilities consist of: Deposits in trust (1) 113,306 100,608 Accrued liabilities 25,820 27,224 Lease liabilities 22,809 9,302 Share based payment plan 10,931 11,301 Taxes payable 8,379 6,722 Derivative financial liabilities - 1,611 Deferred tax liabilities - 694 Other liabilities 5,010 4,840 186,255 162,302 As at September 30, 2025 December 31, 2024 (1) The Company periodically holds deposits in trust from counterparties as a form of collateral. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 16 Note 10 – Capital management The Company’s capital is its shareholders’ equity, which consists of common shares, contributed surplus, retained earnings and accumulated other comprehensive income (loss). The Company reviews its capital structure on a regular basis to ensure an appropriate capital structure in keeping with all regulatory, business and shareholder obligations. Oversight of the capital of the Company rests with management and the board of directors. Their objectives are twofold: (i) to ensure the Company is prudently capitalized relative to the amount and type of risks assumed and the requirements established by the laws and regulations applicable to the Company’s regulated subsidiaries; and (ii) to ensure shareholders receive an appropriate return on their investment. In Canada, under guidelines established by the Office of the Superintendent of Financial Institutions which apply to the regulated Canadian insurance company of Trisura, Canadian property and casualty insurance companies must maintain minimum levels of capital as determined in accordance with a prescribed test, the minimum capital test (“MCT”), which expresses available capital (actual capital plus or minus specified adjustments) as a percentage of required capital. Companies are expected to maintain MCT level of at least 150% and are further required to establish their own target MCT level based on the nature of their operations and the business they write. Management, with the board of directors’ approval, has established a target MCT level in accordance with these requirements. In the US, regulated insurance companies are subject to externally imposed regulatory capital requirements by either the Oklahoma Insurance Department or the New Jersey Department of Banking and Insurance, depending on the state in which the Trisura entity is domesticated. A requirement of the regulators is that the US insurance companies’ Risk Based Capital exceed certain minimum thresholds as well as Company Action Levels ("CALs"), below which the companies would have to notify the regulators. In addition, the Company’s carriers are subject to the various capital requirements of each US state in which it is licensed. Note 11 – Debt outstanding 11.1 Debt outstanding The Company maintains a five-year revolving credit facility (the “Facility”) with a Canadian Schedule I bank (the “Bank”) which allows for drawings of up to $125,000 (December 31, 2024 – $75,000). Under this arrangement, the --- Company is able to draw funds in the form of Canadian prime rate advances, base rate advances, Canadian Overnight Repo Rate Average ("CORRA") loans or Secured Overnight Financing Rate ("SOFR") loans. The interest rate is based on the Canadian prime rate, base rate, CORRA or SOFR loans rate, plus a margin. The loan balance is accounted for at amortized cost, which is equal to the carrying value. The minimum required annual payment consists only of interest, with no mandatory principal payments required. There have been no changes to the letter of credit issued between December 31, 2024 and September 30, 2025. An amount of $59,772 (December 31, 2024 – $23,272) had been drawn under this revolving credit facility. As part of the covenants of the current loan arrangement, the Company is required to maintain certain financial ratios, which were fully met as at September 30, 2025 and December 31, 2024. 11.2 Senior unsecured notes In June 2021, the Company completed an offering of senior unsecured notes (the “Notes”), with a principal amount of $75,000, which will mature on June 11, 2026. The Notes bear interest at a fixed annual rate of 2.64%. Interest is payable in semi-annual instalments which commenced on December 11, 2021. The Notes are direct unsecured obligations and will rank equally with all other unsecured and unsubordinated indebtedness of the Company. The following table provides details of the total debt outstanding as at September 30, 2025 and December 31, 2024. Carrying value Maturity date Term (years) Fixed rate Coupon (payment) Principal amount September 30, 2025 December 31, 2024 Revolving credit facility 59,772 59,772 23,272 Senior unsecured notes June 11, 2026 5 2.64 % Jun, Dec 75,000 75,000 75,000 134,772 134,772 98,272 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 17 Note 12 – Share capital The Company’s authorized share capital consists of: (i) an unlimited number of common shares; (ii) an unlimited number of non- voting shares; and (iii) an unlimited number of preference shares (issuable in series). As at September 30, 2025 and December 31, 2024, no non-voting shares were issued and no preferred shares are outstanding. For the nine months ended September 30, 2025, 30,000 stock options (December 31, 2024 – 199,986 stock options) issued under the Company’s existing stock option plan were exercised. The Company commenced a normal course issuer bid (“NCIB”) effective December 6, 2024 to December 5, 2025, to purchase up to 1,433,371 of its common shares. The purchase of the Company’s common shares is intended to offset dilution resulting from the issuance of common shares pursuant to the Company’s equity incentive programs. During the nine months ended September 30, 2025, the Company did not repurchase and subsequently cancel any common shares under the NCIB. The following table shows the common shares issued and outstanding, excluding treasury shares: As at September 30, 2025 December 31, 2024 Number of common shares Amount (in thousands) Number of common shares Amount (in thousands) Balance, beginning of period 47,615,902 481,797 47,439,770 481,023 Shares under RSUs plan (78,850) (2,515) (23,854) (2,215) Common shares issued 30,000 813 199,986 2,989 Balance, end of period 47,567,052 480,095 47,615,902 481,797 As part of the RSUs plan, the Company purchases its own shares which are classified as treasury shares and --- the costs of these shares are recorded as a reduction to equity. As at September 30, 2025, the Company has an aggregate of 47,809,021 common shares (December 31, 2024 – 47,779,021 common shares) outstanding, which includes 241,969 treasury shares (December 31, 2024 – 163,119 treasury shares). Note 13 – Earnings per share Basic earnings per common share are calculated by dividing the net income attributable to common shareholders for the reporting period by the weighted-average number of common shares. Diluted earnings per share is calculated by dividing the net income attributable to common shareholders for the reporting period by the weighted-average number of common shares adjusted for the effects of all dilutive potential common shares, which consist of stock options. Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Net income attributable to common shareholders 38,562 36,088 104,681 99,662 Weighted-average number of common shares outstanding (in shares) 47,809,021 47,754,594 47,789,940 47,682,999 EPS – basic (in dollars) 0.81 0.76 2.19 2.09 Dilutive effect of the conversion of options on common shares (in shares) 859,427 829,538 765,701 816,708 Diluted weighted-average number of common shares outstanding (in shares) 48,668,448 48,584,132 48,555,641 48,499,707 EPS – diluted (in dollars) 0.79 0.74 2.16 2.05 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 18 Note 14 – Net investment income (loss) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Cash and cash equivalents, and short-term securities 1,926 3,933 6,676 16,350 FVOCI bonds 14,255 8,953 39,612 23,186 FVTPL bonds 2,202 1,933 5,477 5,376 Interest income 18,383 14,819 51,765 44,912 FVTPL common shares 533 558 2,037 2,093 FVTPL preferred shares 1,221 981 3,561 2,985 FVOCI preferred shares 1,144 878 3,073 2,471 Dividend income 2,898 2,417 8,671 7,549 Investment expenses (1,163) (984) (3,257) (2,554) Net investment income (loss) 20,118 16,252 57,179 49,907 Note 15 – Net gains (losses) Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 FVOCI financial instruments: FVOCI fixed income (2,090) 575 (1,355) 1,135 FVOCI equity securities - - 3 - FVTPL financial instruments: FVTPL fixed income 1,076 4,391 2,990 3,492 FVTPL equity securities 7,300 7,818 13,830 14,420 FVTPL alternatives 1,174 (293) 2,120 (1,215) 7,460 12,491 17,588 17,832 Derivatives (1): Swap agreements (1,902) 623 (170) 3,023 Embedded derivatives (412) 99 (577) (35) Net foreign currency gains (losses) (196) (1,834) (3,995) 3,297 Net gains (losses) 4,950 11,379 12,846 24,117 (1) Excluding foreign currency contracts, which are reported in the line Net foreign currency gains (losses). Note 16 – Segmented information 16.1 Reportable segments As at September 30, 2025, the Company has two reportable segments. The operations of Trisura Specialty comprise Surety and Corporate Insurance business underwritten in both Canada and the United States, as well as Warranty and Fronting products primarily underwritten in Canada. Trisura US Programs provides specialty fronting insurance solutions underwritten in the United States. Judgment is used in the determination of reportable segments, as well as in allocating operating expenses by segment. Corporate and Other represents investment activities and expenses that do not relate speci --- fically to any one segment of the Company. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 19 Note 16 – Segmented information (Continued) 16.2 Segment operating performance The Company measures the profitability of the Company's segments based on the operating earnings before tax, which is adjusted to remove the impact of certain items, referred to as non-operating items, to normalize earnings in order to reflect core operations. As at March 31, 2025, the Company changed its segment measure from income before income taxes to operating earnings before tax. The chief operating decision makers use operating earnings before tax as the primary measure for purposes of making decisions about allocating resources to the segments and in assessing the operating performance of each reportable segment. Segment operating earnings before tax is different from income before income taxes as it excludes certain non- operating items, as those items are not considered to be indicative of ongoing core operations. Comparatives have been restated to reflect this new presentation. For the three months ended September 30, 2025 Trisura Specialty Trisura US Programs Corporate and Other Total Net insurance revenue (1) 145,429 51,863 - 197,292 Net investment income - - 20,118 20,118 - - Segment revenue 145,429 51,863 20,118 217,410 Net claims (2) (29,210) (38,516) - (67,726) Net expenses (3) (96,760) (5,214) - (101,974) Corporate operating expenses (4) - - (822) (822) Other finance costs - - (1,420) (1,420) Operating earnings before tax 19,459 8,133 17,876 45,468 For the three months ended September 30, 2024 Trisura Specialty Trisura US Programs Corporate and Other Total Net insurance revenue (1) 131,030 54,429 - 185,459 Net investment income - - 16,252 16,252 Segment revenue 131,030 54,429 16,252 201,711 Net claims (2) (23,405) (40,889) - (64,294) Net expenses (3) (88,441) (3,760) - (92,201) Corporate operating expenses (4) - - (524) (524) Other finance costs - - (998) (998) Operating earnings before tax 19,184 9,780 14,730 43,694 (1) Net insurance revenue comprises of insurance revenues, net of reinsurance premiums earned, incorporating the adjustments for non-operating items related to net insurance revenue. (2) Net claims comprises the portion of insurance service expenses related to movement in the liability for incurred claims, less the portion of net income (expense) from reinsurance contracts assets related to the asset for incurred claims, plus the finance income (expenses) from insurance/reinsurance contracts, incorporating the adjustments for non-operating items related to net claims. (3) Net expenses comprises the portion of insurance service expense related to commission expense, less the portion of net reinsurance expense related to reinsurance ceding commission, plus other directly attributable expense and insurance acquisition cash flows excluding commission, net of other income, plus other expenses related to Trisura Specialty, Trisura US Programs, incorporating the adjustments for non-operating items related to net expenses. (4) Corporate operating expenses reflect the portion of other operating expenses not related to Trisura Specialty or Trisura US Programs, incorporating the adjustments for non-operating items related to other operating expenses. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaud --- ited) (in thousands of Canadian dollars, except as otherwise noted) 20 Note 16 – Segmented information (Continued) For the nine months ended September 30, 2025 Trisura Specialty Trisura US Programs Corporate and Other Total Net insurance revenue (1) 415,945 149,842 - 565,787 Net investment income - - 57,179 57,179 Segment revenue 415,945 149,842 57,179 622,966 Net claims (2) (82,860) (104,194) - (187,054) Net expenses (3) (276,855) (16,247) - (293,102) Corporate operating expenses (4) - - (3,471) (3,471) Other finance costs - - (3,548) (3,548) Operating earnings before tax 56,230 29,401 50,160 135,791 For the nine months ended September 30, 2024 Trisura Specialty Trisura US Programs Corporate and Other Total Net insurance revenue (1) 353,358 150,986 - 504,344 Net investment income - - 49,907 49,907 Segment revenue 353,358 150,986 49,907 554,251 Net claims (2) (62,558) (105,495) - (168,053) Net expenses (3) (238,302) (14,256) - (252,558) Corporate operating expenses (4) - - (2,342) (2,342) Other finance costs - - (2,323) (2,323) Operating earnings before tax 52,498 31,235 45,242 128,975 (1) Net insurance revenue comprises of insurance revenues, net of reinsurance premiums earned, incorporating the adjustments for non-operating items related to net insurance revenue. (2) Net claims comprises the portion of insurance service expenses related to movement in the liability for incurred claims, less the portion of net income (expense) from reinsurance contracts assets related to the asset for incurred claims, plus the finance income (expenses) from insurance/reinsurance contracts, incorporating the adjustments for non-operating items related to net claims. (3) Net expenses comprises the portion of insurance service expense related to commission expense, less the portion of net reinsurance expense related to reinsurance ceding commission, plus other directly attributable expense and insurance acquisition cash flows excluding commission, net of other income, plus other expenses related to Trisura Specialty, Trisura US Programs, incorporating the adjustments for non-operating items related to net expenses. (4) Corporate operating expenses reflect the portion of other operating expenses not related to Trisura Specialty or Trisura US Programs, incorporating the adjustments for non-operating items related to other operating expenses. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 21 Note 16 – Segmented information (Continued) The reconciliations of the segment revenue and operating earnings before tax to the amounts recognized in the condensed interim consolidated statements of income are presented below. For the three months ended September 30, 2025 For the three months ended September 30, 2024 For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Segment revenue 217,410 201,711 622,966 554,251 Expense from reinsurance contracts (1) 579,113 622,186 1,742,027 1,825,912 Other income 662 816 6,813 6,998 Net insurance revenue from exited lines (2) 71 - 7,117 - Net insurance revenue from non-recurring items (3) - - - (6,096) 797,256 824,713 2,378,923 2,381,065 Represented by (4): Insurance revenue 776,476 807,645 2,314,931 2,324,160 Net investment income 20,118 16,252 57,179 49,907 Other income 662 816 6,813 6,998 797,256 824,713 2,378,923 2,381,065 (1) Expense from reinsurance contracts reflects earned reins --- urance premium ceded. (2) Net insurance revenue from exited lines refers to insurance revenue and the portion of Net income (expense) from reinsurance contract assets reflecting reinsurance ceded, associated with exited lines. (3) Net insurance revenue from non-recurring items refers to insurance revenue and the portion of Net income (expense) from reinsurance contract assets reflecting reinsurance ceded, associated with the non-recurring items. (4) This is represented by the following line items on our Condensed Interim Consolidated Statements of Income. For the three months ended September 30, 2025 For the three months ended September 30, 2024 For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Operating earnings before tax 45,468 43,694 135,791 128,975 Adjustments: Impact of exited lines (1) (475) - (767) - Impact of movement in yield curve in net insurance finance income (expenses) (436) (2,058) (4,106) (1,598) Net gains (losses) (2) 7,814 11,055 12,624 21,813 Other non-operating items (3) (1,365) (5,256) (4,073) (16,161) Income before income taxes, as reported 51,006 47,435 139,469 133,029 (1) Impact of exited lines refers to the impact to income before income taxes of certain programs which have been non-renewed and have been put into run-off, collectively referred to as exited lines, as included in insurance service result. (2) Net gains (losses) is inclusive of net credit impairment reversals (losses). (3) Other non-operating items include miscellaneous expenses that in the view of management are not part of our core insurance operations. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 22 Note 17 – Income taxes 17.1 Quarterly disclosure The following shows the major components of income tax expense (benefit) for the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Current tax expense (benefit) 9,583 16,575 37,851 56,013 Deferred tax expense (benefit) 2,861 (5,228) (3,063) (22,646) Income tax expense (benefit) 12,444 11,347 34,788 33,367 Income taxes recorded in other comprehensive income (loss): Net changes in unrealized gains (losses) on FVOCI investments 3,232 5,676 6,906 5,407 Reclassification of net gains (losses) on FVOCI investments 63 776 340 2,032 Origination and reversal of temporary differences (44) (1) 468 3 Total income tax expense (benefit) recorded in other comprehensive income (loss) 3,251 6,451 7,714 7,442 The following is a reconciliation of income taxes calculated at the statutory income tax rate to the income tax provision included in the Condensed Interim Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024: Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Income before income taxes 51,006 47,435 139,469 133,029 Statutory income tax rate 26.5% 26.5% 26.5% 26.5% 13,517 12,570 36,959 35,253 Variations due to: Permanent differences 53 (286) (247) (649) International operations subject to different tax rates (1,007) (330) (3,583) (1,694) Rate differentials: Current rate versus future rate - (308) - (281) True up (119) (299) 1,659 738 Income tax expense (benefit) 12,444 11,347 34,788 33,367 The permanent differences relate primarily to investment income or losses that are non-taxable or taxed at rates --- lower than the statutory income tax rate, such as non-taxable dividend income and capital gains. In certain circumstances, permanent differences relate to expenses not deductible for tax purposes. As at September 30, 2025, the Company has unused tax losses of $15,587 (December 31, 2024 – $9,284), which will expire in the following years: September 30, 2025 2043 6,393 2044 2,356 2045 6,838 15,587 TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 23 Note 17 – Income taxes (Continued) 17.2 International Tax Reform - Pillar Two Model Rules In May 2023, the IASB issued International Tax Reform - Pillar Two Model Rules, which amended IAS 12, Income Taxes, for fiscal years on or after December 31, 2023. The Company has performed an assessment of the potential exposure to Pillar Two income taxes. This assessment is based on the most recent Country-by-Country reporting and financial performance of the Company's constituent entities. Based on the assessment conducted, the Company qualifies for the transitional safe harbour in all jurisdictions in which it operates, and management is not aware of any circumstances under which this might change. Therefore, the Group has concluded there is no material impact from the implementation of Pillar Two top-up taxes. Note 18 – Prior year acquisition On March 15, 2024, the Company closed its acquisition of 100% of the issued share capital of First Founders Assurance Company (“FFAC”), for cash consideration of $18.8 million. FFAC is a US Treasury listed surety company and is a business as defined by IFRS 3 Business Combinations. This acquisition will allow the Company to access a broader portion of a larger surety market within the US, resulting in increased insurance revenue. The initial amounts assigned to the identifiable assets acquired, goodwill and liabilities assumed on March 15, 2024 are as set out in the table below. The Purchase Price Allocation process is now final. Cash and cash equivalents 3,791 Investments 6,359 Other assets 83 Insurance contract liabilities (888) Other liabilities (1,372) Total identifiable assets and liabilities assumed 7,973 Goodwill 10,833 Total consideration transferred in cash 18,806 Cash outflow arising on acquisition: Cash consideration 18,806 Less: cash and cash equivalents acquired (3,791) Net cash flow on acquisition 15,015 The goodwill represents the excess of the purchase price over the fair value of the net assets, and is attributable to the future economic benefits and other synergies expected from the Treasury listing certificate obtained and other assets acquired that are not individually identified and separately recognized in the acquisition. None of the goodwill is expected to be deductible for income tax purposes. TRISURA GROUP LTD. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) (in thousands of Canadian dollars, except as otherwise noted) 24 Note 19 – Additional information on the Condensed Interim Consolidated Statements of Cash Flows The following table shows the changes in working capital for the nine months ended September 30, 2025 and September 30, 2024: For the nine months ended September 30, 2025 2024 Insurance contract liabilities 194,164 336,196 Income taxes 32,441 18,314 Leases and accrued liabilities 11,554 39,958 Other operating liabilities 8,641 5,167 Other operating assets (1,108) (18,915) Reinsurance contra --- ct assets (13,548) (414,742) 232,144 (34,022) TRISURA GROUP LTD. Notes to the Consolidated Financial Statements (in thousands of Canadian dollars, except as otherwise noted) 25