Trisura Group Reports Second Quarter 2025 Results: 21% Growth in BVPS and Significant Progress in Surety Expansion

Executive Summary

• Trisura Group Ltd. reported financial results for the second quarter of 2025, highlighting strong profitability driven by disciplined underwriting and growing investment income.
• The company achieved an Operating ROE of 17.8% and an Operating Net Income of $33.3 million ($0.69 per share), with Net Income reaching $37.1 million.
• Significant growth was observed in Primary Lines, which saw a 35.1% increase in Gross Written Premiums (GPW), while the US Surety platform experienced 60.7% growth in quarterly premiums.

Key Details

• Financial Performance (Q2 2025):
  • Operating Net Income: $33.3 million (up 6.4% year-over-year).
  • Net Income: $37.1 million (up 36.8% year-over-year), driven by net gains on the investment portfolio.
  • Operating ROE: 17.8% (vs. 19.6% in Q2 2024).
  • Return on Equity (ROE): 15.6%.
  • Operating EPS (Diluted): $0.69 (up 6.2% year-over-year).
  • EPS (Diluted): $0.76 (up 35.7% year-over-year).
  • Book Value Per Share (BVPS): $17.63 (up 21.1% year-over-year), reaching a record $843 million.
• Underwriting Metrics:
  • Combined Ratio: 85.6% (vs. 84.7% in Q2 2024).
  • Loss Ratio: 33.2%.
  • Expense Ratio: 52.4%.
  • Underwriting Income: $28.2 million (up 10.9% year-over-year).
  • Net Insurance Revenue: $195.8 million (up 18.1% year-over-year).
• Growth Drivers:
  • Gross Written Premiums (GPW): $900.4 million for Q2 2025 (8.9% growth excluding exited lines).
  • Primary Lines GPW: Increased by 35.1%, contributing significantly to profitability due to higher underwriting margins.
  • Surety Platform: Quarterly premiums grew by 60.7%, with momentum in the US and expanded Canadian presence.
  • Net Investment Income: $18.9 million (up 11.6% year-over-year).
• Capital Position:
  • Debt-to-Capital Ratio: 13.8% (vs. 12.4% in Q2 2024), increased due to funds drawn from the revolving credit facility to capitalize the US Surety balance sheet.
  • The ratio remains below the long-term target of 20.0%.
• Analyst Estimates:
  • Average analyst estimate for Operating EPS for the quarter was $0.70.
• Upcoming Events:
  • Second Quarter Earnings Conference Call scheduled for Friday, August 8, 2025, at 9:00 a.m. ET.

Notable Quotes

• David Clare, President and CEO: “In Q2, we achieved a strong Operating ROE of 17.8% with Operating net income of $33.3 million or $0.69 per share. We continued to benefit from our Specialty focus, disciplined underwriting and growing investment income.”
• David Clare, President and CEO: “We continue to make progress in our Surety platform, with 60.7% growth in quarterly premiums as we gain momentum in the US and expanded our Canadian presence. In the quarter, we further capitalized our US Surety balance sheet, enhancing its capacity to underwrite, while maintaining a conservative 13.8% Debt-to-capital ratio, demonstrating a strong posture to continue pursuing accretive growth.”