Trisura Group Reports Fourth Quarter and 2025 Annual Results: Robust Growth in BVPS Underscores Disciplined, Profitable Underwriting and Strong Expansion in Investment Income

Executive Summary

• Trisura Group reported record annual operating net income of $138.4 M and Q4 operating net income of $36.6 M ($0.75 per share).
• Net insurance revenue grew 11.8% YoY to $200.3 M; primary lines increased 15.4% in the quarter.
• Capital base reached a record $925 M with a debt‑to‑capital ratio of 12.7%, supporting continued growth initiatives.

Key Details

• Operating Net Income (Q4 2025): $36.6 M, down 4.2% YoY (operating EPS $0.75).
• Net Income (Q4 2025): $37.6 M, up 95.1% YoY (driven by higher investment income).
• Annual Operating Net Income (2025): $138.4 M, record level.
• Book Value per Share: $19.42, +18.1% vs Q4 2024.
• Operating ROE: 17.2% (down from 19.6% YoY).
• Combined Ratio (Q4): 85.2%, up from 81.5% YoY (loss ratio 32.9%; expense ratio 52.3%).
• Net Insurance Revenue: $200.3 M, +11.8% YoY; Primary lines +15.4%.
• Underwriting Income: $29.7 M, –10.7% YoY.
• Net Investment Income: $21.5 M, +25.4% YoY.
• Capital Base: $925 M at year‑end; Debt‑to‑capital ratio 12.7% (up from 11.1%).
• Analyst Estimate: Average Operating EPS estimate for Q4 was $0.72.
• Earnings Call: Scheduled for Feb 13 2026, 9:00 a.m. ET; webcast link provided.

Notable Quotes

“2025 was characterized by stability, focused growth and consistent execution… We ended the year strong, with fourth quarter Operating net income of $36.6 million… The strength of our opportunity was highlighted by an 11.8% increase in Net insurance revenue…” – David Clare, President & CEO

Materiality: Material – Positive (record earnings and significant capital strengthening).