Following its strong performance in the second quarter, Trisura Group has highlighted a 6.4% increase in net insurance revenue to CA$197.3 million in its financial results for the third quarter of 2025.
The company attributed the growth to its business expansion, including a 16.2% rise in primary lines.
Underwriting income for the quarter was CA$27.6 million, slightly below the previous period, as the consolidated combined ratio rose to 86.0%. The company said the increase in the combined ratio was due to a shift in business mix toward Trisura Specialty, which typically has a higher combined ratio and experienced a higher loss ratio during the quarter.
Net investment income increased by 23.8%, supported by continued cash contributions to the investment portfolio. Operating net income reached CA$34.4 million, up 3.6%, reflecting stable underwriting performance and higher investment returns. Net income totaled $38.6 million, a 6.9% increase, driven by greater investment income and improved non-operating results.
Operating return on equity (ROE) was 18.0%, while overall ROE stood at 15.1%. The company noted that strong profitability from core operations was offset by higher shareholders’ equity, which is supporting the newly capitalized US surety balance sheet.
Earlier in the year, Trisura posted operating net income of CA$33.3 million, or $0.69 per share, and an operating return on equity of 17.8% for Q2. Net income for the quarter reached CA$37.1 million, marking a nearly 37% increase from the prior year. This performance was supported by gains on its investment portfolio and continued expansion in both the US and Canadian markets.
“Q3 was another strong quarter with Operating ROE of 18.0% and Operating net income of CA$34.4 million, or CA$0.71 per share,” said David Clare, president and CEO of Trisura.
He added that book value reached a record CA$904 million at the end of the quarter, with book value per share (BVPS) up 20.8% year-over-year, citing growth and robust earnings as key factors.
Clare also highlighted the company’s 13.0% debt-to-capital ratio, stating it “reinforces financial flexibility and capacity to fund growth.”
