Trisura reveals financial results for Q1 2024
Trisura reveals financial results for Q1 2024 | Insurance Business Canada
Insurance News
Trisura reveals financial results for Q1 2024
President and CEO says the firm produced a strong performance
Insurance News
By
Abigail Adriatico
Specialty insurer Trisura Group produced a strong performance during the first quarter of 2024, according to its newly released report.
It saw its net income enjoy a year-over year increase, amounting to $36.4 million, which was attributed to the firm’s growth in business, the improvement of its profitability in US fronting, unrealized gains in its investment portfolio, as well as a higher net investment income. The firm’s operating net income also saw a 16% year-over-year increase.
“Trisura demonstrated strong performance in the quarter with operating net income of $33.2 million, or $0.68 per share, driven by continued growth, profitable underwriting and higher investment income,” said David Clare, Trisura’s president and CEO.
“Continued expansion of market share and distribution partners drove insurance revenue growth of 16.5%. In Canada, disciplined underwriting resulted in a combined ratio of 81.8%, while in US fronting continued growth and an improved loss ratio resulted in a strong insurance service result and improved fronting operational ratio.”
As the firm’s insurance revenue grew by 16.5% in comparison to the same period in 2023, the firm’s ROE amounted to 15.3% for the quarter, showing an increase on previous quarters. Its operating ROE was 20%, which benefitted from the firm’s growth and net investment income. It also saw its book value per share enjoy a 24.6% increase from March 31, 2023.
“Growth, strong earnings, and gains on the investment portfolio lifted book value to over $662 million. In the quarter, we closed the acquisition of our Treasury-listed surety company and look forward to expanding our US surety presence in the coming years,” said Clare.
“With a larger capital base, increased financial flexibility and ample opportunities to grow, we are optimistic for the years ahead,” the Trisura executive added.
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