Trisura Group Reports Third Quarter 2025 Results: Strong Growth in BVPS Demonstrates Consistent, Profitable Underwriting and Increasing Investment Income

Core Insights - Trisura Group Ltd. reported strong financial results for Q3 2025, with an Operating ROE of 18.0% and Operating net income of $34.4 million, or $0.71 per share [1][5][8] - The company achieved a Combined ratio of 86.0%, indicating consistent underwriting profitability, and a 23.8% growth in Net investment income, contributing to repeatable growth in book value [1][5][11] Financial Performance - Net insurance revenue reached $197.3 million, reflecting a 6.4% increase, driven by a 16.2% growth in Primary Lines [4][21] - Gross Premium Written (GPW) increased by 11.2% to $853.7 million in Q3 2025, with a year-to-date GPW growth of 0.8% [3][21] - Underwriting income was $27.6 million, slightly lower than the previous year, attributed to a higher Combined ratio [5][21] - Net investment income rose to $20.1 million, a 23.8% increase compared to Q3 2024 [3][21] Key Ratios - The Loss ratio improved to 34.3%, down from 34.7% in Q3 2024, while the Expense ratio increased to 51.7% from 49.7% [3][21] - The Combined ratio for the quarter was 86.0%, up from 84.4% in Q3 2024, indicating a shift in business mix towards Trisura Specialty [5][21] - Book value per share (BVPS) increased by 20.8% year-over-year to $18.90, reflecting strong earnings and growth [2][5] Capital Structure - The company's Debt-to-capital ratio stood at 13.0%, higher than the previous year, indicating increased financial flexibility to support growth [2][11] - Trisura's capital position remains strong, with sufficient capital to exceed regulatory and internal targets [11][12]