Trisura Group publishes Q4, full-year results

Trisura Group publishes Q4, full-year results | Insurance Business America

Insurance News

Trisura Group publishes Q4, full-year results

Chief executive cites “strong operational performance”

Insurance News

By
Terry Gangcuangco

Trisura Group has released its financial results for the quarter and year ended December 31, 2023.

Here’s how the specialty insurance provider fared in the periods:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Insurance revenue

CA$755 million

CA$595.7 million

CA$2.8 billion

CA$2 billion

Net income (loss)

CA$11.3 million

CA$(40.7 million)

CA$66.9 million

CA$27.8 million

Operating net income

CA$25.9 million

CA$23.5 million

CA$110.2 million

CA$83.3 million

Of the insurance revenue in the fourth quarter, CA$227.4 million was generated in Canada; CA$527.5 million in the US. Both Trisura Canada and Trisura US posted increases from the same three-month span in 2022.

“Trisura ended the year with strong operational performance,” president and chief executive David Clare said in a release. “Operating net income of CA$25.9 million in the quarter, or CA$0.54 per share, was achieved through measured growth, profitable underwriting, and enhanced investment income – supporting annual operating net income of over CA$110 million.

“Quarterly net income of CA$11.3 million, or CA$0.23 per share, was impacted by the run-off of a US program, partially offset by unrealized gains in the investment portfolio.”

The CEO added: “Our business remains well-capitalized, supported by surplus capital, a CA$50 million revolving credit facility, a 10.8% debt-to-capital ratio, and a conservatively positioned investment portfolio.”

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