Trisura Group
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Trisura Group (TSU) investor relations material

Trisura Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Achieved 18% book value per share growth and 85% combined ratio in 2025, driven by North American expansion, shift toward primary lines, and disciplined underwriting.

  • Surety premiums grew 36% year-over-year, with significant U.S. and Canadian expansion; Warranty and Corporate Insurance also posted double-digit growth.

  • U.S. Programs grew 17% in the quarter, supported by improved reinsurance capacity and a widely licensed platform.

  • Investment income rose 18% to CAD 83 million, with annual growth of 17.3%, reflecting active portfolio management.

  • Strategic focus remains on specialty insurance, disciplined underwriting, and prudent growth, supported by the strongest capital base in company history.

Financial highlights

  • Operating EPS was CAD 0.75 for the quarter and CAD 2.85 for the year; operating ROE reached 17%.

  • Gross premiums written were CAD 786 million for the quarter, up 10% year-over-year; net insurance revenue was CAD 200 million, up 11.8%.

  • Combined ratio was 85% for the quarter and 84.9% for the year, reflecting disciplined underwriting.

  • Net investment income increased 25% to CAD 21.5 million for the quarter; annual net income was $142.2 million, up 19.6%.

  • Book value per share rose 18% to CAD 19.42, with total book value exceeding CAD 920 million.

Outlook and guidance

  • Expect mid-teens top-line growth and combined ratios of 86%-87% for Surety, Warranty, Corporate Insurance, and Canadian Fronting in 2026.

  • U.S. Programs anticipated to grow mid- to high-single digits with a low-80s combined ratio.

  • Net investment income growth to track net premiums earned, with a focus on defending yields.

  • Canadian Fronting premiums expected to be flat to slightly down, but underwriting income to remain stable.

  • Management expects to maintain sufficient capital to exceed regulatory and internal targets and to fund ongoing operations.

What drove the Q4 Net Income vs Operating Net Income?
What caused the Q4 underwriting income decline?
Expected returns from US Surety capital deployment
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Frequently asked questions

Trisura Group Ltd., a specialty insurance company, provides financial protection insurance products and services worldwide. The company offers surety bonds, search and recovery bonds, maritime bonds, employment bonds, performance bonds, credit enhancement and other commercial lines of business to customers in various industries. It also provides bilingual translation and translation management services; translation of technical manuals for the aerospace industry; provision of bilingual editorial services; and language-to-language interpretation services. The company operates through two segments, Trisura Surety Bonds and Trisura Risk Solutions. Trisura Group was formerly known as Trisura Insurance Company Limited and changed its name to Trisura Group Ltd. in February 2006.

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