Trisura Group releases Q4, full-year results

CEO cites "strong operational performance"

Trisura Group releases Q4, full-year results

Insurance News

By Terry Gangcuangco

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

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


Q4 2023

Q4 2022

FY 2023

FY 2022

Insurance revenue

$755 million

$595.7 million

$2.8 billion

$2 billion

Net income (loss)

$11.3 million

$(40.7 million)

$66.9 million

$27.8 million

Operating net income

$25.9 million

$23.5 million

$110.2 million

$83.3 million

 Of the insurance revenue in the fourth quarter, $227.4 million was generated in Canada and $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 $25.9 million in the quarter, or $0.54 per share, was achieved through measured growth, profitable underwriting, and enhanced investment income – supporting annual operating net income of over $110 million.

“Quarterly net income of $11.3 million, or $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 $50 million revolving credit facility, a 10.8% debt-to-capital ratio, and a conservatively positioned investment portfolio.”

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