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:
|
Metric |
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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