Trisura Group, a specialty insurance provider, announced its financial results for the fourth quarter of 2025, reporting a net income of $37.6 million, which increased 95.1% from the $19.2 million reported in Q4 2024, and a combined ratio of 85.2%.
According to the insurer, the increase in net income was primarily due to growth in net investment income and consistent profitable underwriting.
Trisura also reported an operating net income of $36.6 million in Q4 2025, a 4.2% decrease compared to $38.2 million in the same period a year earlier.
According to the insurer, this decrease was the result of lower underwriting income, partly offset by growth in net investment income.
Net insurance revenue was $200.3 million, increasing 11.8%, reflecting growth in the business, including growth in Primary Lines, which grew by 15.4% in the quarter.
Gross written premiums grew 10.1%, to $786.6 million in Q4 2025 from $714.7 million in Q4 2024.
Despite business growth, underwriting income decreased to $29.7 million due to a higher combined ratio. Nevertheless, Trisura states that their underwriting results remained strong across all lines of business for the quarter.
The consolidated combined ratio of 85.2% was higher for the quarter, due to a higher loss ratio and higher commission expense at Trisura Specialty in the quarter.
Net investment income grew 25.4% in the quarter fuelled by ongoing cash contributions to the investment portfolio.
Trisura’s operating return on equity (ROE) for Q4 2025was 17.2%, lower than the prior year, as strong profitability from core operations continued but was more than offset by disproportionately higher Shareholders’ equity which is supporting the newly capitalised US Surety balance sheet.
For the full year 2025 Trisura reported a net income of $142.2 million, and an operating net income of $138.4 million. Net insurance revenue was $766.1 million, underwriting income stood at $115.3 million, and combined ratio was 84.9 %.
David Clare, President and CEO of Trisura, stated: “2025 was characterised by stability, focused growth and consistent execution, with 17.8% growth in book value supported by an 84.9% combined ratio and 17.3% increase in investment income. We ended the year strong, with fourth quarter Operating net income of $36.6 million, or $0.75 per share, contributing to record annual Operating net income of $138.4 million for the year.
“The strength of our opportunity was highlighted by an 11.8% increase in Net insurance revenue, underpinned by momentum in Primary lines which grew 15.4% in the quarter and 20.4% in the year. Surety led growth with expansion of our Canadian offering and continued scaling in the US.
He concluded: “Our capital base reached a record $925 million at year end, which combined with a conservative 12.7% Debt-to-capital ratio demonstrates increased financial flexibility and provides confidence to continue our strategic growth initiatives.”
