Trisura Group reports operating net income growth of 20.1% in Q2 2024

Specialty insurance provider Trisura Group has announced its financial results for the second quarter of 2024, reporting “strong performance” with operating net income of $31.3 million, a 20.1% increase from the $26.0 million seen in the same period the year prior.

According to the firm, the increase in operating income was driven by growth in core operations, growing earnings from US Programs and higher net investment income.

Trisura also reported a net income of $27.1 million, which according to the firm, is comparable to Q2 2023’s $26.8 million, which included certain one-time gains.

The quarter also saw a 16.2% increase in insurance revenue growth, to $772.2 million from $664.4 in Q2 2023, which reflected sustained momentum across North America according to the firm.

Insurance revenue from Trisura Specialty (previously referred to as Trisura Canada) grew to $238.5 million, or 21.3% when compared to Q2 2023, reflecting increased market share, expansion of distribution and fronting relationships, and growth of US Surety.

The insurer highlighted that strong underwriting contributed to a loss ratio of 19.6%, a ROE of 28.4% as well as Operating ROE of 27.5% in this year’s second quarter.

Regarding US Programs (previously referred to as Trisura US), insurance revenue increased to $533.7 million in the quarter, by 14.1% when compared to Q2 2023. This according to the insurer, reflects favourable market conditions and maturation of existing programs.

Operating net income of $13.5 million grew 20.9% and supported a 14.9% Operating ROE.

David Clare, President and CEO of Trisura, said: “Q2 demonstrated strong performance with Operating net income of $31.3 million, or $0.65 per share, driven by growth, increased earnings from our US Programs platform and higher Net investment income.

“Insurance revenue growth of 16.2% was significant, with continued momentum across our business. Our US and Canadian platforms demonstrated disciplined underwriting, supporting growing net income and a 19.6% operating ROE. Net investment income grew 42.0% over Q2 2023, reaching $16.9 million as we benefited from higher yields and a larger investment portfolio.”

He concluded: “Growth, strong earnings, and foreign exchange gains lifted book value to over $695 million. In the quarter, we added capital to our new surety balance sheet in the US and continued the process of expanding licenses and rate fillings for US Surety and Corporate Insurance.

“With a larger capital base, greater financial flexibility following an increase in our revolving credit facility and ample opportunities to grow, we remain optimistic for the years ahead.”

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