Trisura Group publishes Q4, full-year results | Insurance Business America
Chief executive cites “strong operational performance”
Insurance News
By
Terry Gangcuangco
Trisura Group has released 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 | CA$755 million | CA$595.7 million | CA$2.8 billion | CA$2 billion |
Net income (loss) | CA$11.3 million | CA$(40.7 million) | CA$66.9 million | CA$27.8 million |
Operating net income | CA$25.9 million | CA$23.5 million | CA$110.2 million | CA$83.3 million |
Of the insurance revenue in the fourth quarter, CA$227.4 million was generated in Canada; CA$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 CA$25.9 million in the quarter, or CA$0.54 per share, was achieved through measured growth, profitable underwriting, and enhanced investment income – supporting annual operating net income of over CA$110 million.
“Quarterly net income of CA$11.3 million, or CA$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 CA$50 million revolving credit facility, a 10.8% debt-to-capital ratio, and a conservatively positioned investment portfolio.”
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