Specialty insurance provider Trisura Group announced its financial results for the fourth quarter of 2025, with net profit of $37.6 million, an increase of 95.1% from $19.2 million in the fourth quarter of 2024, and a combined ratio of 85.2%.
The insurance company said that the growth in net profit was mainly due to the growth in net investment income and the continued profitability of the underwriting business.
Trisura also reported net operating income of $36.6 million in the fourth quarter of 2025, down 4.2% from $38.2 million in the same period last year.
The insurer said the decline was due to lower underwriting revenue, partially offset by an increase in net investment income.
Net insurance income was $200.3 million, an increase of 11.8%, reflecting growth in the business, with growth in major lines increasing 15.4% in the quarter.
Total premiums increased 10.1%, from $714.7 million in the fourth quarter of 2024 to $786.6 million in the fourth quarter of 2025.
Despite business growth, underwriting income declined to $29.7 million due to higher combined ratio. Nonetheless, Trisura said underwriting results remained strong across all business lines during the quarter.
Due to Trisura Specialty’s higher loss ratio and higher commission expenses during the quarter, the consolidated combined ratio was higher at 85.2% during the quarter.
Net investment income increased 25.4% in the quarter, driven by continued cash contributions from the investment portfolio.
Trisura’s operating return on equity (ROE) for the fourth quarter of 2025 was 17.2%, down from the prior year as strong profitability in the core business continued but was offset by a disproportionate increase in shareholder equity, which shored up the newly capitalized US Surety balance sheet.
Trisura reported full-year 2025 net income of $142.2 million and operating net income of $138.4 million. Net insurance income was US$766.1 million, underwriting income was US$115.3 million, and the combined ratio was 84.9%.
“2025 was characterized by stability, focused growth and consistent execution, with book value growing 17.8%, supported by a combined ratio of 84.9% and investment income growth of 17.3%,” said Trisura President and CEO David Clare. “We ended the year with strong results, with fourth quarter operating net income of $36.6 million, or $0.75 per share, and full-year operating net income at a record $138.4 million.”
“Our opportunity advantage was reflected in net insurance revenue growth of 11.8%, driven by momentum in primary lines, which increased 15.4% in the quarter and 20.4% for the full year. Surety led growth through the expansion of our Canadian offerings and continued expansion in the United States.
“Our capital base ended the year at a record $925 million, which combined with a conservative debt-to-capital ratio of 12.7%, demonstrates increased financial flexibility and provides confidence to continue our strategic growth plans,” he concluded.