The results show a strong performance in Q1
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Trisura Group has published its latest financial results, showing a strong performance in the first quarter of the year.
Opening its first financial quarter, the specialized insurance provider reported an operating net income of US$ 28.6 million or US$ 0.61 per share, an increase of 38.5% from the previous period.
Insurance revenue also grew by 58.3%, which Trisura attributed to revenue growth in Canada and core operations in the US.
The Canadian side of the business was revealed to have achieved a combined ratio of 80.7% and an ROE of 28.4%, driven by strong underwriting performance across all lines.
Meanwhile, Trisura’s US-based business generated US$459.3 million in insurance revenue, reporting a deferred fee income of US$35.9 million.
Canada’s growth is said to reflect increased market share, expanding distribution relationships, new dealing arrangements and the benefit of stable pricing conditions in the market. some lines of business, while the rise in the US indicates market conditions and the maturation of existing ones. programs.
Commenting on these results, president and CEO David Clare said that the first quarter of Trisura was affected by the implementation of the new IFRS standards and the run-off of a program in the US, which resulted in a quarterly net income of US$14.0 million or US$0.30 per share. .
Clare said the business remains “well capitalized,” supported by excess cash, as well as a US$50 million unused revolver, a 12.8% debt to capital ratio, and a conservative position investment portfolio.
Net investment income also grew by 150.3% in the quarter, he said, reflecting higher yields and an increased size of the investment portfolio.
“Expanding distribution relationships and maturing our platform has led to increased market share and resulted in insurance revenue growth of 58.3%,” said Clare.
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