The following is a summary of the Trisura Group Ltd. (TRRSF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Trisura reported Q1 insurance revenue growth of 17% and an operating return on equity of 20%.
The overall net investment income expanded by 66%.
Trisura's net income for the quarter was $36 million, with an operating net income of $33 million driven by business expansion and increased investment income.
In Canada, business growth resulted in a combined ratio of 82%, while increased investment income led to a 23% increase in operating net income and a 28% return on equity.
The US operation reported insurance revenue of $522 million and saw a 23% increase in fees, with a 30% increase in operating net income and a 14% operating return on equity.
Business Progress:
Trisura's Canadian operation saw growth across various lines with fronting and surety leading the growth, while the US operation added $92 million in insurance revenue.
The company has made significant moves in its US expansion, which include a US treasury-listed surety acquisition and setting initial steps towards a more comprehensive expansion.
The company plans to deepen broker relationships and utilize risk underwriting expertise from Canadian operations as part of expansion strategies.
Trisura is expecting high-single-digit to low-double-digit growth as it anticipates more participation in profitable programs.
Trisura's US operation intends to add about 10 programs a year on a gross basis and is already experiencing a positive trend in program submissions.
The company anticipates reaching $500 million in consolidated equity capital, positioning it favorably in the US market.
More details: TRISURA GROUP LTD IR
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