Mr. David Clare reports

TRISURA GROUP REPORTS FIRST QUARTER 2024 RESULTS

Trisura Group Ltd. has released financial results for the first quarter of 2024.

David Clare, president and chief executive officer of Trisura, stated: "Trisura demonstrated strong performance in the quarter with operating net income of $33.2-million, or 68 cents per share, driven by continued growth, profitable underwriting and higher investment income.

"Continued expansion of market share and distribution partners drove insurance revenue growth of 16.5 per cent. In Canada, disciplined underwriting resulted in a combined ratio of 81.8 per cent while U.S. fronting continued growth, and an improved loss ratio resulted in a strong insurance service result and improved fronting operational ratio.

"Net investment income grew 66.3 per cent in the quarter, reaching $16.8-million through higher yields and an increased size of the investment portfolio.

"Growth, strong earnings and gains on the investment portfolio lifted book value to over $662-million. In the quarter, we closed the acquisition of our treasury-listed surety company and look forward to expanding our U.S. surety presence in the coming years. With a larger capital base, increased financial flexibility and ample opportunities to grow, we are optimistic for the years ahead."

Financial highlights:

• Insurance revenue growth of 16.5 per cent compared with Q1 2023 demonstrated continued momentum across the organization.
• Net income of $36.4-million in the quarter was higher than Q1 2023 as a result of growth in the business, improved profitability in U.S. fronting, unrealized gains in the investment portfolio and higher net investment income. Operating net income of $33.2-million in the quarter increased 16.0 per cent compared with Q1 2023, driven by growth in the business, profitable underwriting and higher net investment income.
• Earnings per share of 75 cents in Q1 2024 were greater than Q1 2023. Operating EPS of 68 cents for the quarter increased by 11.5 per cent.
• Book value per share of $13.89 increased 24.6 per cent from March 31, 2023, primarily the result of earnings in the Canadian operations, higher net investment income and the equity raise in third quarter 2023.
• Return on equity was 15.3 per cent for the period ended Q1 2024, demonstrating an increase compared with recent quarters and a return to its mid-teen target despite the impact of the runoff program in 2023. Operating ROE of 20.0 per cent was comparable with Q1 2023 and benefited from growth, as well as higher net investment income.

Earnings conference call

Trisura will host its first quarter earnings conference call to review financial results at 9 a.m. ET on Friday, May 3, 2024.

You may listen to the call by live audio webcast.

A replay of the call will be available.

Investor day

Immediately following the company's annual general meeting, which will be held on Monday, June 3, 2024, at 10 a.m. Eastern Time, at the North Tower, 200 Bay St., Suite 1600 in Toronto, Trisura will host an investor presentation to discuss long-term strategy and market conditions.

Please register for the investor day, or listen to the live audio webcast.

About Trisura Group Ltd.

Trisura is a specialty insurance provider operating in the surety, risk solutions, corporate insurance and fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada and the United States. Trisura is listed on the Toronto Stock Exchange under the symbol TSU.

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