Trisura Group Ltd (TSE:TSU)
TSX:TSU
Want to see TSE:TSU full AI Analyst Report?
Top Page
Trisura Group Ltd
(TSX:TSU)
Select Model
Select Model
Rating:72Outperform
Price Target:
C$46.00
▼(-2.17% Downside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by solid fundamentals (strong growth, healthy ROE, low leverage, and good cash conversion), offset by TTM margin compression and weaker recent free cash flow. Technical indicators are neutral-to-soft (negative MACD and below key moving averages), while valuation appears reasonable at ~13x earnings.
Positive Factors
Revenue Growth
Sustained TTM revenue growth of +23.5% indicates durable expansion of specialty premium volumes and distribution reach. For a specialty insurer, persistent top-line growth reflects competitive underwriting, product demand in surety/warranty lines, and supports scale benefits over the next several quarters.
Negative Factors
Margin Compression
A sharp fall in net margin to mid-single digits from prior mid-teens suggests meaningful underwriting or expense pressure, or reserve adjustments. Sustained lower margins would erode the firm’s earnings power and require either higher pricing or improved loss control to restore long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained TTM revenue growth of +23.5% indicates durable expansion of specialty premium volumes and distribution reach. For a specialty insurer, persistent top-line growth reflects competitive underwriting, product demand in surety/warranty lines, and supports scale benefits over the next several quarters.
Read all positive factors
Trisura Group Ltd (TSU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.02B
Dividend YieldN/A
Average Volume (3M)87.81K
Price to Earnings (P/E)13.4
Beta (1Y)1.04
Revenue Growth-0.78%
EPS Growth35.49%
CountryCA
Employees159
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)3.17
Shares Outstanding47,372,772
10 Day Avg. Volume56,915
30 Day Avg. Volume87,806
Financial Highlights & Ratios
PEG Ratio0.75
Price to Book (P/B)2.21
Price to Sales (P/S)2.35
P/FCF Ratio5.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$56.75Price Target Upside20.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.19
Revenue Forecast (FY)C$3.49B
Trisura Group Ltd Business Overview & Revenue Model
Company Description
Trisura Group Ltd. operates as a specialized insurance enterprise, actively engaged in surety, risk management solutions, corporate coverage, and reinsurance across Canada, the United States, and international markets. Within its surety division, ...
How the Company Makes Money
Trisura makes money primarily through (1) underwriting income and (2) investment income generated from its insurance float. Underwriting income is earned by collecting premiums on specialty insurance and surety policies and paying out claims and r...
Trisura Group Ltd Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive outlook: strong profitability (17% operating ROE), solid premium and revenue growth across core segments, double‑digit book value expansion, notable successes in Surety (36% growth, U.S. top‑30 ranking), Warranty (17% growth) and a conservative, opportunity‑ready investment posture. Challenges were acknowledged—quarterly combined ratio was higher versus a strong 2024 comparator, underwriting income was down vs prior year quarter, Canadian fronting remains soft and Surety growth is expected to normalize—but these issues are presented as manageable within a well‑capitalized platform with disciplined underwriting and strategic focus. Overall, highlights outweigh the lowlights.Positive Updates
Strong Profitability and Operating Returns
Operating return on equity of 17% (exceeding mid‑teens target); operating EPS of $0.75 for the quarter and $2.85 for the full year; operating net income of $36.5 million for the quarter.
Negative Updates
Quarterly Increase in Combined Ratio vs Prior Year
The group's combined ratio of 85% in the quarter was higher than the prior year; loss ratio was slightly larger due to a higher loss ratio at Trisura Specialty compared to an unusually low 2024, and expense ratio rose due to higher contingent profit commissions and a more normalized expense ratio at U.S. programs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Profitability and Operating Returns
Operating return on equity of 17% (exceeding mid‑teens target); operating EPS of $0.75 for the quarter and $2.85 for the full year; operating net income of $36.5 million for the quarter.
Read all positive updates
Company Guidance
Management reiterated guidance for continued profitable growth, targeting premium growth, operating return on equity and book value per share growth in excess of 15% and reaffirmed the $1.0 billion book‑value goal (BVPS $19.42 at Dec 31, 2025; FY book value +18%, five‑year average BV growth 26%, total book value >$920m), while remaining conservatively leveraged (debt‑to‑capital 12.7% vs a 25% target) and reporting operating ROE of 17% (operating EPS $2.85 FY, $0.75 Q4). At a business‑line level they expect Trisura Specialty to grow mid‑teens with a combined ratio ~86–87% next year (Q4 combined ratio 85%, FY 84.9%), U.S. programs to grow mid‑ to high‑single digits with a low‑80s combined ratio (Q4 GWP +17%, FY +4%, combined ratio ~81%), and highlighted momentum in Surety (+36% premium, pace to normalize), Warranty (+17%) and Primary lines (+15%); quarterly net insurance revenue was $200m (+11.8%), net investment income $21.5m (+25%) and FY interest/dividend income ~ $83m (+18%).Trisura Group Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
83
Very Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19B | 867.95M | 778.83M | 711.34M | 520.77M | 349.88M |
| Gross Profit | 2.49B | 235.35M | 197.19M | 118.13M | -112.58M | 159.79M |
| EBITDA | 208.91M | 198.19M | 163.19M | 94.49M | 46.01M | 86.01M |
| Net Income | 150.66M | 142.25M | 118.92M | 66.94M | 27.80M | 62.56M |
Balance Sheet | ||||||
| Total Assets | 5.11B | 5.01B | 4.59B | 3.58B | 4.28B | 3.00B |
| Cash, Cash Equivalents and Short-Term Investments | 261.28M | 1.76B | 1.36B | 611.52M | 1.17B | 341.32M |
| Total Debt | 221.71M | 157.03M | 107.57M | 84.70M | 86.74M | 84.68M |
| Total Liabilities | 4.17B | 4.08B | 3.81B | 2.97B | 3.80B | 2.64B |
| Stockholders Equity | 948.12M | 924.67M | 785.27M | 619.43M | 493.65M | 358.79M |
Cash Flow | ||||||
| Free Cash Flow | 326.16M | 377.67M | 115.89M | 257.20M | 148.80M | 303.39M |
| Operating Cash Flow | 331.78M | 382.80M | 119.73M | 257.91M | 150.93M | 306.85M |
| Investing Cash Flow | -386.94M | -387.70M | -471.81M | -117.34M | -241.99M | -148.65M |
| Financing Cash Flow | 83.96M | 24.80M | 22.04M | 48.06M | 141.59M | 45.15M |
Trisura Group Ltd Technical Analysis
Positive
47.02
Price Trends
42.76
Negative
43.78
Negative
42.15
Positive
Market Momentum
0.09
Negative
52.48
Neutral
47.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TSU, the sentiment is Positive. The current price of 47.02 is above the 20-day moving average (MA) of 42.19, above the 50-day MA of 42.76, and above the 200-day MA of 42.15, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 52.48 is Neutral, neither overbought nor oversold. The STOCH value of 47.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TSU.
Trisura Group Ltd Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$51.62B | 15.52 | 16.93% | 1.86% | 3.57% | 51.86% | |
76 Outperform | C$17.30B | 17.95 | 12.80% | 2.11% | -1.40% | 14.51% | |
72 Outperform | C$2.02B | 13.43 | 16.65% | ― | -0.78% | 35.49% | |
71 Outperform | C$61.25B | 20.55 | 12.98% | 4.11% | -10.77% | -1.88% | |
69 Neutral | C$9.11B | 22.91 | 9.82% | 0.98% | 24.56% | -10.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | C$1.14B | 30.46 | 2.58% | 4.03% | -17.10% | -67.20% |
* Financial Sector Average
TSE:TSU
Trisura Group Ltd
42.56
-1.72
-3.88%
TSE:SLF
Sun Life Financial
110.54
23.64
27.21%
TSE:IAG
iA Financial Corporation Inc
194.99
49.45
33.98%
TSE:IFC
Intact Financial Corporation
292.00
-18.18
-5.86%
TSE:SFC
Sagicor Financial
8.34
0.35
4.37%
TSE:DFY
Definity Financial Corp.
74.90
-3.58
-4.57%
Trisura Group Ltd Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Trisura Group Reshapes Board as Founder Retires and Veteran Executive Joins
Positive
Apr 2, 2026
Trisura Group Ltd., a Toronto-listed specialty insurer focused on surety, warranty, corporate insurance, program and fronting business lines in Canada and the U.S., continues to build out its leadership bench as it advances its growth strategy. Th...
Business Operations and StrategyPrivate Placements and Financing
Trisura to Raise C$200 Million Through Senior Unsecured Notes Offering
Positive
Mar 11, 2026
Trisura Group Ltd., a Toronto-listed specialty insurer focused on surety, warranty, corporate insurance and fronting solutions in Canada and the U.S., continues to build its presence in niche commercial and specialty risk markets through its netwo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.