04:40 PM EDT, 05/01/2025 (MT Newswires) -- Trisura Group ( TRRSF ) after trade Thursday reported lower earnings for the first quarter.

The specialty insurer reported operating net income of $34.17 million, up 3% from the year-prior quarter as a result of growth in the business. But net income was near $28.99 million, 20% lower than a year ago, primarily as a result of higher net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.

Operating earnings per share of $0.70 in the quarter increased by 2.9% from $0.68, but it missed a FactSet forecast of $0.72.

The insurer's combined ratio was 82.7%, "reflecting a strong underwriting performance across the portfolio".

Gross Premium Written (GPW) of $711.7 million fell by 1.6%, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in its Primary lines. Trisura's ( TRRSF ) Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income.

Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.

Trisura ( TRRSF ) shares closed down $0.01 to $37.84 on the Toronto Stock Exchange.