04:25 PM EST, 02/12/2026 (MT Newswires) -- Trisura Group ( TRRSF ) said Thursday afternoon that fourth-quarter operating earnings narrowed, but still beat estimates, as "robust growth" in book value per share (BVPS) underscored "disciplined, profitable underwriting and strong expansion in investment income.

The specialty insurer said operating net income fell 4.2% to $36.6 million, or $0.75 per diluted share, from $38.2 million, or $0.79 per diluted share, in the previous corresponding quarter. The result still beat the consensus analyst estimate of $0.71 per share, according to FactSet. Trisura ( TRRSF ) said the lower profit was due to lower underwriting income, partly offset by growth in net investment income.

Underwriting income, which measures the profit an insurance company earns from its core business operations, fell 10.7% to $29.7 million. Combined ratio weakened slightly, to 85.2%, from 81.2% in the prior year period.

Trisura ( TRRSF ) said net insurance revenue growth of 11.8% was led by growth in primary lines. Gross premiums growth of 10.1% reflects strength in U.S. Programs, and strength in primary lines.

David Clare, President and CEO of Trisura ( TRRSF ), saidL "2025 was characterized by stability, focused growth and consistent execution, with 17.8% growth in book value supported by an 84.9% combined ratio and 17.3% increase in investment income. We ended the year strong, with fourth quarter Operating net income of $36.6 million, or $0.75 per share, contributing to record annual Operating net income of $138.4 million for the year.

"The strength of our opportunity was highlighted by an 11.8% increase in Net insurance revenue, underpinned by momentum in Primary lines which grew 15.4% in the quarter and 20.4% in the year. Surety led growth with expansion of our Canadian offering and continued scaling in the US.

"Our capital base reached a record $925 million at year end, which combined with a conservative 12.7% Debt-to-capital ratio demonstrates increased financial flexibility and provides confidence to continue our strategic growth initiatives."

Shares rose 0.65% today, despite huge losses for the broader market.