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Trisura Group Ltd
(TSX:TSU)
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Rating:71Outperform
Price Target:
C$46.00
▲(9.13% Upside)
Action:Reiterated
Date:08/10/26
The score is supported primarily by solid financial performance (healthy ROE, low leverage, good cash conversion despite TTM margin/FCF softness) and a constructive earnings-call outlook (strong underwriting metrics and book value growth). These positives are tempered by weak current technical momentum (below key moving averages with negative MACD) and only moderate valuation support based on the P/E ratio.
Positive Factors
Underwriting profitability
A sub-85% combined ratio and mid-teens operating ROE indicate durable underwriting discipline and profitable risk selection. Sustained underwriting profitability supports internal capital generation, resiliency across cycles, and long-term shareholder value without relying solely on investment returns.
Negative Factors
Mixed top-line growth
Sluggish premium growth constrains operating leverage and makes long-term EPS growth more dependent on margin improvements or capital deployment. Competitive pressures, timing effects, and fronting contraction reduce visibility into sustainable revenue expansion over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Underwriting profitability
A sub-85% combined ratio and mid-teens operating ROE indicate durable underwriting discipline and profitable risk selection. Sustained underwriting profitability supports internal capital generation, resiliency across cycles, and long-term shareholder value without relying solely on investment returns.
Read all positive factors
Trisura Group Ltd (TSU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.98B
Dividend YieldN/A
Average Volume (3M)94.32K
Price to Earnings (P/E)12.9
Beta (1Y)1.04
Revenue Growth0.51%
EPS Growth29.34%
CountryCA
Employees159
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)3.29
Shares Outstanding47,372,772
10 Day Avg. Volume94,351
30 Day Avg. Volume94,320
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$58.80Price Target Upside39.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)3.08
Revenue Forecast (FY)C$3.34B
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 its insurance operations. Its core revenue and earnings drivers include: (1) Net earned premiums: Trisura underwrites specialty insurance policies—most notably surety bonds and other selected commercial lines—...
Trisura Group Ltd Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone: Trisura reported strong profitability metrics (operating EPS +10%, operating ROE 16.7%), exceeded the $1 billion book value milestone ahead of plan, and showed robust underwriting and investment income growth (investment income +18%, operating net income +10.7%). Primary lines—especially Surety and Corporate Insurance—demonstrated meaningful underwriting income gains (Surety +44%, Corporate Insurance +60%), and management continued deliberate expansion in the U.S. with a USD 50 million capital injection into the U.S. Surety balance sheet. Offsetting risks include mixed top-line growth (net insurance revenue +1%), contraction and competitive pressure in Canadian Fronting, timing-related Surety premium comparisons, and elevated claims on select programs that are expected to normalize. Overall, the positive operational and capital trends materially outweigh the headwinds, while management emphasizes disciplined, profitable growth and conservative capital allocation.Positive Updates
Surpassed $1 Billion Book Value Ahead of Schedule
Book value exceeded $1.0 billion during Q2, achieving the company’s 2027 target more than one year early; book value per share grew more than 20% year-over-year to over $21 per share; 5-year average book value growth of 26%.
Negative Updates
Mixed Top-Line Growth and Premium Contraction
Reported net insurance revenue increased only 1% YoY; overall top-line growth described as mixed with a modest decline in premium for the quarter driven by timing effects and competitive pressures.
Read all updates
Q2-2026 Updates
Positive
Negative
Surpassed $1 Billion Book Value Ahead of Schedule
Book value exceeded $1.0 billion during Q2, achieving the company’s 2027 target more than one year early; book value per share grew more than 20% year-over-year to over $21 per share; 5-year average book value growth of 26%.
Read all positive updates
Company Guidance
Guidance highlighted a continued focus on profitable, capital‑efficient growth: book value topped $1.0 billion (ahead of the 2027 target) with book value per share >$21 and >20% YoY growth (five‑year average BV growth ~26%); operating EPS was $0.76 (+10%) and operating net income was $36.8M (+10.7%), producing an operating ROE of 16.7% (management’s mid‑teens target). Management expects net insurance revenue growth to be driven by primary lines (primary lines were +6.6% this quarter, represented >2/3 of NWP over 12 months and are expected to deliver mid‑teens growth for the full year), while consolidated underwriting remains healthy with a combined ratio of 84.9% (U.S. Programs ~80%); Surety underwriting income was +44% with a ~17% Surety loss ratio and ~45% of 2026 Surety premium expected from the U.S. platform. They added USD 50M to the U.S. surety balance sheet (U.S. Surety capital ~USD150M), expect Canadian Fronting premium to decline this year though fronting income stayed ~CAD$5M, foresee slightly higher‑than‑historic combined ratios near term as mix normalizes, and noted net investment income of $22M (+18%) with a conservative debt‑to‑capital ratio of 16.5% (vs. 25% target).Trisura Group Ltd Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
81
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.26B | 867.95M | 778.83M | 711.34M | 520.77M | 349.88M |
| Gross Profit | 3.26B | 235.35M | 197.19M | 118.13M | -112.58M | 159.79M |
| EBITDA | 217.04M | 198.19M | 163.19M | 94.49M | 46.01M | 86.01M |
| Net Income | 156.36M | 142.25M | 118.92M | 66.94M | 27.80M | 62.56M |
Balance Sheet | ||||||
| Total Assets | 5.23B | 5.01B | 4.59B | 3.58B | 4.28B | 3.00B |
| Cash, Cash Equivalents and Short-Term Investments | 287.25M | 1.76B | 1.36B | 611.52M | 1.17B | 341.32M |
| Total Debt | 222.27M | 157.03M | 107.57M | 84.70M | 86.74M | 84.68M |
| Total Liabilities | 4.23B | 4.08B | 3.81B | 2.97B | 3.80B | 2.64B |
| Stockholders Equity | 1.01B | 924.67M | 785.27M | 619.43M | 493.65M | 358.79M |
Cash Flow | ||||||
| Free Cash Flow | 293.82M | 377.67M | 115.89M | 257.20M | 148.80M | 303.39M |
| Operating Cash Flow | 298.54M | 382.80M | 119.73M | 257.91M | 150.93M | 306.85M |
| Investing Cash Flow | -310.78M | -387.70M | -471.81M | -117.34M | -241.99M | -148.65M |
| Financing Cash Flow | 44.69M | 24.80M | 22.04M | 48.06M | 141.59M | 45.15M |
Trisura Group Ltd Technical Analysis
Positive
42.15
Price Trends
42.83
Negative
42.84
Negative
43.16
Negative
Market Momentum
-0.14
Negative
53.31
Neutral
70.13
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 42.15 is above the 20-day moving average (MA) of 41.63, below the 50-day MA of 42.83, and below the 200-day MA of 43.16, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 53.31 is Neutral, neither overbought nor oversold. The STOCH value of 70.13 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | C$8.74B | 18.56 | 11.45% | 1.12% | 35.39% | 14.86% | |
79 Outperform | C$17.90B | 17.23 | 13.70% | 2.07% | 13.06% | 8.42% | |
74 Outperform | C$62.42B | 18.50 | 13.89% | 3.43% | -0.59% | 5.22% | |
73 Outperform | C$46.92B | 14.47 | 15.73% | 2.15% | 3.25% | 38.09% | |
71 Outperform | C$1.98B | 12.88 | 16.54% | ― | 0.51% | 29.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | C$1.27B | 7.47 | 11.42% | 4.60% | -3.85% | 8.02% |
* Financial Sector Average
TSE:TSU
Trisura Group Ltd
42.37
2.74
6.91%
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Trisura Group Ltd Corporate Events
Business Operations and StrategyFinancial Disclosures
Trisura Tops $1 Billion in Book Value on Strong Underwriting and Investment Gains
Positive
Aug 6, 2026
Trisura Group reported that its book value surpassed $1 billion in the second quarter of 2026, reaching a book value per share of $21.19, up 20.2% year over year. The specialty insurer maintained a conservative 16.5% debt-to-capital ratio, highlig...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Strategem Capital Boosts NAV and Earnings, Regains TSX Venture Compliance
Positive
Jul 31, 2026
Strategem Capital reported a net asset value of $1.39 per share as of June 30, 2026, up from $1.19 at year-end 2025, even as its shares last traded at $0.89, highlighting a notable discount to NAV in the market. The company had deployed 98% of its...
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.