Canada's Trisura Q3 insurance revenue rises

Overview

• Canada specialty insurer's Q3 net insurance revenue rose 2.9% yr/yr, driven by primary lines growth

Outlook

• Company expects to maintain capital above regulatory and internal targets to fund operations

• Company sees long-term growth opportunities in US Primary lines

• Company says balance sheet flexibility will support expansion of North American specialty platform

Result Drivers

• PRIMARY LINES GROWTH - Co said net insurance revenue and underwriting income were driven by momentum and improved profitability in US Surety and US Corporate Insurance

• INVESTMENT INCOME - Higher net investment income helped offset weaker results in US Programs

• US PROGRAMS CLAIMS - Higher loss ratio was mainly due to unfavourable claims in US Programs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "buy"

• Wall Street's median 12-month price target for Trisura Group Ltd. is C$56.00, about 30.6% above its November 4 closing price of C$42.89

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads

• Nov 3 - Canadian insurer Intact Financial Q3 adj EPS misses estimates

• Nov 3 - Insurer American Financial Group's Q3 adj EPS beats on underwriting and premium growth

• Nov 3 - British insurer Hiscox's nine-month premiums rise on retail demand

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)