Q1 2024 Financial Supplement

Trisura Group Ltd.

Financial Supplement

As at March 31, 2024

(Unaudited)

Accounting Changes and Disclosure Matters	Page 1
(Unaudited)

The current supplementary financial information is following the adoption of IFRS 17 and IFRS 9(1)

IFRS 17/9

IFRS 4

Figures in the 'IFRS 17/9' sections reflect both IFRS 17 and IFRS 9 metrics, as well as IFRS 4 metrics where the calculation has been impacted by the adoption of IFRS 17 and/or IFRS 9
IFRS 17 became effective on January 1, 2023, with a transition date of January 1, 2022
- Applied using a full retrospective approach, recognizing any difference in equity
- Q1 2024, Q1, Q2, Q3 & Q4 2023 and Q1, Q2, Q3 & Q4 2022 figures in the 'IFRS 17/9' sections reflect IFRS 17 (Q1, Q2, Q3 & Q4 2022 restated)
IFRS 9 became effective for insurance entities on January 1, 2023 and the Company has elected not to restate comparative periods
- Q1 2024, Q1, Q2, Q3 & Q4 2023 figures in the 'IFRS 17/9' sections reflect IFRS 9
Figures in the 'IFRS 4' sections reflect IFRS 4 metrics where the calculation hasnotbeen impacted by the adoption of IFRS 17 and/or IFRS 9

(1) Please refer to Section 10 - Accounting and Disclosure Matters - Changes in Accounting Policies in the March 31, 2024 MD&A for additional detail.

Index	Page 2
(Unaudited)

1 - Notes to the Financial Supplement

Important Notes
Important Definitions

2 - Financial Highlights

Financial Results
Underwriting Results
ROE and Book Value
Capitalization

3 - Shareholder Information

Shares Outstanding/Traded
Common Share Performance
Ratings

4 - Comprehensive Income & Loss

4.1 Comprehensive Income and Loss

5 - Segmented Underwriting & Performance

Canada
1. Canada
2. Surety
3. Risk Solutions Warranty
4. Canadian Fronting
5. Corporate Insurance

3-5

6-7

10-12

6 - Segmented Underwriting & Performance

6.1 United States

7 - Corporate and Other

7.1 Corporate and Other

8 - Segmented Highlights

Insurance Revenue By Business Line
Book Value

9 - Financial Position

Statements of Financial Position
Capital Ratios

10 - Investment Portfolio

Total Portfolio
Fixed Income Credit Quality
Fixed Income Maturity Schedule

1.1 - Important Notes	Page 3
(Unaudited)

Important Notes

Please note these statements are unaudited. For additional information, please refer to our MD&A and Consolidated Financial Statements. Financial reports are reported under International Financial Reporting Standards (IFRS). We use both IFRS and non-IFRS measures to assess performance. Non-IFRS measures do not have any standardized meanings prescribed by IFRS and are unlikely to be comparable to any similar measures presented by other companies.

This Financial Supplement contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects," "likely," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" ", "potential" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could".

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

1.2 - Important Definitions	Page 4
(Unaudited)


	Term		Definition and Usefulness

	Book Value per Share	-	Shareholders' equity, divided by total number of shares outstanding. Used to calculate theper-sharevalue of a company based on equity
			available to common shareholders.

	Ceded Premiums Written	-	Premiums ceded to reinsurers in the period. Used by Management for internal measurement, budgeting and forecasting purposes.
			Management views the figure to be useful forward-looking information to measure growth and profitability.

	Combined Ratio	-	The sum of the loss ratio and the expense ratio. The difference between 100% and the combined ratio represents underwriting income as a
			percentage of Net Premiums Earned ("NPE"), or underwriting margin. A combined ratio under 100% indicates a profitable underwriting
			result. A combined ratio over 100% indicates an unprofitable underwriting result. A measure to evaluate pre-tax underwriting profitability.

	Deferred Fee Income	-	Reflects unrecognized revenue associated with Fee income and is expected to be earned over the lifetime of the associated policies. A
			precursor to Net income (expense) from reinsurance contracts assets, which can be used to assist with estimates of future pre-tax
			underwriting profitability.

	Debt-to-Capital Ratio	-	Total Debt outstanding at the end of the reporting period, divided by sum of: Debt outstanding balance and Shareholders' equity.

	Expense Ratio	-	Insurance service expense plus Other operating expenses (net of Other income, which reflects surety fee income, in our Canadian
			operations) as a percentage of NPE. A measure to evaluate pre-tax underwriting profitability.

	Fee Income	-	A portion of Net income or expense from reinsurance contracts assets, which reflects fees received from reinsurers paid in exchange for
			fronting services. A measure used to evaluate profitability.

	Fronting Fees Written	-	Fees charged by Trisura US Fronting in a given period, a portion of which may not be recognized as income in a given period. A measure
			used to evaluate profitability, with a portion considered a precursor to Net income (expense) from reinsurance contracts assets, which can
			be used to assist with estimates of future pre-tax underwriting profitability.

	Fronting Fees Earned	-	Reflects recognized revenue associated with Fee income and is earned over the lifetime of the associated policies. A measure used to
			evaluate profitability.

	Fronting Fees Deferred	-	The difference between Fronting Fees Written and Fronting Fees Earned.

	Fees as a Percentage of	-	Fronting Fees Written divided by Ceded Premiums Written. Illustrates the rate of fee income generated from ceded premium, and can
	Ceded Premium		supplement measurements of pre-tax underwriting profitability.

	Fronting Operational Ratio	-	The sum of net claims and loss adjustment expenses, net commissions and operating expenses divided by the sum of NPE and fronting
			fees. A measure of pre-tax underwriting profitability.

	Gross Premium Written	-	Insurance revenue, adjusted to reflect insurance revenue bound in the period inclusive of any portion of that premium not yet recognized as
			revenue. Used by Management for internal measurement, budgeting and forecasting purposes. Management views the figure to be useful
			forward-looking information to measure growth.

1.2 - Important Definitions (continued)	Page 5
(Unaudited)


	Term		Definition and Usefulness

	Loss Ratio	-	Net claims expense as a percentage of NPE. A measure of claims used to evaluate pre-tax underwriting profitability.

	Minimum Capital Test ("MCT")	-	Our regulated Canadian operations report the results of its MCT as prescribed by the Office of the Superintendent of Financial Institutions
			Canada's ("OSFI") Guideline A - Minimum Capital Test for Federally Regulated Property and Casualty Insurance Companies, as
			amended, restated or supplemented from time to time. MCT determines the supervisory regulatory capital levels required by our regulated
			Canadian operations.

	Net Claims Expense	-	The portion of Insurance service expenses related to movement in the Liability for Incurred claims, less the portion of Net expense from
			reinsurance contracts assets related to the Asset for incurred claims, plus the finance (expense) income from insurance and reinsurance
			contracts. A measure of pre-tax underwriting profitability.

	Net Premiums Earned	-	The sum of Net Premiums Written and an adjustment to reflect the portion of Net Premiums Written that has been recognized as revenue in
			a given period. Used by Management for internal measurement, budgeting and forecasting purposes. Management views the figure to be
			useful to measure growth and profitability.

	Net Premiums Written	-	The difference of Gross Written Premium less Ceded Premiums Written. Used by Management for internal measurement, budgeting and
			forecasting purposes. Management views the figure to be useful forward-looking information to measure growth and profitability.

	Net Underwriting Revenue	-	The sum of net premiums earned and fee income. A measure used in calculating Net underwriting income.

	Net Underwriting Income	-	Net Premiums Earned, less Insurance service expense, expense from reinsurance contracts assets, and Other operating expenses, plus
			Other income and Finance income (expense) from insurance or reinsurance contracts. A measure ofpre-taxunderwriting profitability.

	Operating Net Income	-	Net income, adjusted to remove impact of certain items to normalize earnings in order to reflect our North American specialty operations,
			which are considered core operations. Items which are not core to operations include Net gains (loss), ECL, the impact of movement in the
			yield curve included in Finance income (expense) from insurance/reinsurance contracts, and Net loss (gain) from life annuity. Adjustments
			also include items which may not be recurring, such as the write-down of reinsurance recoverables, loss from run-off programs, loss on sale
			of structured insurance assets, and certain tax adjustments. Adjustments also include SBC. A measure ofafter-taxprofitability, used in
			calculating Operating EPS and Operating ROE.

	Operating Retuon Equity	-	ROE calculated using Operating net income for the twelve-month period preceding the reporting date. An alternate measure ofafter-tax
			profitability, adjusted for certain items to normalize earnings to core operations in order to better reflect our North American operations.

	Premiums to Capital	-	Gross premiums written generated during a given period, annualized, and divided by Trisura US Fronting's end of period shareholders'
	(United States)		equity. A measure used to evaluate operational leverage.

	Retuon Equity	-	Net income for the twelve-month period preceding the reporting date, divided by the average common shareholders' equity over the same
	(Last Twelve Months)		period, adjusted for significant capital transactions, if appropriate. A historical measure ofafter-taxprofitability.

2 - Financial Highlights	Page 6
(Unaudited)

2 - Financial Highlights

(in 000s of CAD, except otherwise noted) 2.1 - Financial Results

		Insurance Revenue
		Change Y/Y
		Insurance Service Expenses
		Net Expense and Income From Reinsurance Contracts Assets
		Insurance Service Result
17/9		Total Investment Income
	Net Insurance Finance Expenses and Income
IFRS		Net Insurance and Financial Result
	Net Income and Loss

		Operating Net Income(1)
		Comprehensive Income and Loss
		Net Income and Loss Per Share (Basic) ($ per share)
		Net Income and Loss Per Share (Diluted) ($ per share)
		Operating Net Income Per Share (Basic) ($ per share)(1)(2)
		Operating Net Income Per Share (Diluted) ($ per share)(1)(2)
		Gross Premiums Written(3)

		Change Y/Y
		Net Premiums Written(3)
		Net Premiums Earned(3)
4		Fee Income(3)
IFRS		Net Investment Income

		Net Income and Loss
		Net (Loss) Income Per Share (Basic) ($ per share)
		Net (Loss) Income Per Share (Diluted) ($ per share)
		Operating Net Income Per Share (Basic) ($ per share)
		Operating Net Income Per Share (Diluted) ($ per share)

2.2 - Underwriting Results
		Canada

		Loss Ratio(2)
17/9		Combined Ratio(2)
	United States
IFRS
	Loss Ratio
	Loss Ratio Excluding Certain Non-recurring Items(2)(4)
		Fronting Operational Ratio(2)
		Fronting Operational Ratio Excluding Certain Non-recurring Items(2)(4)
		Canada

		Loss Ratio
4		Combined Ratio
IFRS		United States

Loss Ratio

Fronting Operational Ratio

Fronting Operational Ratio Excluding Certain Non-recurring Items(4)

2024			2023					2022				2021		2023	2022	2021
Q1		Q4	Q3	Q2	Q1		Q4	Q3	Q2	Q1		Q4		Annual	Annual	Annual


744,266	754,953	730,714	664,420	639,100	595,742	550,861	464,643	403,669			2,789,187	2,014,915
16.5%	26.7%	32.7%	43.0%	58.3%								38.4%
(580,940)	(615,167)	(562,419)	(567,217)	(500,443)	(474,120)	(547,859)	(407,172)	(313,450)			(2,245,246)	(1,742,601)
(127,878)		(135,627)	(143,546)	(57,491)	(121,942)		(175,384)	25,588	(30,019)	(63,313)				(458,606)	(243,128)
35,448	4,159	24,749	39,712	16,715	(53,762)	28,590	27,452	26,906			85,335	29,186
27,199	25,264	4,527	5,408	7,707	13,591	10,306	6,518	3,549			42,906	33,964
(3,858)		(4,205)	(898)	(287)	(4,726)		(400)	281	1,179	757				(10,116)	1,817
58,789		25,218	28,378	44,833	19,696		(40,571)	39,177	35,149	31,212				118,125	64,967
36,433		11,320	14,838	26,807	13,976		(40,710)	24,224	20,943	23,338				66,941	27,795
33,188		25,875	31,725	26,032	26,570		23,519	21,116	19,071	19,543				110,201	83,250
45,372		19,772	16,664	16,936	19,897		(44,663)	23,927	(1,460)	2,284				73,269	(19,912)
0.77	0.24	0.32	0.58	0.30	(0.89)	0.54	0.51	0.56			1.44	0.64
0.75	0.23	0.31	0.57	0.30	(0.87)	0.53	0.50	0.55			1.42	0.63
0.70	0.54	0.68	0.57	0.58	0.51	0.47	0.46	0.48			2.37	1.92
0.68	0.54	0.67	0.56	0.57	0.50	0.46	0.45	0.47			2.34	1.88
723,014	739,195	769,944	801,756	660,456	664,802	644,820	642,215	481,380	484,740	2,971,351	2,433,217	1,563,206
9.5%	11.2%	19.4%	24.8%	37.2%	37.2%	59.3%	76.7%	55.2%	54.3%	22.1%	55.7%	68.7%
161,757	173,194	173,155	137,818	113,064	137,594	106,414	145,933	108,170	115,941	597,231	498,111	398,137
149,493	140,849	152,718	155,911	138,097	115,605	111,996	102,671	88,349	82,768	587,575	418,621	277,909
27,475	22,926	21,604	19,810	23,174	20,124	18,855	16,311	18,227	12,625	87,514	73,517	49,879
16,753		16,206	13,493	11,899	10,071		9,479	6,583	5,077	4,023		7,430		51,669	25,162	7,605
							(40,340)	23,746	20,195	21,050		10,295			24,651	62,559
Impacted by						(0.88)	0.53	0.49	0.51	0.25		Impacted by	0.57	1.52
adoption of		Impacted by adoption of IFRS 17/9		(0.86)	0.51	0.48	0.50	0.24		adoption of	0.56	1.49
IFRS 17/9						0.52	0.46	0.47	0.46	0.32		IFRS 17/9	1.91	1.50
						0.51	0.45	0.46	0.45	0.31			1.87	1.47


15.6%	20.6%	10.4%	18.7%	14.6%	19.8%	16.2%	14.1%	14.8%			16.1%	16.3%
81.8%	85.8%	75.0%	82.9%	80.7%	83.4%	81.8%	79.9%	77.2%			81.1%	80.7%
71.9%	202.7%	103.6%	52.5%	86.3%	75.4%	73.2%	71.9%	61.4%			99.6%	71.4%
67.0%	129.9%	69.8%	65.7%	75.6%								87.7%	71.4%
89.6%	143.0%	117.2%	78.6%	111.1%	242.8%	83.9%	81.2%	70.8%			109.6%	128.3%
84.8%	106.0%	85.5%	79.9%	86.0%	80.5%	N/A	N/A	N/A			90.3%	80.5%
						20.7%	16.7%	14.2%	15.7%	26.2%			17.0%	21.2%

Impacted by						83.5%	83.1%	80.6%	79.5%	91.2%		Impacted by	81.9%	81.1%

adoption of		Impacted by adoption of IFRS 17/9		74.6%	71.1%	71.2%	65.3%	82.1%		adoption of	71.1%	73.3%
IFRS 17/9							IFRS 17/9
					241.7%	83.4%	82.2%	74.7%	79.0%		128.8%	72.7%

						82.2%	N/A	N/A	N/A		N/A			81.0%	N/A

Operating Net Income includes the portion of finance income/expense relating to the change in yield curve. (2) This is a non-IFRS ratio. See Section 10, Non-IFRS Financial Measures and Other Financial Measures for details on composition, as well as each non-IFRS financial measure used as a component of this ratio, and an explanation of how it provides useful information to an investor. (3) This is a non-IFRS financial measure. See Section 10, Non-IFRS Financial Measures and Other Financial Measures for details on composition and an explanation of how it provides useful information to an investor. (4) These metrics exclude the impact of the 2023 run-off and the Q4 2022 write down on reinsurance recoverables to better reflect our US operations.

2 - Financial Highlights

(Unaudited)

2 - Financial Highlights		2024			2023
(in 000s of CAD, except otherwise noted)		Q1		Q4	Q3	Q2	Q1

2.3 - ROE and Book Value

Page 7

	2022			2021	2023	2022	2021
Q4	Q3	Q2	Q1	Q4	Annual	Annual	Annual

IFRS 17/9

IFRS 4

Consolidated

Retuon Equity (Last Twelve Months)(1)(2)

Operating Retuon Equity (Last Twelve Months)(1)(2)

Book Value

Book Value Per Share(3)

Canada

Retuon Equity (Last Twelve Months)