IRB (Re) posts improved net income and CoR in Q3’24
Brazilian reinsurer IRB (Re) has announced its financial results for the third quarter of 2024, reporting an improved net income of R$116 million (USD 20.18 million), as well as an underwriting profit of around R$118 million (USD 20.52 million).
In the same period last year, the reinsurer posted a net income of R$48 million (USD 8.34 million) and an underwriting profit of R$10.8 million (USD 1.87 million).
At the same time, IRB (Re) also posted a combined ratio of 102.1% for Q3 2024, an 8.1 percentage point improvement from last year’s 110.2%.
The Q3’24 combined ratio included a improved loss ratio of 67.9%, which compares to the 74.0% loss ratio that the firm posted in Q3’23.
All in all, the reinsurer’s total written premiums in Q3 2024 were around R$2,165.7 million (USD 376.7 million), a 10.1% increase compared to R$1,967.5 million (USD 342.2 million) from Q3 2023.
For it’s Brazil business, IRB (Re) posted R$1,792.8 million (USD 311.8 million) in written premiums, a 7.1% year-on-year increase from Q3’23’s R$1,674.2 million (USD 291.2 million).
Meanwhile, written premiums abroad totaled R$372.9 million (USD 64.86 million) for the quarter, a 27.1% increase from last year’s R$293.3 million (USD 51.01 million).
Moving towards their results for the first nine months of 2024, IRB (Re) posted a net income of R$260.2 million (USD 45.22 million), a substantial climb from last year’s R$76.4 million (USD 13.22 million). The reinsurers underwriting profit amounted to $274 million (USD 27.65 million) for 9M 2024, which represents growth of around R$224 million (USD 38.96 million) from 9M 2023.
The firm’s combined ratio for 9M’24 sat at 102.1%, an improvement from the prior year’s 109.1%, while the loss ratio came in at 63.8%, in comparison to 75.2% from the prior year period.
Total written premiums for 9M 2024 sat at R$5,039.7 million (USD 878.53 million), a slight increase from the previous year’s R$4,945.6 million (USD 860.25 million).
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