Brazilian reinsurance company IRB Brasil Re has reported a net loss of R$299 million for the third quarter of 2022, compared to a net loss of R$156 million from the prior year quarter.
The company’s net loss for the year-to-date currently stands at R$591.6 million compared to R$311.8 million from the same period last year.
IRB Brasil Re recorded R$2.412 billion in written premiums for the quarter, a 7.5% decrease from R$2.607 billion from the third quarter of 2021.
Premiums recorded in Brazil sat at R$1.738 billion for the quarter, while abroad premiums sat at R$673.5 million.
The reinsurers combined ratio accordingly rose from 141.8% in the prior year quarter to 156.1% in the most recent quarter on a total loss ratio of 116.8%.
At the same time, IRB Brasil Re reported an underwriting loss of R$539.3 million for the quarter compared to an underwriting loss of R$677.8 million from the same period last year.
The R$539.3 million underwriting loss for the quarter is also an improvement from the company’s R$661 million underwriting loss from Q2 22.
The company’s underwriting loss for the year-to-date currently sits at R$1.296 billion compared to R$940.8 million from the same period last year.
Commenting on its third quarter results, IRB Brasil Re said: “For IRB, the third quarter of 2022 was marked by its share offering, completed in the beginning of September, raising for the Company R$1.2 billion in capital, amount fundamental for meeting regulatory requirements of sufficiency of adjusted equity and coverage of technical reserve. We thank the trust of our over 300,000 shareholders that contributed with their funds to IRB.
“We are aware of our responsibility in the management of this company, which is a benchmark for reinsurance in Brazil and whose purpose is to be a protagonist in the protection of the future of the society. Besides the restricted offering, a series of measures has been taken to optimize the Company’s capital structure, including the following: sale of the headquarters in Rio de Janeiro for R$85 million, and sale of the 20% interest in CasaShopping for R$100 million.”
