Brazilian reinsurance company IRB Brasil RE has recorded a net loss of R$630.3 million in its full-year results, compared to a net loss of R$682.7 million from 2021.
At the same time, for Q4 22, the firm came close to reaching the break-even point, with a net loss of R$38.8 million, compared to the company’s R$370.8 million net loss from the prior year quarter.
For FY22, IRB Brasil RE saw an underwriting loss of R$1,449.4 million, which the firm noted was impacted by adverse climate effects on the Agriculture segment and the COVID-19 pandemic on the Life insurance line.
In Q4 22, the firm reported an underwriting loss of R$152.8 million, compared to a loss of R$627.9 million from Q4 21.
Total written premiums within the Brazil segment totalled R$1,244.3 million for the quarter, representing a 0.5% reduction YoY, while written premiums abroad totalled R$545.5 million for the quarter, representing a 32.8% YoY decrease.
However for the full-year, written premiums in Brazil totalled R$5,377.5 million, a 0.9% increase over the prior year. Abroad written premiums amounted to R$2,514.5 million for the full-year, down 26.7% from 2021.
IRB Brasil RE’s total loss ratio for the year was 104.3%, compared to 101.5% from 2021. For Q4, total loss ratio was 93.8%, a substantial improvement from 123.5% from Q4 21.
The firm’s combined ratio for the full-year came in at 136.6%, compared to 2021’s 133.5%, while combined ratio for Q4 improved to 118.3%, from 173.9% from the prior year quarter.
