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).
