Brazilian reinsurance company IRB (Re), which was formerly named IRB Brasil Re, has reported an underwriting profit of R$11 million for the third quarter of 2023, compared with an underwriting loss of R$539 million in the third quarter of 2022.
The reinsurer posted a net income in Q3’23 of R$48 million, compared to a loss of R$299 million.
While written premiums reduced from R$61.1 billion in 9M’22 to R$4.9 billion in 9M’23.
The reinsurer’s posted improved combined ratio of 110% in 9M’23, compared with 144% in 9M’22. The combined ratio for 9M’23 was an “improvement over 2022, but with area for further improvement,” the reinsurer noted.
The loss ratio was 75% in 9M’23, compared to 108% in 9M’22.
The reinsurer said “costs under control”, acquisition costs fell to R$207 million in Q3’23, compared to R$309 million. While, administrative expenses fell to R$76 million in Q3’23, compared to R$88 million a year ago.
