IRB(Re) has opened 2026 with a stronger underwriting performance and improved profitability metrics, despite a decline in net income.
The Brazilian reinsurer posted an underwriting result of R$180 million in Q1 2026, a 74% increase over the same period last year, reflecting disciplined underwriting and improved portfolio performance.
This helped drive a more favourable combined ratio of 98%, down from 102% in Q1 2025, supported by a notable 8.5 percentage point reduction in the loss ratio to 58%.
While underwriting momentum was positive, IRB(Re)’s net income came in at R$102 million, down 15% year-on-year.
The decline was largely attributed to weaker financial and equity income, which fell 19% to R$170 million over the period.
However, the firm’s operating income showed a marked turnaround, reaching R$7 million in Q1 2026 compared to a loss of R$31 million in the prior-year quarter.
IRB(Re)’s written premiums were also up in the opening quarter of the year, expanding to R$1.288 billion, thanks to growth in both Brazil and abroad.
