Brazilian reinsurer IRB(Re) reported a net income of R$98.7 million in the third quarter of 2025, down 14.8% from R$115.9 million in the same period a year prior, while net income for the first nine months of 2025 increased 38.7% to R$360.8 million from R$260.2 million.
For the quarter, the combined ratio increased slightly to 102.5% from 102.1%, whereas for 9M it improved to 98.0% from 102.1%, mainly benefiting from the commission ratio, which declined 5.1 p.p.
In Q3’25, IRB(Re) recorded a loss ratio of 61.2%, compared to 67.9% in Q3’24, while in 9M the loss ratio was 59.8% versus 63.8% a year prior.
Written premiums reached R$1.9 billion, down 11% from R$2.2 billion, and for 9M’25 they amounted to R$4.5 billion, down 10.3% from R$5.0 billion.
Retained premiums in the quarter decreased 16.7% to R$866.1 million from R$1.0 billion, while for 9M they declined 15.5% to R$2.7 billion from R$3.2 billion.
Earned premiums stood at R$763.5 million, down 19.3% from R$946 million, and for the first nine months they were R$2.5 billion, down 14.7% from R$2.9 billion.
In 9M’25, operating income (underwriting result excluding administrative and tax expenses) was R$21 million, compared to an operating loss of R$94.6 million in 9M’24.
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