Brazilian reinsurer IRB(Re) reported a net income of R$ 144 million for the second quarter of 2025, representing a significant 120% increase from R$ 65 million in the prior year quarter.
Underwriting results notably increased by 579% to R$ 229 million from R$ 33.7 million.
Written premiums amounted to R$ 1.3 billion, down 6% from R$ 1.4 billion, due to the shift in its focus in the Life segment, in which the firm cancelled an important contract in July 2024.
Retained premiums were R$ 827 million, decreasing 16% from R$ 990 million, in line with the drop in written premiums.
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Earned premiums were R$ 859.8 million, a 17% decrease from $1 billion.
IRB(Re)’s combined ratio in Q2’25 was 89.8%, down 16.2 points from 106.0% in Q2’24, with an improved loss ratio of 51.9% compared to 65.0%.
For the first half of 2025, IRB(Re) posted a net income of R$ 262.1 million, up 82% from R$ 144.3 million.
In H1’25, underwriting results rose 113% to R$ 332.2 million from R$ 156.2 million.
Written premiums decreased 10% to R$ 2.6 billion from R$ 2.9 billion.
Retained premiums were R$ 1.8 billion, down 15% from R$ 2.1 billion.
Earned premiums were R$ 1.7 billion, down 13% from R$ 1.9 billion.
Operating income totalled R$ 48 million, compared to a R$ 67.2 million loss a year earlier.
The company’s combined ratio was 96.1%, down from 102.1%, mainly benefiting from an 8.6-point decline in the commission ratio. Its loss ratio was 59.2%, down from 61.8%.
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