![\"irb-re-logo-3\"](\"https:\/\/calebdewey.com\/wp-content\/uploads\/2024\/06\/irb-re-logo-3.jpg\"){kind=logo}
In the same period last year, the company saw a net income of USD 1.63 million (R$ 8.6mn) and an underwriting profit of USD 0.70 million (R$ 3.7mn) and a combined ratio of 110.9%.<\/p>\nBrazilian reinsurer IRB (Re) has announced its first quarter of 2024 financial result, reporting an improved net income of around USD 15 million (R$ 79.1mn) as well as an underwriting profit of around USD 23 million (R$ 122.4mn), and a combined ratio of 99%.<\/p>\n
In the same period last year, the company saw a net income of USD 1.63 million (R$ 8.6mn) and an underwriting profit of USD 0.70 million (R$ 3.7mn) and a combined ratio of 110.9%.<\/p>\n
According to IRB (Re), the company\u2019s net income for Q1 2024 was impacted by both underwriting profit and finance income, which were positive.<\/p>\n
The Q1 2024 combined ratio included an improved loss ratio of 58.2%, which compares to the 77.3% loss ratio reported in Q1 2023.<\/p>\n
The reinsurer\u2019s total written premiums in Q1 2024 were around USD 273.77 million (R$1,440.1mn), compared to Q1 2023 USD 301.07 million (R$1,583.7mn).<\/p>\n
For its Brazil business, IRB (Re) reported USD 201.51 million (R$ 1,060mn) written premiums, a 5.3% increase year-on-Y-year, with the Property and Agriculture segments positively impacting the volume of written premiums.<\/p>\n
Written premiums abroad totaled USD 72.24 million (R$ 380mn) for the Q1 2024, a 34.2% decrease from the Q1 2023. This decrease, according to the reinsurer, was a result of the portfolio cleanup strategy widely reported by IRB (Re) and the reduction in international exposures, which reached 26% of total in the quarter.<\/p>\n
Retroceded premiums for the Q1 2024 decreased 5.7% from the Q1 2023. The retrocession ratio changed from 21.1% for last year\u2019s first quarter to 21.9% for Q1 2024.<\/p>\n
Total earned premiums were down 24.7%, to USD 172.82 million (R$ 909.1mn) in Q1 2024 from USD 229.51 (R$ 1,207.3mn) in Q1 2023. According to the company, the reduction in the earned premium volume is in line with the 10% decrease in retained premiums.<\/p>\n
Total underwriting profit increased to USD 23.27 million (R$ 122.4mn) in Q1 2024, from USD 0.70 million (R$ 3.7mn) in the same period the year prior, a result of the improvement in nearly all segments, the reinsurer noted.<\/p>\n
As part of this figure, IRB (Re)\u2019s Brazil business apported an underwriting profit of USD 32.20 million (R$ 169.4mn), which was an improvement from the USD 3 million (R$ 15.8mn) reported in Q1 2023. Underwriting abroad improved from USD 2.30 million (R$ 12.1mn) in Q1 2023 to USD 8.93 (R$ 47mn) in Q1 2024.<\/p>\n
The post IRB (Re) reports improved net income and combined ratio<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Brazilian reinsurer IRB (Re) has announced its first quarter of 2024 financial result, reporting an improved net income of around USD 15 million (R$ 79.1mn) as well as an underwriting profit of around USD 23 million (R$ 122.4mn), and a combined ratio of 99%. In the same period last year, the company saw a net […]<\/p>\n","protected":false},"author":1,"featured_media":658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/656"}],"collection":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=656"}],"version-history":[{"count":2,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/656\/revisions"}],"predecessor-version":[{"id":659,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/656\/revisions\/659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/658"}],"wp:attachment":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}