IRB (IRBR3) reverses profit and records loss of BRL 50.9 million in February 2022

alphonseserisier

IRB Brasil (IRBR3) made available on the night of this Friday (22) a monthly periodic report sent to the Superintendence of Private Insurance (SUSEP) with the figures for the month of February.

The reinsurer reported having recorded a net loss of BRL 50.9 million in February 2022, compared to a profit of BRL 20.8 million in February 2021.

In the first two months of 2022, however, the accumulated net income was BRL 63.2 million, compared to a net income of BRL 38.8 million in the same period in 2021.

The company highlighted that the details and explanations of the results will be presented on the occasion of the disclosure of the financial statements, scheduled for May 16.

The premium issued totaled R$478.5 million in February 2022, a decrease of 9.5% compared to February 2021, compounded by the increase in the premium in Brazil of 30.6%, to R$334.1 million, and by the 47.0% reduction in the premium abroad, to R$144.4 million.

In the two-month period, the premium issued reached the amount of R$ 1.502 billion, an increase of 11.9% compared to the same period in 2021, of which R$ 945.7 million in Brazil and R$ 556.3 million abroad, growth of 31.4% and a reduction of 10.6%, respectively, compared to the same period in 2021. The reduction abroad is in line with the strategy of focusing on the domestic market, widely publicized by the company, he said.

claim expenses

The claim expense in February 2022 was BRL 188.9 million, a 50.2% decrease compared to February 2021, of BRL 379.6 million. The loss ratio in February 2022 stood at 81%, compared to 70.7% in the same month of the previous year.

“We recorded a non-recurring effect referring to the LPT (Loss Portfolio Transfer) operation, which increased the premium line retroceded by R$ 218.8 million and reduced the Retained Claim line by R$ 200.8 million, generating a negative effect on the subscription result of the Company of R$ 18.0 million”, said the company in a statement.

In the first two months of 2022, claims expenses totaled R$482.8 million, a decrease of 27.9% when compared to the same period of the previous year. In the first two months of the year, the loss ratio was 72.8%, compared to 70.6% in the first two months of 2021.

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