IRB(Re) strengthens Q1 performance with 74% underwriting gain. The Brazilian reinsurer delivered an underwriting result of R$180 million in the first quarter of 2026, marking significant operational improvement despite net income declining 15% year-on-year. The combined ratio improved substantially to 98% from 102% in the prior year quarter, driven by an 8.5 percentage point reduction in the loss ratio to 58%. Written premiums expanded to R$1.288 billion, reflecting growth across both domestic and international markets. While financial and equity income weakened by 19%, operating income showed marked recovery, reaching R$7 million compared to a R$31 million loss in Q1 2025. The results demonstrate disciplined underwriting practices and improved portfolio management amid a challenging investment environment.
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