Austral Re sees record net profit of BRL 75m in 2024
- June 25, 2025
- Posted by: Kane Wells
- Category: Insurance
Austral Re has reported a record net profit of BRL 75 million for 2024, an increase of 155% compared to 2023.
The firm stated that this record was achieved despite the catastrophic scale of flood losses in Rio Grande do Sul, showcasing its resilience and operational efficiency. Austral Re highlighted that, excluding the impact of the floods, net income could have reached BRL 96 million.
The firm’s net reinsurance premiums in 2024 were BRL 2.4 billion, a 6% growth compared to 2023, driven by its Latin America, Group and P&C operations.
Earned premiums also expanded in 2024, reaching BRL 2.2 billion, while Austral Re’s financial result was BRL 132 million, representing an increase of 151% compared to 2023.
The firm suggested that this growth was driven by the increased profitability of local financial investments and investments in foreign currencies.
Bruno Freire, CEO of Austral Resseguradora, commented, “We optimised capital allocation to achieve greater efficiency in the use of our capital and our commitment to sustainable and responsible market growth. We outperformed previous results, including the payment of our commitments in Rio Grande do Sul, thanks to our careful risk management and a strategy focused on innovation and excellence.”
Grupo Austral, Austral Resseguradora’s parent, controlled by Vinci Partners, closed 2024 with a net profit of BRL 120 million, up a significant 61% year-on-year.
The group observed that its consistent performance is supported by the underwriting practices and diversification of Austral Seguradora and Austral Resseguradora.
Grupo Austral reported BRL 3.3 billion in earned premiums in 2024, a 2% increase from the previous year, along with total revenues of BRL 3.9 billion.
The company achieved an 18% return on equity, while net equity grew by 8%, reaching BRL 733 million. The investment portfolio also delivered strong performance, totaling BRL 1.9 billion—up 22% from 2023.
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