IRB(Re) reports best underwriting profit in four years for 2024

In its 2024 full-year results, IRB(Re) reported its best underwriting profit in four years, reaching R$ 452 million, up from R$ 155 million in 2023.

IRB(Re) also disclosed a net income of R$ 373 million for 2024, compared to R$ 114 million in 2023, while its loss ratio stood at 64%, increasing by 6 percentage points year-over-year. In 2024, the firm’s combined ratio stood at 101%, marking an important reduction of 6 percentage points compared to 2023.

For Q4 2024 alone, IRB(Re) reported a net income of R$ 112 million, up from R$ 38 million in Q4 2023.

At the same time, the firm’s underwriting profit reached R$ 178 million for Q4 2024, up by 69% from Q4 2023. IRB(Re)’s combined ratio in Q4 2024 was 99%, down by 4 percentage points from Q4 2023.

Management commented on the results, “In 2024, the year when IRB(Re) celebrated 85 years of history, we reached a milestone in the Company, ending the turnaround period with growth in operating profit.

“This progress was achieved despite the tragedy caused by the floods in Rio Grande do Sul, classified by the National Confederation of Insurers (CNSEG) as the largest claim in the insurance sector caused by a single event in the history of Brazil.”

IRB(Re)’s total losses resulting from the floods in Rio Grande do Sul amounted to R$ 605 million.

Of this total, R$ 389 million was retroceded, effectively transferring a significant portion of the risk to other reinsurers. Meanwhile, R$ 217 million was retained by IRB(Re).

The firm also disclosed that at the January 2025 renewals, around 40% of its yearly premiums were up for renewal, with the reinsurer reporting a renewal ratio of 92% and a -2 percentage point priced combined ratio reduction.

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