Brazilian reinsurer IRB (Re) has announced its financial results for the first quarter of 2025, reporting net income increase of 50%, to R$118.6m (approximately US$20.89m), despite a 13.34% decrease in total written premiums, which stood at R$1,247.9m (approximately US$219.97m).

This quarter’s net income compares to Q1 2024’ R$79.1m (around US$13.93m), which also saw R$1,440.1m in total written premiums (around US$255.0m).

The company’s combined ratio increased 4.68 p.p in Q1 2025, to 102.5% from 97.8% reported in Q1 2024. This increase was influenced by a loss ratio of 66.5%, 8.36 percentage points higher to the 58.2% seen in Q1 2024.

IRB (Re) positive net income in the quarter was mainly due to the underwriting result of R$103.2m (approximately US$18.19m), as well as from finance income and share of profit of equity-accounted investees of R$ 210.2m (approximately US$37.05).

Performance across different segments varied. The Life insurance segment contributed R$90.0m (approximately US$15.86m), a substantial 52.17% decrease compared to Q1 2024.

Conversely, the Non-Life segment generated R$1,157.9m (approximately US$203.9m) in contribution, representing a 7.50% decrease year-over-year.

The reinsurer also reported a 19.15% decrease for its Brazil business, to R$857.2m (approximately US$151.10m), compared to Q1 2024’s R$1,060.2m (approximately US$186.41m).

In contrast, IRB (Re)’s Abroad business saw a 2.86% increase in Q1 2025’s written premiums which grew to R$390.7m (approximately US$68.87.) from the R$379.9m (approximately US$66.87m) seen in the same period last year.

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