IRB(Re) started 2026 with strong underwriting performance and improved profitability metrics despite lower net profit.
The Brazilian reinsurer reported underwriting results of BRL 180 million in the first quarter of 2026, a 74% increase from the same period last year, reflecting strong underwriting discipline and improved portfolio performance.
This helped reduce the combined ratio to 98% from 102% in the first quarter of 2025, while the loss ratio dropped significantly by 8.5 percentage points to 58%.
Although underwriting momentum was good, IRB(Re)’s net profit was 102 million reais, down 15% year-on-year.
The decline was mainly attributable to weaker finance and equity income, which fell 19% to R$170 million during the same period.
However, the company’s operating income improved significantly, reaching R$7 million in the first quarter of 2026, compared with a loss of R$31 million in the same period a year earlier.
IRB(Re)’s written premiums also increased in the first quarter of this year, rising to R$ 1.288 billion due to growth in Brazil and overseas markets.
