Brazilian reinsurer IRB(Re) has reported a robust financial performance for Q2 2026, driven by strong underwriting discipline and expanding profitability despite a minor contraction in top-line premium volume.
Notably, IRB(Re) reported net income of R$185 million for Q2 2026, representing a 29% increase compared to R$144 million in Q2 2025. Accounting for the impact of tax reforms, total net income reached R$157 million, up 10% year-on-year.
Meanwhile, the Brazilian firm’s total underwriting result improved by 9% to R$250 million in Q2 2026 from R$229 million in Q2 2025.
This profitability growth occurred despite a top-line decline, as total retained premiums dropped 5% to R$783 million in Q2 2026 compared to R$827 million in Q2 2025.
In IRB(Re)’s Property & Casualty (P&C) segment, retained premiums contracted by 4% to R$770 million in Q2 2026 from R$799 million in Q2 2025.
However, the P&C underwriting result jumped 41% to R$305 million in Q2 2026, compared to R$216 million in Q2 2025.
P&C net income for Q2 2026 reached R$220 million, up 58% from R$139 million in Q2 2025, or R$193 million (a 39% increase) when considering tax reform adjustments.
For the last twelve months (LTM) ending Q2 2026, P&C retained premiums decreased 2% to R$3,327 million from R$3,405 million in LTM Q2 2025, while the P&C underwriting result over the same period climbed 26% to R$874 million from R$693 million.
LTM P&C net income rose 27% to R$596 million, or R$508 million (an 8% increase) after tax reform adjustments
Conversely, IRB(Re)’s Life business experienced lower volumes and continued technical pressure in Q2 2026, with retained premiums in the segment falling 55% to R$13 million from R$28 million in Q2 2025.
The Life underwriting result shifted to a loss of R$54 million in Q2 2026, down from a profit of R$13 million in Q2 2025.
With this in mind, the firm’s Life net income dropped to a loss of R$34 million (or a R$35 million loss under tax reform impacts) in Q2 2026, compared to a R$5 million profit in Q2 2025.
Across LTM Q2 2026, Life retained premiums contracted 72% to R$93 million from R$329 million in LTM Q2 2025.
IRB(Re)’s LTM Life underwriting loss narrowed 46% to R$-35 million compared to R$-65 million in LTM Q2 2025, resulting in an LTM Life net loss of R$-4 million (or R$-7 million including tax reform impacts), down from a profit of R$23 million in LTM Q2 2025.
Across all lines on a LTM basis, total retained premiums stood at R$3.420 billion in LTM Q2 2026, representing an 8% reduction from R$3.734 billion in LTM Q2 2025.
Despite the top-line pull-back, total LTM underwriting result expanded 34% to R$839 million from R$628 million in LTM Q2 2025.
Total LTM net income rose 20% to R$592 million from R$491 million in LTM Q2 2025, or R$501 million (a 2% increase) when factoring in tax reform impacts.
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