IRB (IRBR3) has an increase of 89.6% in the loss in April, to R$ 92.7 million

IRB Brasil RE (IRBR3) reported a net loss of BRL 92.7 million in April 2022, an increase of 89.6% compared to the loss of BRL 48.9 million recorded in April 2021.

In the first four months of 2022, the accumulated net loss was BRL 12.2 million, compared to a net income of BRL 1.9 million in the same period in 2021.

The premium issued by the reinsurer totaled BRL 552.8 million in April this year, a decrease of 29.7% compared to April 2021, compounded by the decrease in the premium in Brazil from 7.2% to BRL 338.5 million, and by the reduction of the premium abroad of 49.1%, to R$214.4 million.

In the first four months of 2022, the premium issued reached BRL 2.577 billion, down 5.8% from the same period in 2021.

In Brazil, there was a growth of 12.0%, reaching R$ 1.578 billion, while abroad there was a reduction of 25.1% compared to the same period in 2021, with R$ 979 million.

According to a report, the reduction abroad is in line with the strategy to focus on the domestic market, widely publicized by the company.

Claims expense in April 2022 was R$478 million, with a loss ratio of 103.1%, mainly impacted by the Agro segment. Thus, it was equivalent to the expense of April 2021, of R$ 479 million, which then represented a loss ratio of 84.3%.

In the first four months of this year, claims expenses totaled R$ 1.411 billion, a decrease of 7.7% when compared to the same period of the previous year.

In the first four months of the year, the loss ratio was 87.4%, compared to 75.6% in the first four months of 2021. The normalized loss ratio of adverse weather effects to the Agro segment in Brazil and Covid was 70 .8% in the first quarter of 2022.

Finally, the reinsurer informs that the details and explanations of the company’s results will be presented at the time of the disclosure of the financial statements, scheduled for August 15, 2022.

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