By Brazil Stock Guide – Brazilian reinsurer IRB(Re) posted net income of BRL 143.6 million in the second quarter of 2025, a 120% jump from a year earlier, according to Valor Econômico. The result was driven mainly by a sharp improvement in underwriting profit, which climbed to BRL 229 million from BRL 33.7 million in the same period of 2024.
The company splits its portfolio into life and non-life segments. Non-life profit rose nearly 17% to BRL 139 million, supported by property and rural lines. “Despite the contraction in the rural insurance market, our premium in the segment remained stable compared to the second quarter last year. Due to lower claims, the rural underwriting result was 11% higher than in Q2 2024,” said Daniel Castillo, vice president of reinsurance, in a statement.
In the life segment, the turnaround was stark: a BRL 5 million profit versus a BRL 54 million loss a year earlier. The overall loss ratio dropped to 52% from 65%, while the non-life loss ratio fell 12 percentage points to 57%. In life, the ratio fell to 46% from 68%, with retained claims of BRL 12 million.
The combined ratio—which includes loss, commission and expense ratios—improved to 90% from 106% in the year-ago quarter. The company said the figure reflected BRL 48 million in reversals and recoveries from claims tied to contracts signed before 2020. Excluding that one-off impact, the combined ratio would have been 95%, still 11 points lower than a year earlier.
“Net income for the first six months of 2025 is already 82% higher than what we delivered in the same period of 2024. Looking at the last 12 months, we can clearly see the company’s progress. The curves for underwriting results and net income are rising and positive. In addition, the combined ratio for the P&C portfolio is close to what we consider adequate,” said Marcos Falcão, CEO of IRB(Re).
Figures are based on the company’s so-called business view methodology, aligned with CPC 11 (IFRS 4). Under IFRS 17, as adopted by Brazil’s securities regulator, second-quarter profit was BRL 107 million, down from BRL 194 million a year earlier.