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IRB (IRBR3) reverses profit in February and has a loss of BRL 50.9 million – Money Times

IRB
In the quarter, the IRB reports a profit of BRL 63.2 million (Image: Money Times/Renan Dantas)

THE IRB (IRBR3) reported a loss of BRL 50.9 million in February 2022reversal in relation to the net profit of R$ 20.8 million registered in the same period last year, the company informed this Friday (22).

THE claim expense in february of 2022 was R$188.9 million, a reduction of 50.2%, against the R$379.6 million of the previous year. The loss ratio in February stood at 81.0%, compared to 70.7% in 2021.

“We recorded a non-recurring effect referring to the LPT (Loss Portfolio Transfer) operation, which increased the premium line retroceded by R$218.8 million and reduced the retained claim line by R$200.8 million, generating a negative effect on the subscription result of the company of R$ 18 million”, says the company.

THE issued premium added R$ 478.5 million, a decrease of 9.5%.

“The figures were made up of the 30.6% increase in the premium in Brazil, to R$334.1 million, and the reduction in the premium abroad of 47.0%, to R$144.4 million”, explains the IRB. .

IRB bimonthly result

In the first two months of 2022, the accumulated net profit was BRL 63.2 million, against a net income of BRL 38.8 million in the same period in 2021.

THE positive number of the first quarter 2022 is due to the profit recorded in January, which was BRL 114.1 million, up 537.4% over the same month of 2021.

“We recorded a non-recurring effect in January referring to the gain in a lawsuit that positively impacted the pre-tax result by R$ 110.2 million”, said the insurance company.

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