IRB Brasil RE informed, on this Wednesday (September 23), it sent the data for July to the Federal Insurance Commissioner (Susep), through the Periodical Information Form (FIP). Once more, in order to make services easier, as the FIP meet the requirements of the accounting plan by the commissioner, the company published, on its Investor Relationship website, a spreadsheet with the same information in the model already used by the reinsurance in periodical disclosures, called business view. The data regarding the months from January through July 2020 is subject to changes, as the figures for July are not audited yet.
According to the notice sent to shareholders and the market, in July, the gross Revenue (issued premium) of IRB Brasil RE reached BRL1,546.6 million, an increase of 100.8% in comparison with July last year, with BRL1,015.0 million in Brazil and BRL531.6 million abroad. In Brazil, the increase was 133% in comparison with July 2019, and abroad it was 58.8%. The periodical revenue for July/20 (earned premium) summed up BR657.6 million.
The expenses with claims reached BR638.3 million, with a claim rate (relationship between the claim expenses and the earned premium) of 97.1% in July, appreciably reverting the trend observed in the first semester of 2020, which presented a claim rate of 108%. Excluding the claims with discontinued business in July, that is, those which had their contracts cancelled or not renewed, this rate drops to 73.2%
According to IRB, in July, the net loss reported was BRL62.4 million. Excluding the impact of discontinued business, the reinsurer would present a net profit of BRL36 million. On the other hand, regarding the subscription result was negative in BR137.6 million, due to the high claim rate of discontinued business, summing up BRL160.8 million. The rate of administrative expenses was closed as 3.4%, while the Financial and Equity Result Rate reached 10% of the earned premium.
“We keep sure on the goal of presenting total transparency to the company’s data, and we are again disclosing the data sent to Susep on our website, in a language shareholders and analysts are already used to. We work for sustainable growth, adding value at long term”, says IRB’s CEO and chairperson of Board of Directors, Antonio Cassio dos Santos.
The complete spreadsheet with the historic data made available by IRB can be accessed on the link: https://ri.irbre.com/informacoes-financeiras/dados-historicos/.
