IRB Brasil RE informed today (April 22nd), in a statement sent to the market and to its shareholders, it made available a monthly report delivered to the Federal Insurance Commissioner (Susep), through the Periodic Information Form (FIP). The figures for February confirm the improvement trend in 2021 results.
For better understanding, once the FIP meets the requirements of the accounts plan defined by Susep, the company made available, on its Investor Relations website, a spreadsheet with the financial data for February and the first two months of the year. The material reconciles the information presented in the FIP with the Business Vision model, used in the company’s financial disclosures. It should be noted that this data is subject to change and it has not been audited.
Check out the highlights for February and 2021 first two months:
:: Gross revenue (issued premium) of BRL528.6 million, a reduction of 12.3% in comparison with February 2020, with BRL255.8 million in Brazil and BRL272.7 million abroad. It presented a 5.4% reduction in Brazil compared to February 2020 and a 17.9% reduction abroad. In the two-month period, the issued premium reached the amount of BRL1,342.2 million, an increase of 9.2% in comparison with the same period in 2020, with BRL719.7 million in Brazil and BRL622.5 million abroad, a growth of 46.7% and a reduction of 15.7%, respectively, in comparison with the same period in 2020. The reduction abroad is aligned to the re-underwriting strategy adopted by the company.
:: Period revenue (earned premium) of BRL537.2 million, with a small reduction of 1.7% in comparison with February 2020. In the two-month period, the earned premium was BRL948.1 million, with a growth of 7% in comparison with the same period in 2020.
:: Loss ratio (claim expenses/premium earned for the period) of 70.7% in February 2021, equivalent to a claim expense of BRL379.6 million. In the first two months of the year, the loss ratio was 70.6%, equivalent to a claim expense of BRL669.6 million, already aligned to the trend of loss reduction expected by the company.
:: Positive result before taxes of BRL29.3 million, an improvement in comparison with February 2020, which presented a negative result of BRL8.7 million. In the two months, the result before taxes was positive by BRL59.3 million, in comparison with a negative result of BRL198.9 million in the same period of 2020.
:: Net profit of BRL20.8 million in comparison with a net profit in February 2020 of BRL0.7 million. In the two-month period, the accumulated net profit is BRL38.8 million in comparison with a net loss of BRL131.3 million in the same period of 2020.
It is worth recalling that in the first two months of 2020 there was a capital gain, regarding the sale of interest in shopping malls, in the amount of BRL169.4 million. During such period, no one-off events deserving to be highlighted were observed. The results of continued and/or interrupted business will only be reported quarterly, when IRB’s quarterly information is published.
The spreadsheet with more detailed history data can be accessed at https://ri.irbre.com/informacoes-financeiras/planilhas-interativas-dados-historicos/. The complete report submitted to Susep, source for the data above, can be accessed at http://www2.susep.gov.br/menuestatistica/SES/principal.aspx.