IRB Brasil RE met regulatory reclassification in 4Q20

Publicado em: 19/02/2021

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IRB Brasil RE disclosed, on Thursday (February 18th) at night, its 2020 annual and fourth quarter data. The most important news is that the company met the regulatory liquidity classification indexes, strengthening its solvency and the balance in the results for the “continuing” business.

“It was a long and careful work by our management, focusing on making IRB recover the regulatory indexes, which led to a strong proof of trust by the market”, says Werner Suffert, the company’s CFO and Relation with Investors’ officer. The CEO, Antonio Cassio dos Santos, adds: “A sign of this was the fact of successfully achieving a value of BRL4.8 billion in six months. We also highlight the return to the balance in the results, with an increase in the company’s total revenue.”

IRB Brasil RE closed the fiscal year of 2020 with a revenue of BRL9.6 billion, in spite of the re-underwriting process implemented from July last year, leveraging the non-renewal of large-volume contracts, whose business presented expressly negative margins.

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