IRB incurred a loss of R$155 million in the third quarter

NS IRB (IRBR3) ended the third quarter of 2021 with an accounting loss of 155.7 million Brazilian reais, a decrease of 27% compared to 215 million Brazilian reais last year, shows a document sent to the market this Thursday (11).

On the recurring side, the company earned R$44.5 million.

“The company’s net accounting result was negatively affected by the discontinued business (in runoff), with a total negative impact of R$329.5 million, of which R$219.4 million was due to the interruption of the offshore life segment contract,” he said.

In the quarter, there was a 12.4% decrease in written premiums, totaling R$2,607.7 billion. Total general and administrative expenses amounted to R$90.3 million, an increase of 13.9%.

The loss rate was R$1.9 billion, an increase of 33.9%. According to the company, the increase reflects the increase in the PSL (Provisions for Claims to be Settled) component.

“This increase is primarily due to the recognition of the loss tail of a stalled contract (flow) in the offshore life sector, amounting to R$219.4 million,” he said.

In the quarter, the IRB generated cash generation of R$604.8 million, an increase of 332% over R$140 million achieved last year.

The numbers show the company’s recovery and improvement. The Immigration and Refugee Board is working hard to have well-structured operations, strong governance and a long-term strategy,” says IRC CEO, Rafael de Carvalho.

See the document: