Profit at reinsurer IRB Brasil triples as investment income jumps

April 13, 2015 9:46 PM

67 0

SAO PAULO, April 13 (Reuters) - Net income at Instituto de Resseguros do Brasil, the largest Latin American reinsurer, almost tripled in the first quarter in the wake of rising borrowing costs in Brazil that spurred a jump in investment income.

The Rio de Janeiro-based reinsurer, known as IRB Brasil RE, earned 130 million reais ($42 million) in the quarter, according to a statement. Return on equity, a gauge of operational profitability for companies in the financial industry, neared 23 percent.

Also read: GM to Take $7 Billion Write-Down as a Result of U.S. Tax Overhaul

Read more

To category page