UPDATE 1-Profit at reinsurer IRB Brasil triples as investment income jumps

April 13, 2015 11:57 PM

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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 - above the firm's 20 percent guidance for th...

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