IRB Re (IRBR3) reported an accounting net loss of R$ 456 million in 3Q26 (R$ 456.1 million), compared with a profit of R$ 99 million in 3Q25. The result was affected by non-recurring, non-cash effects: a write-off of R$ 505.6 million in deferred IRPJ/CSLL tax credits, following Law 15,525/2026, and R$ 41 million in deferred PIS/COFINS assets, due to the effects of the Tax Reform.
Excluding these effects, comparable adjusted net income was R$ 74.1 million, versus R$ 98.7 million in 3Q25, a 25% decline. The underwriting result totaled R$ 120.6 million, up 4.3%. The combined ratio, which measures costs relative to earned premiums, was 110.6%, versus 102.5% a year earlier, with higher administrative and tax expenses.
The loss ratio was 64.4%, versus 61.2% in 3Q25. The earthquake in Colombia had an impact of R$ 90 million in the quarter. Written premiums totaled R$ 1.7 billion (R$ 1,681.5 million), down 12.8%, and the financial and equity result was R$ 177.9 million. The revaluation of tax credits totaled R$ 590.4 million, of which R$ 505.6 million was recorded in income and R$ 84.8 million in shareholders' equity.
In 9M26, the company posted a net loss of R$ 197 million and comparable adjusted net income of R$ 381 million, versus R$ 361 million in 9M25. The adjusted shareholders' equity surplus was R$ 1,986 million, equivalent to 333% of the minimum required capital.
Regarding dividends, the JCP (Interest on Equity) credited in 2026 reached the limit for the year, leaving no room for new credits. Any additional distribution will be assessed after the close of 2026. Susep also granted final approval to the insurers IRB(Seg) Patrimonial and IRB(Seg) Vida.
Is IRBR3 worth investing in?
- Price
- R$ 58.18
- as of 11/11/2026
- Dividend yield
- 2.71 %
- P/L
- 19.74
- P/VPA
- 0.89
