Austral Re Achieves Record Profit in 2024 Amid Challenges

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Austral Re’s Remarkable Performance in 2024

In an impressive financial performance for 2024, Austral Re has announced a record net profit of BRL 75 million, marking a substantial increase of 155% over the previous year. This notable achievement comes despite facing significant flood-related losses in Rio Grande do Sul, highlighting the company’s resilience and operational efficiency.

Austral Re noted that if the impact of the floods were excluded, the net income could have soared to BRL 96 million. The firm’s net reinsurance premiums for the year were BRL 2.4 billion, reflecting a 6% growth compared to 2023, largely driven by its operations across Latin America, Group, and P&C sectors. Additionally, earned premiums expanded to BRL 2.2 billion in 2024.

Financial Growth and Strategic Investments

Austral Re’s financial results reached BRL 132 million, a 151% increase from 2023. This growth was attributed to the enhanced profitability of local financial investments and strategic investments in foreign currencies. According to Bruno Freire, CEO of Austral Resseguradora, “We optimized capital allocation to achieve greater efficiency in the use of our capital and our commitment to sustainable and responsible market growth. We outperformed previous results, including the payment of our commitments in Rio Grande do Sul, thanks to our careful risk management and a strategy focused on innovation and excellence.”

Grupo Austral’s Impressive Financial Metrics

Meanwhile, Grupo Austral, the parent company of Austral Resseguradora, which is controlled by Vinci Partners, concluded 2024 with a net profit of BRL 120 million, reflecting a significant year-over-year growth of 61%. The group’s consistent performance is underpinned by robust underwriting practices and the diversification strategies of both Austral Seguradora and Austral Resseguradora.

Grupo Austral reported BRL 3.3 billion in earned premiums, marking a 2% increase from the previous year, accompanied by total revenues of BRL 3.9 billion. The company achieved an impressive 18% return on equity, while net equity grew by 8%, reaching BRL 733 million. The investment portfolio also performed strongly, totaling BRL 1.9 billion—a 22% rise from 2023.