Brazil's IRB seen posting positive results in 2018
Brazilian reinsurance company IRB Brasil Re is expected to post positive results this year after reporting higher first quarter earnings thanks to growth of premiums at its international operations.
IRB's earnings totaled 254mn reais (US$76mn) in the quarter, up from 223mn a year earlier.
"IRB released a neutral quarterly result but with clear signs of its strong franchise," said BB Investimentos equity analysts.
"In our view, the main drivers of our investment thesis are still up to date: historical knowledge and market leadership; multi-line products and the cross selling benefits; company ownership, entry barrier and strong relationship with the main local insurers; high efficiency in a profitable business; internationalization and growth strategy; business resilience."
BB Investimentos underscored that IRB's shares remain one of its top picks in the Brazilian financial sector, with an outperform recommendation.
The reinsurance company's net profit rose nearly 14% in the first quarter.
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News in: Political Risk & Macro (Brazil)
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