Newly IPOed IRB-Brasil Resseguros SA on Aug. 4 reported a net profit of 232 million Brazilian reais for the second quarter, marking a 15% increase from 202 million reais earned a year earlier.

The result came as the insurer showed an 85% improvement in its underwriting result, which jumped to 174 million reais from 94 million reais year over year. Gross written premiums for the insurer were up to 1.51 billion reais for the quarter, 12% higher than the 1.36 billion reais in the second quarter of 2016. Total retained premiums were up 16% to 1.03 billion reais, from 891 million reais.

However, IRB-Brasil's financial income for the quarter dropped 20% year over year to 233 million reais, which the company attributed to the drop in Brazil's benchmark SELIC rate.

Meanwhile, administrative expenses dropped 26% year over year to 56 million reais from 75 million reais.

Return on average equity for the insurer was 30% in the quarter, compared to 27% a year earlier.

As of Aug. 3, US$1 was equivalent to 3.13 Brazilian reais.