SulAmerica Seguros, which has just announced a merger with Rede D’Or, had a loss in the fourth quarter of R$31.2 million, reversing a profit of R$42.6 million in the same period in 2020, due to the effects of pandemic in insurance such as health and life. In 2021, it reported a 58% drop in net income, to R$332.7 million.
“Our operational performance was also greatly affected by the dynamics of covid-19 and its direct and indirect effects”, says the insurer’s CEO, Ricardo Bottas, in a message on the balance sheet.
“In relation to the loss ratio, following the dynamics of the Covid-19 pandemic, the company has observed atypical results in the last two years”, highlights the balance sheet. The consolidated loss ratio was 84.9% in the year, a number above the historical average and which “should not be extrapolated to future periods”, according to Bottas.
Still in the results, Ebitda was negative by R$263.3 million in the fourth quarter, compared to a positive number of R$27.1 million at the end of 2020.
Already operating income rose 2.1% in one year, to R$ 5.361 billion in the fourth quarter. In the year, they totaled R$ 21 billion, an expansion of 5%.
The insurer’s expectation is that the results will return to normal, even with the advancement of the Ômicron variant. The reason is that the continuity of vaccination – “very well accepted in the country, despite a slower start compared to global peers” – and the progressive control of the pandemic, both in Brazil and in the world, “make us confident that we will gradually observe the normalization of our results”, says the president of the insurer.
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