Brazilian insurance company BB Seguridade SA reported on Monday an almost 35% jump in its Q4 adjusted net income compared with the same period a year ago. Its securities filing says that its quarterly recurring net profit, which excludes one-off items such as proceeds from the sale of its stake in reinsurer IRB Brasil RE, came at 1.133 billion reais ($262.24 million). For 2020, the company expects a growth between 7% to 13% in operating result.
The price of the main products exported by Brazil plummeted after the outbreak of coronavirus in China, the main buyer of Brazilian products, according to BMJ Consultores Associados. Since the second half of January, the price of soybeans fell 5.13%, that of oil 15.5% and iron ore 14.3%. These three products accounted for 78% of Brazil’s foreign sales in 2019, which totalled $177.3 billion.
Deforestation in Brazil’s Amazon rainforest doubled in January compared with a year ago, reaching a five-year record for the month, according to the national space research agency Inpe. More than 280 sq km were cleared in January, an increase of 108%, and a record for the month since data started being collected in 2016. One square kilometre roughly equals 200 football pitches. Deforestation in the Amazon soared last year.