IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Solvency ratio reached 287% in March 2026, enabling a BRL 128 million distribution to shareholders and reflecting strong capital adequacy.

• Net income for 1Q26 was BRL 102 million, down 15% year-over-year, impacted by tax reform and lower financial income; adjusted net income would be BRL 122 million.

• Return on tangible equity stood at 21%, among the highest internationally.

• Underwriting results improved, with a 74% year-over-year increase to BRL 180 million in 1Q26 and a 37% rise in P&C.

• Dividend payout policy aims for at least 25%, with potential to reach 50% depending on capital needs; distributions resumed.

Financial highlights

• Net income for the last twelve months (LTM) excluding tax reform: BRL 558 million, up 35% year-over-year; including tax reform, LTM profit was BRL 487 million, up 18%.

• Underwriting result up 88% LTM, from BRL 433 million to BRL 817 million.

• Combined ratio improved to 96% LTM and to 98% in 1Q26; loss ratio improved to 58%.

• Float reached BRL 5.9 billion, with float/premiums at 128%.

• Assets under management totaled BRL 8.6 billion, with onshore portfolio yielding 13.2% of CDI.

Outlook and guidance

• 2026 is a transition year due to tax reform; 2027 expected to benefit from zero rate on reinsurance and retrocession.

• Premium growth expected to be moderate in both domestic and international markets due to soft market conditions.

• Management focuses on efficiency projects, administrative expense control, and technology investments to reduce G&A ratio to 7% by 2029.

• Life segment expected to return to growth in 18–24 months as portfolio is rebuilt.

• 2026 expected to be a year of structuring initiatives for future business growth.