IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Achieved net profit of $262M in H1 2025, up 82% year-over-year, and 120% growth to R$144M in 2Q25, marking the tenth consecutive profitable quarter and strong return on tangible equity at 23%.

• Disciplined underwriting, innovation in finance and risk management, and operational efficiency drove results, with a strategic focus on profitable growth and contract cancellations in unprofitable Life business.

• Life segment reduced from 30% to 3% of premiums; P&C is now 97% of the portfolio and the core business.

• Received 'Great Place to Work' certification twice and improved ranking in Rio de Janeiro.

• Significant international expansion, with 32% growth in Latin America and 48% in the rest of the world.

Financial highlights

• P&C retained premium grew 15% year-over-year to BRL 799M in 2Q25; total portfolio decreased 16% due to Life business exit.

• Underwriting result surged 1579% to R$229M in 2Q25 and 113% to R$332M for 6M25.

• Net income rose 120% year-over-year to R$144M in 2Q25 and 82% to $262M for 6M25.

• Combined ratio improved to 89.8% in 2Q25 (from 106% in 2Q24) and 96.1% for 6M25 (from 102.1%).

• Solvency ratio at 237% as of June 30, 2025, with adjusted equity of R$2.4B and sufficiency of R$1.4B over the minimum capital requirement.

Outlook and guidance

• Renewed key contracts in Argentina, Peru, Colombia, and Mexico, with positive Q3 renewal expectations.

• Focus on operational efficiency, process automation, and talent development to drive future growth, with plans to re-energize the Life segment in 2026.

• Retained premium growth targeted at low double digits, prioritizing profitability.

• Dividend policy to be clarified in the next call, aiming to become a major dividend payer in 2026.

• Continued investment in technology, AI, and ESG initiatives to drive future growth.