IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Achieved robust net income of R$ 505 million in 2025, up 35% year-over-year, driven by improved underwriting, financial income, and disciplined portfolio management, despite a decline in retained premiums from life and agro segments.

• Implemented stock-based incentive and share buyback programs to align management and shareholder interests, support talent retention, and future share delivery.

• Upgraded S&P rating to AAA/brAAA and maintained A- (Excellent) from A.M. Best, reflecting improved risk management and financial strength.

• Recognized as a top workplace in Rio de Janeiro and offset 100% of corporate emissions with UN-certified carbon credits.

• Initiated steps to establish P&C and life insurance companies, with regulatory approval in progress, aiming to drive future premium growth.

Financial highlights

• Net income for 2025 reached R$ 505 million, up 35% year-over-year; 4Q25 net income was R$ 143 million, a 27% increase from 4Q24.

• Underwriting result for 2025 was R$ 741 million, up 64% year-over-year; 4Q25 underwriting result was R$ 293 million, a 65% increase from 4Q24.

• Retained premiums for 2025 were R$ 3,542 million, down 12% from 2024, mainly due to life and agriculture segment exits.

• Investment portfolio yielded R$ 666 million in 2025, with onshore portfolio returning 12.6% and offshore 5.4%.

• Solvency ratio reached 268% at year-end, with adjusted net equity up 34% to R$ 2.6 billion.

Outlook and guidance

• 2026 is positioned as a structuring year, with moderate profit growth expected; more robust results anticipated in 2027 and 2028 as new insurance companies and life portfolio expansion take effect.

• Targeting a sustainable return on tangible equity (ROTE) of at least 20% in the long term.

• Dividend distribution to resume after five years, subject to shareholder approval at the March 2026 meeting.

• Focus remains on profitable growth in Brazil and selective international expansion, especially in Latin America.

• Continued investment in innovation and new product launches to support domestic insurance market growth.