IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Solvency ratio reached 287% in March 2026, enabling BRL 128 million distribution to shareholders, with return on tangible equity at 21%.

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

• Underwriting results improved, with a 74% increase year-over-year to BRL 180 million in 1Q26, and positive life segment results.

• Dividend payout policy aims for at least 25%, with potential to reach 50% depending on capital needs; distributions resumed in 1Q26.

• Strategic discipline and portfolio clean-up led to resumed dividends and a more balanced, profitable portfolio.

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 98% in 1Q26; loss ratio improved to 58%.

• Float and liquidity remain robust, with float at BRL 5.9 billion and assets under management at BRL 8.6 billion.

• Financial and equity income totaled BRL 170 million in 1Q26, down 19% year-over-year.

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 aims for increased profitability through selective premium growth, especially in Life and international markets, and ongoing efficiency projects.

• Administrative expense ratio targeted to reach 7% by 2029 through cost reduction and technology investments.

• Payment of interest on equity scheduled for May, June, and July.