IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Achieved strong profitability in 2025, enabling dividend distribution after five years, with R$ 145.7 million in retained earnings and R$ 10.2 million in statutory reserves.

• Net income for 2025 reached R$ 505 million, up 35% year-over-year, driven by improved underwriting, cost control, and financial income.

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

• Recognized as a top workplace in Rio de Janeiro, with a Net Promoter Score of 75 and 100% of corporate emissions offset.

• Strategic focus on disciplined underwriting, digital transformation, and selective international expansion.

Financial highlights

• Net income for 2025 was 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, up 65% from 4Q24.

• Retained premiums for 2025 were R$ 3,542 million, down 12% year-over-year, mainly due to life and agriculture portfolio adjustments.

• Investment portfolio yielded R$ 723 million in 2025, with onshore returns at 12.6% and offshore at 5.4%.

• Combined ratio improved to 97% for 2025 (from 101% in 2024) and 94% in 4Q25 (from 99% in 4Q24).

Outlook and guidance

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

• Management will propose dividend distribution at the March 31, 2026, shareholders' meeting.

• Targeting sustainable ROTE of at least 20% in the long term, with capital allocation focused on high-return opportunities.

• Continued investment in innovation, digital transformation, and new product launches to support growth.

• Life business expected to return to 20–22% of total premiums over the next 2–3 years.