IRB-Brasil Resseguros (IRBR3) Q3 2025 earnings summary

Executive summary

• Net income for 3Q25 ranged from BRL 99 million to BRL 474 million, with accumulated net income reaching BRL 61 million and a 39% year-over-year increase for the nine-month period, driven by disciplined underwriting and improved loss ratios.

• Life portfolio retained premium dropped significantly YoY due to portfolio sanitation and contract cancellations, but profitability improved and losses narrowed.

• P&C portfolio retained premium grew 8% YoY, with underwriting and net profit increases, while total retained premium decreased 11% due to Life segment contraction.

• Regulatory solvency ratio reached 251%, well above requirements and in line with top international peers.

• S&P upgraded the rating to 'brAAA'; A.M. Best affirmed 'A-' and assigned 'aaa.BR' on the national scale.

Financial highlights

• Underwriting results for the last 12 months rose from BRL 379 million to BRL 626 million, a 65% increase.

• Loss ratio improved to 61% (down 7 p.p. YoY), with combined P&C index at 95% and combined ratio for 9M25 at 98%.

• Return on tangible equity reached 21% for the last twelve months.

• Financial and equity income remained strong, reaching up to BRL 668 million in 3Q25.

• Assets under management reached BRL 8.9 billion, with 60% onshore and 40% offshore.

Outlook and guidance

• Focus on disciplined underwriting, portfolio quality, and capital efficiency, with optimism for P&C premium growth and international expansion.

• Life segment expected to recover with new leadership and product development.

• Dividend payout of at least 25% of adjusted net profit planned for 2026.