IRB-Brasil Resseguros (IRBR3) Q3 2025 earnings summary

Executive summary

• Net income for 3Q25 ranged from R$99 million to R$474 million, with accumulated net income for the nine months ended September 30, 2025, between R$352.97 million and R$361 million, reflecting strong profitability and elimination of accumulated losses.

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

• S&P upgraded the national scale rating to 'brAAA'; A.M. Best affirmed 'A-' (Excellent) rating.

• Life segment premiums dropped significantly due to portfolio sanitation and contract cancellations, but profitability improved.

• No material impacts from major catastrophic events, including the 2024 Rio Grande do Sul floods, were recorded in 2025.

Financial highlights

• Underwriting results for the last 12 months rose to R$626 million, with loss ratio improving to 61% and combined ratio for 9M25 at 98%.

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

• Financial and equity income remained strong, with financial investments at R$8.9 billion as of September 2025.

• Administrative expenses were impacted by digital transformation, regulatory projects, and post-employment obligations.

• Assets under management totaled R$8.9 billion, with a diversified allocation and 60% onshore, 40% offshore.

Outlook and guidance

• Focus remains 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.

• Management expects continued compliance with regulatory capital and liquidity requirements.