IRB-Brasil Resseguros (IRBR3) investor relations material

Executive summary

• Recurring net profit for Q2 2026 was R$157 million, with comparable profit at R$185 million and a 12-month net profit of R$592 million, up 20% year-over-year; adjusted H1 2026 net income excluding non-recurring tax reform effects was R$307 million.

• Solvency ratio reached 316%, representing a surplus of R$1.9 billion over minimum regulatory capital.

• Major projects completed: DOJ non-prosecution agreement obligations, closure of 40-year London runoff operations, and transfer of UK portfolio.

• Advanced international expansion with new insurance entities in Switzerland and Malta, pending regulatory approval.

• Dividend and interest on equity payments resumed after five years, totaling R$127 million in H1 2026.

Financial highlights

• Retained premiums for the last 12 months were R$13.4 billion, down from R$13.7 billion year-over-year; written premiums in 2Q26 totaled R$1.15 billion, down 14% year-over-year.

• Underwriting results rose 34% to R$839 million in the last 12 months; 2Q26 underwriting income was R$250 million, up 9% year-over-year.

• Combined ratio was 92% in 2Q26, with a 12-month P&C loss ratio at 52%; consolidated loss ratio improved to 42% in 2Q26.

• Float remains robust and stable, supporting financial results; float stood at R$6.1 billion with a float-to-premium ratio of 165%.

• Investment portfolio yielded 9.8% in the 12 months to June 2026, with financial results of R$708 million.

Outlook and guidance

• Focus on accelerating premium growth, expanding profitability, and leveraging new international operations in 2027.

• Administrative expenses targeted for further reduction; digitalization and process simplification ongoing.

• Dividend payout expected to rise from 25% in 2026 to 50% in 2027, contingent on initiative ramp-up.

• Anticipates benefits from tax reforms, including zero-rated IBS/CBS from 2027.

• Management targets increased profitability through disciplined premium growth and higher financial income from maturing investments.