Slides
Page 1
3Q25 Results Conference Call – 11/14/2025
Page 2
3Q25 Highlights
Page 3
3 Total Retained Premium R$ 866 million 3Q24 R$ 1.040 million P&C Retained Premium 3Q25 R$ 840 million 3Q24 R$ 910 million Life Retained Premium 3Q25 R$ 26 million 3Q24 R$ 130 million 3Q25 Highlights Focus on disciplined underwriting and profitability Net Income R$ 99 million 3Q24 R$ 116 million P&C Net Income 3Q25 R$ 90 million 3Q24 R$ 121 million Life Net Income 3Q25 R$ 9 million 3Q24 R$ -5 million UnderwritingResult R$ 116 million 3Q24 R$ 118 million P&C Underwriting Result 3Q25 R$ 104 million 3Q24 R$ 131 million Life Underwriting Result 3Q25 R$ 11 million 3Q24 R$ -13 million 287% 26% 17% 185% 20% 2% 80% 8% 17%
Page 4
4 Total Retained Premium R$ 3.560 million 3Q24 R$ 3.986 million P&C Retained Premium 3Q25 R$ 3.334 million 3Q24 R$ 3.090 million Life Retained Premium 3Q25 R$ 266 million 3Q24 R$ 896 million 3Q25 Highlights Focus on disciplined underwriting and profitability Net Income R$ 474 million 3Q24 R$ 298 million P&C Net Income 3Q25 R$ 437 million 3Q24 R$ 401 million Life Net Income 3Q25 R$ 37 million 3Q24 R$ -114 million UnderwritingResult R$ 626 million 3Q24 R$ 379 million P&C Underwriting Result 3Q25 R$ 667 million 3Q24 R$ 512 million Life Underwriting Result 3Q25 R$ -41 million 3Q24 R$ -132 million 75% 8% 11% 76% 30% 65% 136% 9% 59%
Page 5
3Q25 Highlights Focus on disciplined underwriting and profitability 5 **LTM = Last 12 months ending in September 2025, with average tangible equity Loss Ratio 3Q25 61% 3Q24 68% ROTE* 3Q25 21% 3Q24 16% Solvency 3Q25 251% 3Q24 183% 68 p.p. 5 p.p.7 p.p. A.M. Best Rating Services affirmed Financial Strength Rating of A- (Excellent). A- (Excellent) A.M. Best Rating SEPTEMBER S&P Global Ratings upgraded our rating from ‘brAA+’ to ‘brAAA’ on Brazil National Scale. brAAA S&P Global Ratings SEPTEMBER
Page 6
Underwriting Overview
Page 7
7 Breakdown by Business Line (R$ million) Breakdown by Geography (R$ million) Breakdown by Business Line (R$ million) Retained Premium by Business Line and Geography Conservative underwriting focused on profitable lines Note: P&C includes Property, Agriculture, Special Risks, Aviation, Marine, Financial Risks, Liability and Motor. -24% +39% +22% 3.986 3.560 8% -75% -11% 65% 21% 14% 76% 13% 10% 3Q25 LTM
Page 8
Life Results Domestic and International Retained Premiums (R$ million) Net Income (R$ million) Combined Ratio LTM Underwriting Result (R$ million) Domestic International LTM -18 -4 2 -5 -3 5 -38 -26 18 14 -13 -42 -23 13 11 -132 -109 -139 -65 -41 3Q2024 4Q2024 1Q2025 2Q2025 3Q202511 12 12 9 4 119 107 41 19 23 130 119 53 28 26 896 678 594 329 226 3T2024 4T2024 1T2025 2T2025 3T2025 -11 2 2 -5 -3 6 37 -18 10 12 -5 39 -16 5 9 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 -102 -21 -36 23 37
Page 9
P&C Results Domestic and International Retained Premiums (R$ million) Net Income (R$ million) Combined Ratio LTM Underwriting Result (R$ million) Domestic International LTM 357 211 364 285 346 553 563 558 514 494 910 774 921 799 840 3.090 3.369 3.303 3.405 3.334 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 -6 50 90 -25 38 138 170 36 241 67 131 220 126 216 104 512 560 571 693 667 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 -3 -8 73 -40 5 123 82 61 179 84 121 74 135 139 90 401 394 448 468 437 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 124% 110% 102% 108% 104% 83% 89% 95% 88% 91% 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025
Page 10
Consolidated Results Retained Premiums (R$ million) Net Income (R$ million) Combined Ratio LTM Underwriting Result (R$ million) P&C Life LTM 130 119 53 28 26 910 774 921 799 840 1.040 893 974 827 866 3.986 4.048 3.897 3.734 3.560 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 -13 -42 -23 13 11 131 220 126 216 104 118 178 103 229 116 379 452 433 628 626 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 -5 39 -16 5 9 121 74 135 139 90 116 112 119 144 99 298 373 412 491 474 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025
Page 11
Loss Ratio Improved underwriting quality reflected in lower loss ratio Retained Claims (R$ million) Loss Ratio (LTM %) 134 180 76 12 7 509 511 486 434 460 47 88 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 467446 562 691 643 LifeP&C Non-recurring reversals
Page 12
Commission Ratio (Customer Acquisition Cost) (R$ million) 48% 37% 27% 2% 2% 23% 21% 22% 22% 22% Commission Ratio (R$ million) Commission Ratio (%) 179 198 174 178 163 5 2 1 1 2 183 200 175 178 166 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 LifeP&C
Page 13
61% 64% 66% 63% 61% 28% 24% 22% 20% 20% 90% 88% 88% 83% 81% LTM3T24 LTM4T24 LTM1T25 LTM2T25 LTM3T25 Loss Ratio + Commission Ratio Loss Ratio Comission Ratio Loss+Comission Ratio Loss Ratio + Commission Ratio (CAC)
Page 14
Additional Underwriting Comments
Page 15
Portfolio Evolution and Quality Underwriting quality Capital Profitability Exposure management Increase in solvency Renewal of the Protection Program Increased retention of less volatile claims Purchase focused on more severe claims Greater efficiency in retrocession purchasing Retrocession Panel by Rating Portfolio Protection Retrocession by Purpose 4Q24 to 3Q25 80% Retrocession of Individual Risks and Contracts 20% Portfolio Protection Retrocession – Changes in strategy 100% of partners with a global scale rating equal to or higher than A-
Page 16
Administrative Expenses
Page 17
17 3Q24 post-employment Non-recurring Technology Projects Other Effects 3Q25 Administrative Expenses Last 12 months Breakdown of administrative expenses Inforce x Legacy 3Q25 LTM (% over Earned Premium) 10,0% 3,1% 13,2% LegacyInforce R$467M 348 467 67 23 17 12 107 (30%) 119 (34%) Earned Premium 3.965 % EP 8,8% Earned Premium 3.548 % EP 13,2% (R$ million)
Page 18
Provisions
Page 19
Evolution of float Float in line with reserves, driving financial results 3,0 3,5 4,1 5,1 6,3 5,4 5,6 5,0 3,9 4,0 3,63,8 3,3 3,1 2,9 1,8 5,2 7,3 7,4 6,7 7,2 6,36,2 5,8 5,8 6,0 4,5 8,3 9,0 8,9 8,3 9,2 8,9 128% 92% 77% 58% 29% 96% 132% 150% 169% 177% 178% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM (3Q25) Retained Premiuns (R$ billions) Float (Cedent's Premiums invested to claims coverage) (R$ billions) AUM Float/Premiums
Page 20
Financial Results
Page 21
21 Financial and Equity Income Interest rate benefits investment portfolio Assets Under Management and Performance of investment portfolios (R$ million) 3Q24 4Q24 1Q25 2Q25 3Q25 Financial and Equity Income 628 613 682 678 668 Investment portfolio – Onshore 423 443 473 493 544 Investment portfolio - Offshore (Ex-Exchange rate variation) 159 126 124 126 109 Exchange Rate Variation 30 34 76 31 31 Financial Income - Other Accounts/Other Equity Income 94 82 82 94 49 Financial Expenses (78) (72) (73) (65) (64) (R$ million) 423 443 473 493 544 159 126 124 126 109 582 569 597 619 652 8.498 9.146 8.896 8.871 8.856 3Q24 4Q24 1Q25 2Q25 3Q25 Offshore portfolio (ex- exchange rate change) Onshore portfolio Financial assets (R$ in millions)
Page 22
22 Return on Portfolio(LTM) (R $ billion) AUM R et urn YTD R et urn (% CDI) % AUM Onshore % AUM Tot al Onshore 5,3 12,2% 94,2% 100% 60% Government Bonds / Multi-Asset Funds 2,9 13,0% 100,5% 54% 33% Inflation-Linked Government Bond 1,7 10,3% 79,7% 33% 20% -Active 0,9 11,8% 91,3% 17% 11% -Legacy 0,8 8,6% 66,6% 15% 9% Corporate Bonds 0,5 14,8% 114,3% 10% 6% Others 0,2 9,2% 71,1% 3% 2% (R $ bilhões) AUM R et urn YTD R et urn (% Fed) % AUM Offshore % AUM Tot al Offshore 3,5 5,0% 106,5% 100% 40% US/CAD Bonds (Reinsurance Trust Agreement) 1,2 3,6% 75,1% 33% 13% Brazilian Sovereign Bonds 1,3 5,5% 117,3% 36% 14% -Active 1,2 6,6% 139,5% 33% 13% -Legacy 0,1 - 6,0% - 126,8% 3% 1% Corporate Bonds1 0,9 7,3% 154,3% 26% 10% Others 0,2 - 0,0% 5% 2% Tot al AUM 8,9 9,4% 100% 4Q24 1Q25 2Q25 3Q25 Inflat ion (Legacy) 11% 11% 9% 9% NTNB 2025 (IPCA + 1,95%) 2% 2% - - NTNB 2026 (IPCA + 2,36%) 3% 3% 3% 3% NTNB 2028 (IPCA + 2,62%) 6% 6% 6% 6% Brazilian S overeign Bonds (Legacy) 3 3 6% 4% 2% 1% BRAZIL 2026 6% 4% 2% 1% % AUM Tot al Legacy Overview and Historical Data Return x Reinvestment Rate (LTM) 6,7% 11,2% 11,2% 9,9% 12,20% 4,4% 12,4% 13,0% 10,9% 12,94% 2021 2022 2023 2024 2025 Anual Onshore Rate Reinvestment Rate1Corporate bonds, Sovereign debt securities, CDs and denominated in various currencies 2Excluding the effects of foreign exchange variation 3Position peaked at 8% of total AUM and has been gradually unwound, as reinvestment yields have become more attractive
Page 23
Risk Management
Page 24
24 Capital Management – Regulatory Solvency Solidity and resilience bolstered by capital sufficiency more than double the required amount Regulatory Solvency Ratio (ASQ / MCR) *Data for 2Q23 and 3Q23 was restated due to changes in the methodology for conducting the Liability Adequacy Test (LAT) ▪ ASQ – Adjusted Shareholders' Equity ▪ MCR – Minimum Capital Requirement ▪ Minimum regulatory limit= 100% 116% 142% 146% 169% 186% 183% 183% 207% 237% 251% 2Q23* 3Q23* 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 +68 p.p. (R$ million) Adjusted Shareholders' Equity (ASQ) 232 498 534 697 841 892 894 1.115 1,115 1,384 2Q23* 3Q23* 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1.969 1.078 891 2.519 1.005 1.514 ASQ MCR Sufficiency 3Q24 3Q25
Page 25
25 Regulatory liquidity ratio (R$ million) Sufficiency of Coverage of Technical Reserves 6,928 6,329 599 7,166 6,627 539 Guarantee Assets Coverage Requirement Sufficiency 3Q24 3T25 Coverage for Technical Reserves Significant improvement in sufficiency of regulatory liquidity Besides monitoring regulatory liquidity (coverage of technical reserves), the Company carries out a dynamic ALM. 3,4% 7,9% 9,2% 6,6% 5,8% 8,6% 9,5% 12,1% 10,9% 11,5% 8,1% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 519 608 438 370 609 599 802 728 747 539 203* 285* 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 *Amount set aside for debenture payments in 4Q25
Page 26
IFRS17
Page 27
27 IFRS17 Results Net income of R$ 112 in 3Q2025 (R$ 192 in 3Q2024) R$ 353 in 9M2025 (R$ 623 in 9M2024) Results from reinsurance contracts of R$ 128 in 3Q2025 (R$ 260 in 3Q2024) R$ 559 in 9M2025 (R$ 663 in 9M2024) (R$ millions) 92 -54 168 182 3Q2024 3Q2025 Life P&C
Page 28
28 IFRS17 Results (R$ millions) Movement of the Contractual Service Margin for Insurance 2024 2025
Page 29
29 IFRS17 Results (R$ millions) Financial results from reisurance and retrocession contracts Discount rate change impact of - R$138 in 3Q2025 (- R$ 146 in 3Q2024) - R$ 513 in 9M2025 (- R$ 149 in 9M2024) 3Q24 3Q25 Discount rate changes -50 -20 Locked-in changes -96 -118 Discount rate changes effect -146 -138 Discount rate (avg)* (*) Considers the currencies with the most relevant exposures. 9Q24 9Q25 Discount rate changes 133 -162 Locked-in changes -282 -351 Discount rate changes effect -149 -513
Page 30
Closing remarks
Page 31
31 Extraordinary General Meeting Nov 3, 2025 Approval of equity-based compensation Plan Corporate Actions Accumulated Net Income R$61 million Closing remarks
Page 32
Q&A
Page 33
This document was prepared by IRB(Re) and should not be considered as a source of data for investments. It may contain certain forward-looking statements and information related to the Company that reflect the current views and/or expectations of the Company and its management regarding its performance, business, and future events. Forward-looking statements include, but are not limited to, any statement that contains a forecast, indication, or estimates and projections about future results, performance, or objectives, as well as words such as “we believe," “we anticipate," “we expect," “we estimate," “we project," and other words with similar meaning. These forward-looking statements are subject to risks, uncertainties, and future events. We caution investors that diverse important factors could cause actual results to differ materially from the plans, objectives, expectations, projections, and intentions expressed in this presentation. Under no circumstances will the Company or its subsidiaries, directors, executive officers, agents, or employees be liable to any third party (including investors) for any investment decision based on the information and statements contained in this presentation, or for any resulting, corresponding, or specific damages. The market and any information on competitive position, including market projections cited throughout this document, were obtained through internal research, market surveys, publicly available information, and company publications. All statements in this presentation are based on information and data available on the date they were made. The Company undertakes no obligation to update them based on new information or future developments. This presentation does not constitute an offer to sell or a solicitation to buy any security; nor should there be any sale of any security where such offer or sale would be unlawful prior to registration or qualification in accordance with applicable regulations. No offer should be made without meeting the requirements of Federal Law 6,385 of December 7, 1976, as amended, CVM Instruction 400 of December 29, 2003, as amended, and other applicable regulations. For further information about the Company, including risk factors related to investing in securities issued by the Company, please read the Company's Reference Form, available on the websites of the Company, CVM and B3.