1Q25
Results
Conference Call - 05/13/2025
(01)
1Q25 Earnings
Financial Highlights Increase in Net Income by
50% (1Q25/1Q24)
Solvency Ratio of
207%
Increase in Finance Income by 58% (1Q25/1Q24)
Net Income
Underwriting Result
Financial Result
Combined Ratio
1Q24 R$ 79 million
1Q25 R$ 119 million
1Q24
1Q25
122million
103million
1Q24
1Q25
133 million
210 million
NON-LIFE LIFE
1Q24 96% 105%
1Q25 98% 161%
Management Highlights
Election to the Board of Directors and Fiscal Council
Revision of the
Sustainability Policy
Renewal of contracts in
January 2025
ERP Revision
Data Lake
Project
IRB(R&D) and Sustainability Report
1Q25 Highlights
(02)
Underwriting Performance
(R$ in millions)
Net Income Profit or Loss from Underwriting
65 116 112 119
79
119 121 74 135
80
39
122
34
116
94
118
131
178
220
103
126
-1 -5
-54
-16
7
-60
-13
-42
-23
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Retained
Premiums
292
698
987
1,124 990 1,040
910
893
774
974
921
96%
105%
Combined Ratio
140%
123% 118%
99% 100%
53
93%
161%
98%
137
130 119
90,
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Life Non-Life Total
5
Evolution of results: Life and Non-life
Retained Premiums
(R$ in millions)
1.124 974
599
283
92
751
303
70
-20%
Geographic distribution
(R$ in millions)
1Q2024 1Q2025
Brazil Interntional LatAm
Breakdown by Portfolio
1Q2024 X 1Q2025
6
Underwriting Strategy
Concentration in Brazil and LATAM
(R$ in millions)
Net Income Underwriting Result
-61
246
185
-114
344
230
298 373 412
-102
401
448
394
-36
-21
274
328
-141
413
272
-132
512
379
452 433
-109
560
-139
571
-55
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Retained Premiums
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Combined Ratio
112%
120% 120% 122%
12G%
102%
99% 97% 97% 97%
Life
Non-Life
Total
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
7
Ongoing operational enhancement: Life and Non-life
12 month-period
(R$ in millions)
Net Income Underwriting Result
-94
340
246
344
417
-60
461
401
360
394 448
390
4 89
-153
481
328
413 512 560 571
-99
611
-130
544
161
410
508
53
-73
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Retained Premiums
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Combined Ratio
125% 125% 124%
110%
102%
88% 84% 83% 89%
95%
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Domestic
International
Total
8
Non-Life Portfolio: Domestic and International
12 month-period
(R$ in millions)
Retained Claims
68% | 106% | 129% | 140% |
64% | 62% | 54% | 61% |
27%
52G
491
38
675 643 6G1 562
64%
180
76
486
511
509
201
475
134
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
68%
20%
53%
22
Commission ratio
157
97
179
198
174
5
2
1
156
163
% 22% 21% 22% | ||
4% | 1% | 3% |
252
31G
183 200 175
Life Non-Life Total
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
9
Loss ratio and Commission ratio
(R$ milions)
Total Administrative Expenses
Recurring Administrative Expenses
9.2% 9.2% 9.3% 9.5% 9.9%
9%
1T
1T25
6%
2%
386
378
408
431
44
356
369 378 386
354
63 66 73 83 85
2024 2024
1Q2025
One Offs 1Q2025
% Earned Premiums
291
290
296
296
301
Recurring
Recurring
1Q2024 2Q2024 3Q2024 4Q2024 1Q2025
Administrative Expenses | 1Q2024 | 2Q2024 | 3Q2024 | 4Q2024 | 1Q2025 | |
Total | 341 | 338 | 348 | 408 | 431 | |
Earned Premiums | 3,869 | 3,871 | 3,965 | 3,974 | 3,910 | |
% Earned Premiums | 8.8% | 8.7% | 8.8% | 10.3% | 11.0% |
Administrative Expenses
TTM
(03)
Financial Result
(R$ in millions)
Assets under Management and Profit from Investment portfolios
(R$ in millions) | 1Q2024 | 2Q2024 | 3Q2024 | 4Q2024 | 1Q2025 |
Finance Income and Share of Profit of Equity-Accounted Investees | 142 | 166 | 196 | 109 | 210 |
Onshore Investment Portfolio | 115 | 98 | 110 | 120 | 145 |
Offshore Investment Portfolio (ex-exchange rate change) | 31 | 29 | 44 | 22 | 29 |
Exchange rate change | 3 | 52 | (1) | (20) | 45 |
Finance Income Other Accounts/Other Share of Profit of Equity-accounted Investees | 12 | 10 | 57 | 3 | 12 |
Finance Costs | (20) | (23) | (13) | (16) | (22) |
12
Finance Income and Share of Profit of
Equity-Accounted Investees
(R$ in billions) | AUM | Profitability | Rent (%CDI) | %AUM Onshore | %AUM Total |
Onshore | 5.0 | 3.0% | 102,0% | 100% | 56% |
Government Securities CDI/SELIC | 2.7 | 3.1% | 104.6% | 54% | 30% |
Government securities Inflation | 1.7 | 2.9% | 96.0% | 34% | 19% |
- Active | 0.8 | 3.1% | 103.7% | 15% | 9% |
- Legacy | 1.0 | 2.7% | 90.3% | 19% | 11% |
Corporate Securities | 0.5 | 3.5% | 115.9% | 10% | 5% |
Other | 0.1 | 2.2% | 71.9% | 2% | 1% |
(R$ in billions) | AUM | Profitability2 | Rent (%FED) | %AUM Offshore | %AUM Total |
Offshore | 3.9 | 0.9% | 87.4% | 100% | 44% |
Sovereign US/CAD (RTA´s) | 1.3 | 0.8% | 82.3% | 32% | 14% |
Sovereign BR | 1.6 | 0.8% | 80.8% | 40% | 17% |
- Active | 1.2 | 1.7% | 171.7% | 30% | 13% |
- Legacy | 0.4 | -1.9% | -188.9% | 10% | 4% |
Corporate Securities1 | 0.9 | 1.3% | 127.3% | 22% | 10% |
Other | 0.2 | - | - | 5% | 2% |
Total AUM | 8.9 | 2.1% | 100% |
Breakdown of Legacy
% AUM Total | % CDI | |
Inflation Legacy | 11% | 90.3% |
NTNB 2025 (IPCA + 1.95%) | 2% | |
NTNB 2026 (IPCA + 2.36%) | 3% | |
NTNB 2028 (IPCA + 2.62%) | 6% | |
% AUM Total | % | |
Sovereign Br Legacy 3 | 4% | -1.9% |
BRAZIL 2026 | 4% |
Profitability x Reinvestment Rate
6,7%
4,4%
12,4% 13,0% 10,G%
11,2% 11,2% G,G%
12,8%
12,5%
¹ Corporate Bonds, TDs and CDs in several currencies ² Excludes the exchange rate change effects
2021 2022 2023 2024 2025
3 The position reached 8% of AUM Total and has been gradually reduced to zero, with more attractive reinvestment rates. 13
Portfolio profitability
(06)
Risk Management
Tangible Equity Coverage
(R$ in millions)
1,115
2,154
841
892
894
697
498
534
232
72
1,702
1,005
1,039
1,115
697
1Q23 2Q23* 3Q23* 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
PLA CMR Sufficiency
+38 p.p
207%
186%
169%
183% 183%
142%
146%
105%
116%
Regulatory Solvency Ratio (PLA
/ CMR)
PLA - Adjusted Equity
CMR - Minimum Capital Requirement
Regulatory minimum limit = 100%
1Q23 2Q23* 3Q23* 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
*The data for 2Q23 and 3Q23 was restated due to the changes in the methodology for carrying out the Liability Adequacy Test (LAT). 15
Capital Management - Regulatory Solvency
Regulatory deleveraging
Regulatory liquidity ratio
+5.1 p.p
12,1%
10,9%
9,2%
9,5%
7,9%
8,6%
6,6%
5,8%
3,4%
Besides the monitoring of regulatory liquidity (coverage of technical reserves), the Company carries out a dynamic ALM.
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | |
Coverage Requirement - CR (based on technical provisions) | (6,949) | (6,593) | (6,583) | (6,629) | (6,351) | (7,096) | (6,329) | (6,612) | (6,649) |
Eligible Guarantee Assets - EGA | 7,188 | 7,112 | 7,191 | 7,067 | 6,721 | 7,705 | 6,928 | 7,414 | 7,377 |
Coverage Sufficiency (EGA vs. CR) | 239 | 519 | 608 | 438 | 370 | 609 | 599 | 802 | 728 |
16
Asset Coverage for Technical Reserves
Significant improvement in the regulatory liquidity
(01)
ESG Policy
(02)
Sustainability Report
(03)
GHG Emission Inventory
17
ESG Initiatives - 2025
Environmental, Social and Governance
Governance
Social
Environmental
ESG Policy Revision of the ESG Policy
(guidelines and
responsibilities)
55%
Men
45%
Women
IRB (R&D)
First Forum: Challenges and opportunities in facing Climate Risks
Ethics and Integrity
Voluntary adherence to the Brazil Pact for Business Integrity
GPTW
Seal
Transformation and evolution of the organizational culture
GHG
First Greenhouse Gas Emission
Inventory
Rating Actions Upgrade of the outlook
ratings assigned by S&P
and AM Best
(Re)action
We are
Insurance and Reinsurance Market Business Game
Gender equity
Increase in energy consumption* 2024 vs. 2023
18%
41% Reduction in water
Andrina
Capacity building
Opening of the SPE for issuing ILS (insurance linked securities)
Continuous promotion of risk culture (Workshop)
Equal and Different
Cultural projects
LGBTQIAPN+ Pride
National Hearing Day Black Awareness
MAM Rio, Manto Tupinambá, Hospital Pequeno Príncipe and Golfinhos da Baixada
Waste
~500 thousand
consumption
2024 vs. 2023
Appropriate disposal and recycling of capsules (coffee)
Reduction in the use of plastic cups (per year)
*In view of the expansion of the offices in Rio de Janeiro and São Paulo, 18
besides of the beginning of the operations of the office in Brasília.
2024 Highlights - Sustainability Report
(07)
IFRS17
(R$ in millions)
Net income of R$ 134 for the 1Q2025R$ 237 for the 1Q2024
Reinsurance service result of R$ 235 for the 1Q2025
R$ 252 for the 1Q2024
20
Profit or Loss under IFRS17
(R$ in millions)
Recognition of CSM retained
(Impact on profit or loss)
CSM of new businesses
(Recognition of balance)
21
Profit or Loss under IFRS17
(R$ in millions)
Finance income of reinsurance and retrocession
contracts
Average discount rate(*)
Impact of changes in discount rates of R$(198) for the
1Q2025R$ 6 of income for the 1Q2024
Effect of changes in discount rates | 1Q24 | 1Q25 |
Change in discount rate | 98 | (64) |
Adjustment to the locked-in | (92) | (134) |
Net finance income (cost) | 6 | (198) |
22
(*) Consider the currencies of the most relevant exposures.
Profit or Loss under IFRS17
Final remarks
Q&A
This document was prepared by IRB(Re) and shall not be considered as source of data for investments. This document may contain certain statements about the future and information related to the Company that reflect the current views and/or expectations of the Company and its management about its performance, businesses and future events. Forward-looking statements include, but are not limited to, any statement that could predict, indicate or estimates and projections about future results, performance or goals, as well as words such as "believe", "anticipate", "expect", "estimate", "project", among other words with similar meaning. Such forward-looking statements are subject to risks, uncertainties and future events. We caution investors that a number of important factors cause actual results to differ materially from such plans, objectives, expectations, projections and intentions expressed in this presentation. In no event will the Company, its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors) for any investment decision made based on the information and statements contained in this presentation, or for any damage resulting, corresponding or specific therefrom. The market and any competitive position information, including market projections cited throughout this document, were obtained through internal research, market research, information in the public domain and business publications.
All statements in this presentation are based on information and data available on the date they were made, the Company not being required to update them based on new information of future developments. This presentation does not represent an offering nor is a request for purchase of any security; nor any security shall be sold where such offering or sale could be illegal before the registry or compliance with the applicable rules. No offer shall be made without meeting the requirements of Law 6,385, of December 7, 1976, as amended, of CVM Instruction 400 of December 29, 2003, as amended, and other applicable rules. For further information on the Company, including the risk factors related to investment in the securities issued by the Company, read the Company's Reference Form, available on the websites of the Company, CVM and B3.