IRB Brasil Resseguros SA (BSP:IRBR3)

Q2 2026 IRB-Brasil Resseguros SA Earnings Call (English, Portuguese) Transcript

Aug 14, 2026 / 02:00 PM GMT

Release Date Price: R$52.33 (+5.78%)

Transcript

Key Points

Positve

Solvency ratio reached a record 316%, with a surplus of R$1.9 billion above regulatory minimums.
Recurring net profit grew 29% year-over-year to R$157 million in Q2 2026, with a return on tangible assets of 23%.
Successfully concluded obligations under the DOJ non-prosecution agreement, enhancing governance and compliance standards.
Completed the transfer of the London runoff portfolio, eliminating a 40-year legacy operation.
Retrocession expenses dropped 43% in the last 12 months due to optimized protection programs, with savings of ~R$20 million from unified catastrophe coverage.
Underwriting results improved 34% in the last 12 months, with a stable combined ratio of 92%.
Plans to expand internationally with new operations in Switzerland and Malta, aiming to improve profitability of the international portfolio.
Tax reform expected to reduce CBS rate to zero for reinsurance in 2027, lowering tax burden.
Debentures to be paid in Q4 2026 and NTN-B legacy maturing in August 2026, reducing financial expenses and boosting reinvestment income.
Strong cash generation and potential to increase dividend payout to 50% in the medium term.

Negative

Retained premiums fell 5% year-over-year, with a 58% drop in rural premiums due to challenging agribusiness conditions.
Life segment is being remodeled, with a provision impact of R$45.8 million for legacy contract recoverability.
International P&C portfolio has not yet reached expected return levels, with some legacy claims (e.g., COVID) affecting results.
El Niño poses a high risk of severe weather events, potentially impacting rural and property portfolios.
Earthquake in Colombia could result in net losses of approximately $17.5 million, despite retrocession protection.
Administrative expenses remain rigid, with a target to cut R$16 million but challenges in reducing structural costs.
Tax reform has led to write-offs of deferred assets, with a remaining balance of R$148 million subject to reassessment.
Financial results impacted by negative FX effect of R$42 million due to dollar depreciation.
Investment portfolio performance is pressured by low inflation and negative curve inclination, affecting short-term yields.
Regulatory liquidity ratio decreased to 10.1% due to collateral reductions for debenture payments.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IRBR3.SA - IRB-Brasil Resseguros SA
Q2 2026 IRB-Brasil Resseguros SA Earnings Call (English, Portuguese)
Aug 14, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and thanks for waiting. Welcome to the IRB second quarter 2026 results call.

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