IRB Brasil RE: IRB Day: Building an Integrated Insurance Ecosystem

Research evidence excerpt

IRB Brasil RE: IRB Day: Building an Integrated Insurance Ecosystem

chain. kaio.prato@ubs.com

+55-11-3513 6573

End-client focus and ecosystem approach: The strategy shifts IRB closer to

the client, enabling complete solutions (insurance, reinsurance, capital Camila Azevedo

markets). This reduces reliance on partner insurers and positions IRB as a more Associate Analyst

integrated risk solutions provider. camila.azevedo@ubs.com

+55-11-2767 6881

Broker-led distribution in P&C and co-insurance optionality: Bruno Kenji

Commercialization should rely primarily on brokers, with IRB also open to co- Associate Analyst

insurance structures. Execution will depend on building distribution reach and bruno.kenji@ubs.com

underwriting credibility at the primary level. +55-11-2767 6056

Long-term strategic ambition: Management highlighted that the insurance

operation could become very relevant over time with IRB acting as a captive

reinsurer to its own insurance platform.

Life insurance as structural opportunity: Brazil remains significantly

underpenetrated (management estimates effectively ~7–8% vs. much higher

levels abroad). IRB sees growth driven by rising middle-class demand for

protection and increasing awareness of financial planning.

Distribution strategy in Life: Rather than building a retail franchise, IRB

intends to partner with distributors. These partners often lack insurance

expertise, creating a role for IRB in product design and technical support.

Highlights (R$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 4,700 4,587 4,212 4,370 4,869 5,426 5,989 6,389

Net earnings (UBS operating income) 114 373 504 553 659 735 807 876

EPS (UBS, diluted) (R$) 1.39 4.53 6.15 6.77 8.08 9.00 9.88 10.73