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    IRBR3   BRIRBRACNOR4

IRB - BRASIL RESSEGUROS S.A.

(IRBR3)
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Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-08-05 pm EDT
2.270 BRL   +1.79%
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IRB Brasil Resseguros S A : Notice to Shareholders - Loss absortion explanation

03/14/2022 | 09:24am EDT

IRB-BRASIL RESSEGUROS S.A.

Corporate Taxpayers' ID (CNPJ): 33.376.989/0001-91

Company's State Registry (NIRE): 333.0030917-9

Publicly held Company

NOTICE TO SHAREHOLDERS

Rio de Janeiro, March 13th, 2022 -IRB-Brasil Resseguros S.A. ("IRB Brasil RE" or "Company"), in addition to the Notice to Shareholders released by the Company on March 11th, 2022, clarifies that the absorption of the entire balance of the special reserve for declared and unpaid mandatory dividend, constituted on the occasion of the Annual and Extraordinary General Meeting of the Company held on July 31, 2020, for the losses recorded by the Company in the fiscal year ended December 31, 2021, was carried out in compliance with an express legal rule that imposes this treatment, and therefore, the Company's Management does not have the discretion to do so.

Pursuant to the provisions of articles 189, sole paragraph, and 202, § 5, of Law No. 6,404/76, the application of which cannot be excluded by decision of the Company's Management or even of the general shareholders' meeting, the loss for the year must necessarily be absorbed by retained earnings, profit reserves (which include the Special Reserve) and legal reserve, in that order. As on December 31, 2021 there were no retained earnings or other profit reserves sufficient to absorb the loss for the year, the absorption by the Special Reserve also was legally mandatory.

Investor Relations | gri@irbre.com|

Disclaimer

IRB Brasil Resseguros SA published this content on 13 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 14:23:02 UTC.


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Sales 2022 6 118 M 1 174 M 1 174 M
Net income 2022 191 M 36,7 M 36,7 M
Net Debt 2022 - - -
P/E ratio 2022 26,1x
Yield 2022 0,07%
Capitalization 2 850 M 547 M 547 M
Capi. / Sales 2022 0,47x
Capi. / Sales 2023 0,44x
Nbr of Employees 457
Free-Float 71,7%
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Mean consensus UNDERPERFORM
Number of Analysts 8
Last Close Price 2,27 BRL
Average target price 3,33 BRL
Spread / Average Target 46,8%
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Raphael Afonso de Carvalho Chief Executive Officer
Antonio Cassio dos Santos Chairman & President
Willy Otto Jordan Neto Chief Financial & Investor Relations Officer
Wilson Toneto COO, CTO & Investor Relations Officer
Carlos André Guerra Barreiros General Counsel & Risk, Compliance Officer
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