IRB-BRASIL RESSEGUROS S.A.
Corporate Taxpayer's ID (CNPJ): 33.376.989/0001- 91
Company Registry (NIRE): 333.0030917-9
NOTICE TO THE MARKET
Rio de Janeiro, April 22, 2022 - IRB-Brasil Resseguros S.A. (B3: IRBR3) ("IRB Brasil RE" or "Company"), pursuant to CVM Resolution No. 44/2021, informs its shareholders and the market in general, that it filed the monthly periodic report to Brazil's Insurance Regulator - SUSEP, through the FIP - Periodic Information Form.
For better understanding, given that the FIP form meets the requirements of accounts demanded by the regulator, the Company has disclosed on its website, a spreadsheet with financial data for February 2022, which reconciles the SUSEP information with the Business Vision model. It should be noted that these data are subject to change and have not been audited.
It is important to highlight that, by nature, the Company´s activity is subject to fluctuations in results and, therefore, shorter observation periods (monthly or quarterly) may not represent a good basis for future forecast.
The highlights of February 2022 are found as follows:
Written premium totaled R$478.5 million in February 2022, a decrease of 9.5% compared to February 2021, composed of the 30.6% increase in premium in Brazil, to R$334.1 million, and the reduction of the premium abroad of 47.0%, to R$144.4 million.
In the two-month period, written premium reached the amount of R$1,502.0 million, an increase of 11.9% compared to the same period in 2021, of which R$945.7 million in Brazil and R$556.3 million abroad, an increase of 31.4% and a reduction of 10.6%, respectively, compared to the same period in 2021. The drop in the international premium is in line with the strategy to focus on the domestic market, largely disclosed by the Company.
Claim expense in February 2022 was R$188.9 million, a decrease of 50.2% compared to February 2021, of R$379.6 million. The loss ratio in February 2022 stood at 81.0%, compared to 70.7% in the same month of the previous year. We recorded a non-recurring effect referring to the LPT (Loss Portfolio Transfer) operation, which increased the retrocession cost by R$ 218.8 million and reduced claims expenses by R$ 200.8 million, generating a negative effect on the Company's underwriting result of R$18.0 million.
In the first two months of 2022, claims expenses totaled R$482.8 million, a decrease of 27.9% when compared to the same period of the previous year. In the first two months of the year, the loss ratio was 72.8%, compared to 70.6% in the first two months of 2021.
Net income in February 2022 was negative by R$50.9 million, compared to a profit of R$20.8 million in February 2021.
In the first two months of 2022, accumulated net income was R$63.2 million, compared to a net income of R$38.8 million in the same period in 2021.
Details and further explanation of the Company's results will be presented at the time of the financial statements disclosure, scheduled for May 16, 2022.
The spreadsheet with more detailed historical data can be accessed at Interactive Spreadsheets / Historical Data- IRB Brasil (irbre.com).The full report submitted to SUSEP, from which the data in this press release are derived, can be accessed at: http://www2.susep.gov.br/menuestatistica/SES/principal.aspx.
Willy Otto Jordan Neto
Chief Financial and Investor Relations Officer
Investor Relations | email@example.com