Notice to the Market – Periodic Information For

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IRB-BRASIL RESSEGUROS S.A.

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

Company Registry (NIRE): 333.0030917-9

Publicly-held Company

NOTICE TO THE MARKET

Rio de Janeiro, February 29, 2024 - IRB-Brasil Resseguros S.A. (B3: IRBR3) ("IRB(Re)" or "Company"),

informs its shareholders and the market that it made available the periodic monthly report sent to the Brazilian Insurance Regulator (SUSEP), through the Periodic Information Form (FIP). For better understanding, once the FIP meets the requirements of the chart of accounts established by the regulatory authority, the Company made available on its website a spreadsheet containing the financial data for the month of December 2023. Such spreadsheet reconciles the information reported in the FIP with the Business View model.

Management Discussion and Analysis

The analyses contained in this report, except as stated otherwise, are based on the management format called Business View. This format, besides consolidating the accounting information of the companies controlled by IRB(Re), also groups some accounting records of the statements of profit or loss in a way different from that established in the accounting practices adopted in Brazil applicable to reinsurers and thus presented in the financial statements. The analyses contained in this report are in line with the accounting standards of CPC 11 (IFRS-4) and reconciled with the Business View.

Main Highlights

Company's figures

4Q23:

1. Reduction of written premiums by 12%, in line with the portfolio clean-up strategy;

1. Reduction of the retained claim volume by 56%, with loss ratio of 55%, down 39 p.p. from the 4Q22; and

1. Net income of R$37.9 million, compared to a loss of R$38.8 million for the 4Q22.

2023:

1. Underwriting profit reached R$ 155 million for 2023, the best result since 2019, demonstrating

the Company's consistent recovery;

1. As a result of the strategies adopted during 2023, the combined ratio improved 28.1 p.p.,

totaling 108.6% for the year;

1. Net income of R$114 million, compared to a loss of R$630 million for 2022.

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Net Income (R$ in millions)

114

Net profit in all quarters of 2023, a result of the strategy with focus on combined ratio reduction.

-630

12M2212M23

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Q&A

The analyses contained in this report, except as stated otherwise, are based on the management format called Business View. This format, besides consolidating the accounting information of the companies controlled by IRB(Re), also groups some accounting records of the statements of profit or loss in a way different from that established in the accounting practices adopted in Brazil applicable to reinsurers and thus presented in the financial statements.

The CVM Resolution 42/2021 requires that beginning on January 1, 2023 the Brazilian public companies comply with the Technical Pronouncement CPC 50 - Insurance Contracts, which establishes the principles for recognition, measurement, presentation and disclosure of insurance contracts, in line with IFRS-17 of the International Accounting Standards Board (IASB), which superseded IFRS-4 (CPC Accounting Standards Board 11 - Insurance Contracts). Accordingly, the financial statements according with the accounting principles of CPC 50 shall be disclosed as informed in the calendar of corporate events posted on the Company's website.

IRB(Re), as an entity that is also regulated by the Brazilian Insurance Regulator (SUSEP), shall present its statements according to the CPC 11 (IFRS-4), once the Regulatory Authority has not adopted the CPC 50 (IFRS17) yet.

1 - Why did IRB(Re) disclose the publication of results earlier?

The disclosure of the results for the 4Q23 and 2023 was not made earlier. We are overseen by SUSEP, the authority that oversees the insurance and reinsurance sector, and by the CVM, the regulatory authority of capital markets. We meet the deadlines for disclosure of results following the agenda of each regulatory authority.

2 - Will the Company disclose results twice?

No. IRB(Re) reports its figures according to the regulatory requirements of SUSEP and CVM. The publication made on February 28, 2024 meets the regulatory requirement of SUSEP. The corporate calendar, posted on the IR website (link) of IRB(Re), is maintained with the reporting of results to CVM on March 28, 2024 and the results conference call on April 1, 2024.

3 - Why doesn't IRB(Re) make both disclosures on the same date as it used to do?

As mentioned in the previous answers, the Company will disclose its results as required by the regulatory authority. The financial statements that shall be filed with CVM on March 28, 2024 will be prepared according to the IFRS17(CPC50), the new international standard that supersedes IFRS4 (CPC11), for all companies that write insurance and reinsurance contracts and prepare their financial statements according to the International Financial Reporting Standards (IFRS). In view of the complexity of the IFRS17(CPC50) implementation, the Brazilian Securities and Exchange Commission (CVM) allowed the Company to prepare its Revised Interim Financial Information (ITRs) according to the IFRS4 (CPC11) during 2023, provided that it restated such information when disclosing its annual financial statements for the year 2023. Due to the time required for adjusting to the regulatory changes, including the restatement of all previous quarters for the year 2023, the Company will meet the regulatory deadline for publication of financial statements set by CVM.

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4 - What is the difference between the disclosures?

The individual financial statements for December 31, 2023, published on February 28, 2024, were prepared according to the IFRS4 (CPC11), in compliance with the standards issued and accounting pronouncements accepted by SUSEP. Meanwhile, the individual and consolidated financial statements for December 31, 2023, which will be published on March 28, 2024 will be prepared in compliance with the IFRS17(CPC50).

5 - Is the information disclosed in the SUSEP GAAP format audited?

Yes, both the disclosure to SUSEP and CVM are audited by KPMG Auditores Independentes Ltda.

6 - Why will IRB(Re) change the accounting standard of the disclosures to CVM?

As of the CVM Resolution 42, dated July 22, 2021, the Brazilian Securities and Exchange Commission ("Comissão de Valores Mobiliários" in Portuguese, or CVM) established that public companies are required to comply with the CPC 50, which superseded CPC11, for the reporting years beginning on and after January 1, 2023. In addition, the resolution requires the restatement of the comparative balances.

7 - What is the IFRS-17?

It is the International Financial Reporting Standard issued by the International Accounting Standards Board in May 2017. This standard supersedes the IFRS 4 and establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts. Its aim is to ensure that an entity provides relevant information that faithfully represents those contracts and gives a basis for users of financial statements to assess the effect that insurance contracts have on the financial position, financial performance and cash flows.

8 - For analysis purposes, which disclosure should be considered?

Each investor or analyst should decide which disclosure is more appropriate. This Management Discussion and Analysis Report was made based on the Business View, following the same standard adopted for previous quarters.

9 - What are the highlights in relation to the results estimated by IRB(Re) for 2023?

The Company recorded a net income of R$ 114 million in 2023, reversing the net loss of R$ 630 million for 2022. Check the Management Report, presented with the financial statements. The file will be fully available on the IR website. Also, IRB(Re) will post on the website the spreadsheet containing the reconciliation of the information according to the Business View.

10 - What is the Company's evaluation of the annual result?

In 2023, the Company made many significant achievements: reported an underwriting profit of R$ 155 million and net income of R$ 114 million, accelerated the process of change, seeking greater efficiency and improving its customer relationship. The Management understands that there is still room for improvement and profitability gains. For further information, check the Management Report, presented with the financial statements. The file will be fully available on the IR website.

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11 - What is the result by business line?

The disclosure of the company's profit & loss by business line, according to the Business View, shall be made on March 28, 2024, when the Company will report its earnings to CVM.

12 - Does IRB(Re) report sufficient Regulatory Ratios?

According to the Management Report, presented with the financial statements, in relation to the (i) Sufficiency of Adjusted Equity, the Company reported as at December 31, 2023 sufficiency of adjusted equity in relation to the minimum capital requirement in the amount of R$ 534 million. The adjusted equity accounted for 146% of the minimum capital requirement as at such date. With regard to (ii) Technical Reserve Coverage as at December 31, 2023, the ratio had sufficiency of R$ 438 million, compared to a balance of R$ 332 million as at December 31, 2022. The file is fully available on the IR website.

13 - Will IRB(Re) distribute dividends?

According to IRB(Re)'s by-laws, the calculation of the distribution of mandatory minimum dividend is made based on the profit for the year after deduction for retained losses, the provision for income tax and legal reserve. Such amount is recorded as liability in the line item trade payables, as it represents a legal obligation established in the Company's bylaws.

Marcos Pessôa de Queiroz Falcão

CEO & IRO