(Telestock) – REVO Insurance closed the first half of 2024 with Gross Premiums written equal to €153.1 million, up 52.5% compared to the same period in 2023 (equal to €100.4 million).
The period saw cross-cutting growth in the new business lines, with a further diversified mix.
The Adjusted operating result is equal to € 16.8 million, with a significant progression compared to the same period in 2023 (+27.0%) confirming the growth in operating profitability outlined in the Industrial Plan.
High technical profitabilitywith a loss ratio2 of 29.4%, improving compared to the first half of 2023 (equal to 31.1%) despite the presence of late claims attributable to the extreme events of 2023.
Positive contribution from investments of €2.4 million (€1.8 million in 2023), with further reduction in exposure to Italy risk (32.8% compared to 37.7% at 31 December 2023), limited duration and high geographical diversification.
L’Net income consolidated is equal to € 9.4 million (€ 11.2 million adjusted), a significant increase compared to the same period in 2022 (respectively € 6.3 million and € 8.1 million).
Capital strength confirmed at high levelswith a Group Solvency II ratio3 of 200.4%4, in line with the medium-term objective.
Alberto Minali, CEO of REVOsaid: “With the 2024 semester we reach a double milestone: on the one hand, in just six months we have recorded approximately 80% of the entire 2023 profit, on the other hand, premium collection has reached a level that projects us towards the 300 million threshold, one year ahead of the Industrial Plan targets. Our profitable growth path continuesas also demonstrated by the upgrade of the rating to A- received from S&P. The excellent results obtained so far are the fruit of the implementation of a unique business model that makes technology the distinctive element of its development.”