REVO Insurance posts strong 2024 results with GWP of €309m

REVO Insurance, the first Italian company specialised in parametric policies and specialty lines, reported gross written premiums of €308.8 million as of December 31, 2024, marking a 42.8% increase from €216.2 million in the previous year.

The 2024 financial year confirmed the project’s solidity, with steady progress across all economic and financial metrics, fully aligned with capital strength targets.

REVO achieved an adjusted operating result of €35.1 million, up 65.1% year over year, and a Solvency II ratio of 236.7%.

The company highlighted that its investments in human, technological, and distribution capital enabled it to maintain a trajectory of operational growth, evident in all key metrics, with adjusted net profit more than doubling over the analysed time horizon, alongside a Solvency II Ratio well above the medium-term target.

REVO’s consolidated net profit rose 75.8% to €18.6 million, with adjusted net profit reaching €22.6 million.

Premium growth was primarily driven by profitable growth in the Surety sector, which accounted for 30.8% of total premiums at €95.1 million, marking an 11.6% increase from €85.2 million in 2023. The Property sector contributed 20.6% of total premiums, totaling €63.6 million, up from €28.1 million in 2023.

The loss ratio improved to 37.3%, down from 42% in 2023, reflecting strong technical performance in current business despite the late receipt of some claims related to extreme events in 2023.

The cost ratio declined significantly to 19.4% from 23.2% in 2023, driven by lower insurance costs and operating expenses as the business grows, reinforcing improvements in operating leverage.

The reinsurance cost ratio stood at 12.6%, improving from 17.3% in the first half of 2024 but higher than 6% in 2023.

As a result of these dynamics, the gross COR ratio was 85.8%, in line with 2023.

REVO’s insurance result for 2024 rose to €29.7 million, up from €18.9 million the previous year.

Insurance revenues deriving from insurance contracts written totalled €220.1 million, an increase of 47.8% on 2023’s €148.9 million.

Alberto Minali, CEO of REVO Insurance, commented, “2024 was a turning point: we achieved all our targets and, a year ahead of schedule, met the 2025 premium collection goals after recording exceptional growth in key performance indicators, while fully maintaining capital strength. This achievement reaffirms the quality of our project and the value of our management team. At the same time, our commitment to innovation was strengthened with the launch of the first artificial intelligence initiatives last year— a strategic pillar for the Company’s future development. Investments in technology, alongside support for human capital, will continue in a focused and efficient manner, ensuring a balance between innovation and technical profitability, with the goal of generating sustainable value for our stakeholders.”

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