REVO Insurance’s Strategic Growth in 2024
REVO Insurance, Italy’s pioneering company in parametric policies and specialty lines, has reported a remarkable increase in gross written premiums, reaching €308.8 million by the end of 2024. This represents a 42.8% growth compared to €216.2 million in the previous year.
The financial year of 2024 proved to be a significant milestone for REVO Insurance, showcasing steady advancement across all economic and financial metrics. The company remained fully aligned with its capital strength goals.
REVO achieved an adjusted operating result of €35.1 million, a substantial increase of 65.1% from the previous year, alongside a Solvency II ratio of 236.7%.
The company emphasized that its strategic investments in human resources, technology, and distribution channels have been pivotal in sustaining its trajectory of operational growth. This is evident in all major metrics, with adjusted net profit more than doubling over the period, and a Solvency II Ratio well above the medium-term target.
REVO’s consolidated net profit saw a significant rise of 75.8%, reaching €18.6 million, while the adjusted net profit was recorded at €22.6 million.
The boost in premiums was largely driven by profitable expansion 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 also played a crucial role, contributing 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, highlighting robust technical performance despite the late receipt of some claims related to extreme events in the previous year.
The cost ratio experienced a notable decline to 19.4% from 23.2% in 2023, thanks to reduced insurance costs and operating expenses as the business expanded, reinforcing improvements in operating leverage.
The reinsurance cost ratio was recorded at 12.6%, showing improvement from 17.3% in the first half of 2024, although it was higher than 6% in 2023. Consequently, the gross COR ratio remained steady at 85.8%, consistent with 2023.
REVO’s insurance result for 2024 increased to €29.7 million, up from €18.9 million the previous year. Insurance revenues from written contracts totaled €220.1 million, reflecting a 47.8% increase from €148.9 million in 2023.
Alberto Minali, CEO of REVO Insurance, remarked, “2024 marked 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. Concurrently, 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.”
