REVO Insurance (REVO) H1 2024 earnings summary

Executive summary

• Gross written premiums reached €153.1 million in H1 2024, up 52.5% year-over-year, with strong growth across new business lines and a more diversified mix.

• Net profit rose to €9.4 million, up from €6.26 million in H1 2023, driven by premium growth and portfolio diversification.

• Broker channel accounted for 50% of total gross written premiums, and the number of parametric policies more than tripled year-over-year.

• S&P rating upgraded to A- stable and Standard Ethics EE (strong) rating confirmed with a positive outlook.

• Continued investment in technology, product innovation, and expansion of the Iberia team.

Financial highlights

• Insurance revenues totaled €105.1 million, up from €65.3 million in H1 2023.

• Adjusted operating profit was €16.8 million (+27.4%), and adjusted net profit €11.2 million (+38.8%).

• Combined ratio increased to 84.9% (from 81.2%), while gross loss ratio improved to 29.4% (from 31.1%).

• Cost ratio improved to 21.3% (from 24.6%), and acquisition ratio declined to 16.9% (from 18.0%).

• Financial result improved to €2.41 million, supported by higher interest income from a diversified bond portfolio.

Outlook and guidance

• Premium income is on track to surpass €300 million, a year ahead of Business Plan targets.

• The Group will continue executing its 2024-2027 strategic plan, focusing on intermediary relationships, distribution, and OverX platform enhancement.

• Preparation underway for the first ESG Strategic Plan, to be finalized by year-end.