REVO Insurance (REVO) H1 2025 earnings summary

Executive summary

• Gross written premiums rose 31% year-over-year to €200.5M, with growth across all business lines and a more diversified business mix.

• Adjusted operating profit increased 54% to €25.8M, and adjusted net profit reached €15.0M, both significantly above the prior year.

• Net profit was €11.3M, up from €9.4M in the same period of 2024, driven by strong premium growth and portfolio diversification.

• Solvency II ratio remained strong at 245.2% as of June 30, 2025, confirming robust capital adequacy.

• Board of Directors appointed, new 2026-2028 Business Plan "THE TECHUMAN ERA" presented, and S&P rating confirmed at A- (stable outlook); Standard Ethics rating at EE (strong) with positive outlook.

Financial highlights

• Insurance revenues reached €135.2M, up from €105.1M in H1 2024.

• Investment income increased to €3.8M, benefiting from higher coupon interest and portfolio diversification.

• Operating expenses rose to €5.09M, mainly due to increased personnel and IT investments, including a one-time 2025 incentive plan.

• Combined ratio improved to 83.2% from 84.9% in H1 2024.

• Loss ratio increased to 32.3% (from 29.4%), reflecting higher claims and prudent reserve strengthening.

Outlook and guidance

• Operating growth continues in line with the 2026-2028 Business Plan, focusing on digital transformation, AI integration, and specialty/parametric product expansion.

• Two-thirds of the adjusted operating result for the entire year 2024 was already achieved by mid-2025.

• Broker channel expected to reach 400 collaborations by year-end, supporting future distribution network development.

• Continued investment in technology and recruitment of key personnel is planned to support growth.

• REVO Iberia branch expected to contribute further to premium growth in Spain.