REVO Insurance (REVO) H2 2024 earnings summary

Executive summary

• Gross written premiums reached €308.8 million in 2024, a 42.8% increase, surpassing business plan targets a year early and reflecting strong operational execution.

• Adjusted net profit rose to €22.6 million, up as much as 75.8% year-over-year, with adjusted operating profit at €35.1 million.

• Dividend increased to €0.22 per share, yielding 1.8%, reflecting improved profitability and capital strength.

• S&P rating upgraded to A-; authorization granted for Iberia branch and use of specific Solvency II parameters.

• Broker channel generated 47% of GWP, with expanded product offerings and increased parametric policy sales.

Financial highlights

• Insurance revenues were €220.1 million, up 47.8% from 2023.

• Loss ratio improved to 37.3% from 42% in 2023; cost ratio decreased to 19.4% from 23.2% in 2023.

• Combined ratio stable at 85.8% year-over-year.

• Investment portfolio delivered net profitability of €6.2 million, exceeding targets.

• Solvency II ratio at 236.7%, well above the 180-200% target range.

Outlook and guidance

• 2025 premium target set above €360-370 million, with Spain expected to contribute around €10 million.

• Adjusted operating profit guidance for 2025 is at least €40 million, with adjusted net profit around €30 million.

• Combined ratio expected to improve by 2-3 percentage points in 2025.

• Dividend policy reflects improved results and capital strength, with €0.22 per share proposed for 2025.

• Continued focus on innovation, technology investments, and international expansion, especially Iberia.