REVO Insurance (REVO) H2 2024 earnings summary

Executive summary

• Gross written premiums reached €308.8M, up 42.8% year-over-year, surpassing business plan and 2025 targets a year early.

• Adjusted net profit rose to €22.6M, with consolidated net profit at €18.6M, up 75.8% year-over-year.

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

• S&P rating upgraded to A- stable; Standard Ethics EE (strong) rating confirmed.

• Authorization granted for REVO Iberia branch and first ESG Strategic Plan defined.

Financial highlights

• Adjusted operating profit rose 65.1% to €35.1M; insurance revenues increased to €220.1M, up 47.8% from 2023.

• Solvency II ratio at 236.7%, well above plan target, reflecting strong capital position.

• Combined ratio stable at 85.8%; gross loss ratio improved to 37.3% from 42.0% in 2023.

• Net profitability from investments was €6.2M, exceeding the 2024 target.

• Shareholders' equity increased to €244.5M.

Outlook and guidance

• Positioned for a new phase of value creation, focusing on technical profitability, operational efficiency, and innovation.

• Dividend of €0.22 per share proposed, up from €0.084 in 2023, with a 1.8% yield, payable in May 2025.

• Growth trajectory expected to continue, supported by capital strength and business development.

• Ongoing expansion in specialty, parametric, and international markets, especially Iberia.