REVO Insurance (REVO) Q3 2024 earnings summary

Executive summary

• Gross written premiums reached €216.9 million, up 45.5% year-over-year, with all business lines growing except Agro, which was selectively underwritten for profitability.

• Adjusted operating profit was €26.4 million and adjusted net profit €17.0 million, both exceeding full-year 2023 results.

• The company confirmed its ambition to reach €300 million in premiums and over €20 million in adjusted net profit by year-end.

• Strategic initiatives included AI adoption (Luminate), expansion of the OverX platform, and the launch of the Spanish branch (REVO Iberia).

Financial highlights

• Revenues from insurance contracts were €161.3 million, up from €107.0 million year-over-year.

• Result of insurance services was €23.2 million, with a net financial result of €3.2 million.

• IFRS 17 combined ratio was 84.9%, slightly higher than 82.3% in Q3 2023 but improved from 85.8% at year-end 2023.

• Group equity stood at €240.0 million as of 30 September 2024.

Outlook and guidance

• The company aims to reach €300 million in premiums and over €20 million in adjusted net profit for the full year.

• Focus remains on technology and operational projects, with the operational launch of the Spanish branch expected in Q4.