REVO Insurance Reports Significant Growth in 2024
REVO Insurance, Italy’s pioneering provider of parametric policies and specialty insurance lines, recorded an impressive gross written premium total of €308.8 million as of December 31, 2024. This represents a substantial 42.8% increase from the previous year’s €216.2 million.
The financial year of 2024 underscored the project’s robustness, showing consistent advancements across all economic and financial indicators, perfectly aligned with the company’s capital strength objectives.
REVO’s adjusted operating result soared to €35.1 million, a 65.1% increase from the previous year, while maintaining a Solvency II ratio of 236.7%.
The company emphasized that its strategic investments in human resources, technology, and distribution enabled sustained operational growth, as reflected in all significant metrics. The adjusted net profit more than doubled over the evaluated period, with the Solvency II Ratio exceeding the medium-term target.
Consolidated net profit for REVO surged by 75.8% to €18.6 million, with the adjusted net profit reaching €22.6 million.
Key Drivers of Premium Growth:
- The Surety sector led with a notable contribution, accounting for 30.8% of total premiums at €95.1 million, a 11.6% rise from the previous year’s €85.2 million.
- The Property sector contributed 20.6% of total premiums, totaling €63.6 million, a significant increase from €28.1 million in 2023.
The loss ratio improved to 37.3%, down from 42% in 2023, reflecting excellent technical performance despite some delayed claims from 2023’s extreme events.
Furthermore, the cost ratio dropped significantly to 19.4% from 23.2% in 2023. This was due to reduced insurance costs and operational expenses, bolstering improvements in operational efficiency.
The reinsurance cost ratio was 12.6%, showing improvement from 17.3% in the first half of 2024, although it was higher than the 6% recorded in 2023.
These dynamics resulted in the gross COR ratio stabilizing at 85.8%, consistent with 2023’s figures. REVO’s insurance results for 2024 increased to €29.7 million, compared to €18.9 million the prior year.
Insurance revenues from written contracts reached €220.1 million, a remarkable 47.8% increase over the €148.9 million in 2023.
Alberto Minali, CEO of REVO Insurance, stated, “2024 marked a pivotal year: we surpassed all our targets and, ahead of schedule, reached our 2025 premium goals, demonstrating extraordinary growth in key performance indicators while maintaining capital strength. This success reaffirms the quality of our project and the value of our management team. Our commitment to innovation was reinforced by launching our first artificial intelligence initiatives last year—a strategic pillar for the company’s future growth. We will continue investing in technology and supporting human capital in a focused and efficient manner, balancing innovation with technical profitability to generate sustainable value for our stakeholders.”
