(Alliance News) - Revo Insurance Spa reported Tuesday that it reported gross premiums written of EU100.4 million in the first half ended June 30, up 79 percent from EUR56.2 million in the same period last year.

Net income stood at EUR6.2 million from EUR800,000 as of June 30, 2022.

Insurance revenues amounted to EUR65.3 million from EUR26.8 million in the first half of 2022.

Adjusted operating income was EUR13.2 million.

The gross COR ratio for the period, calculated based on the new IFRS 17 metrics, was 81.3 percent compared to 76.0 percent in the first quarter of 2022. This performance is in line with plan expectations.

Revo had a group Solvency II capital ratio of 234.7 percent at the end of the first half from 269.3 percent as of Dec. 31, 2022, including the effect from the aforementioned buyback transaction.

In addition, the company reported further expansion of its distribution network, consisting of 62 brokers and 118 agents, and activation of more than 190 mandates by Revo Underwriting, the group's brokerage company. Also noteworthy in this connection was the signing of an important agreement with the AXA Agents Union on ten business areas.

During the period, there was the upgrade of the rating by S&P, from BBB+ stable to BBB+ positive, "confirming the long-term sustainability of the development path undertaken; in June there was also the obtaining of the EE strong rating conferred by Standard Ethics, which proves the group's ability to integrate ESG factors into strategies, operations and the risk management process, with solid performance in terms of operational efficiency," the company explained in a note.

Finally, there was the completion of a buyback transaction on Revo's stock, through a partial voluntary tender offer, aimed at increasing the number of treasury shares held in the portfolio in the face of particularly attractive share valuations compared to prices.

As of June 30, Revo held 850,700 of its own shares, or about 3.5 percent of its share capital.

Alberto Minali, chief executive officer of Revo, commented, "The first half closes with excellent results, which are tangible proof of the effectiveness of our business model and confirm its positive outlook. Revo is unique in the Italian insurance landscape thanks to its highly qualified human capital and use of cutting-edge proprietary technologies. Indeed, expertise, simplification and innovation are the drivers that drive our growth. The further diversification of our business in the coverage of specialty and parametric risks, supported by a distribution network of fundamental importance, is aimed at guaranteeing an increasingly timely insurance offer focused on the real needs of SMEs and professionals."

On Tuesday, Revo Insurance closed down 2.2 percent at EUR8.20 per share.

By Claudia Cavaliere, Alliance News reporter

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