(Alliance News) - The board of directors of Revo Insurance Spa parent company of the REVO Insurance Group on Wednesday approved consolidated results for the first quarter of 2023, which closed with a consolidated net profit of EUR5.8 million compared with EUR500,000 in the same period last year.

Operating income was EUR7.3 million compared to EUR2.9 million in the same period last year.

Gross premiums written were EUR41.1 million, up 83.5 percent from the first quarter of 2022, when they were EUR22.4 million, due to growth across all lines of business, some of which were not yet active as of March 31, 2022.

Capital strength at the group level remained particularly high, with a Solvency II ratio of 247.0 percent at the end of the quarter. This figure was 269.3% as of December 31, 2022.

Revo is up 0.9 percent to EUR8.58 per share.

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.