(Alliance News) - The board of directors of Revo Insurance Spa has approved consolidated results for the first nine months, which closed with a consolidated net profit of EUR9.1 million compared with EUR2.6 million in the same period last year.

Revenues from insurance contracts-including LFRC movement-were EUR107.0 million, up from EUR48.5 million in the same period last year.

Capital strength at the group level remained particularly high, with a Solvency II ratio of 222.4 percent at the end of the quarter, up from 234.7 percent as of June 30, the company wrote in the released note.

The physiological change is consistent with the expected evolution in the medium term and takes into account the strong growth recorded in the period, as well as the voluntary partial takeover bid transaction on Revo shares finalized during the first half of the year - value Solvency II ratio net of this transaction equal to 231 percent.

Group shareholders' equity is EUR220.1 million, up from the value at the end of fiscal 2022, when it had been EUR216.6 million.

Revo closed Wednesday's session in the red by 0.3 percent at EUR8.06 per share.

By Maurizio Carta, Alliance News reporter

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