(Alliance News) - The board of directors of REVO Insurance Spa on Wednesday evening approved consolidated results for the year ended Dec. 31, reporting a net profit of EUR10.6 million, up 71 percent from the previous year.

Gross premiums written totaled EUR216.2 million, up 65 percent from the previous year, when they totaled EUR131.4 million.

The company reports further profitable growth in Bonds business with over 39% of total premiums with a progression of 16% and concomitant higher exposure to new lines for over 125% compared to 2022.

Alberto Minali - CEO of REVO Insurance - commented, "The 2023 results confirm the excellence of our operating model and allow us to look at the next plan years with optimism: we have exceeded the premium income target for 2023 and count on approaching during the year the production targets set for 2025. Our approach to the market, focused on agility, expertise and technology, has made the possibility of an easy, fast and highly personalized insurance offering a reality."

"This allows us to increasingly consolidate our position as a key player in specialty and parametric risks, alongside SMEs and professionals. In addition, the strength of our capital position and the constant generation of technical profitability allow us to distribute our first dividend," Minali concluded.

REVO closed Wednesday's session in the green by 0.7 percent at EUR8.82 per share

By Maurizio Carta, Alliance News reporter

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