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Revo Insurance
Earnings Release • Aug 7, 2025
4376_rns_2025-08-07_80a764bb-0336-4107-a0c5-98061f300af8.pdf
Earnings Release
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Consolidated Financial Results as at 30th June 2025
REVO: STRONG GROWTH AND ONGOING VALUE CREATION
Half-year premiums reached €200.5 million (+31.0%), with a sharp increase in adjusted operating profit1 €25.8 million (+54%), supported by resilient capital solidity and a combined ratio2 of 83.2%.
- Gross written premiums € 200.5 million
- Insurance revenues € 135.2 million
- Adjusted operating profit € 25.8 million
- Net profit € 11.3 million
- Adjusted net profit € 15.0 million
- Group Solvency II ratio3 245.2%
Verona, 7 August 2025 – The Board of Directors of REVO Insurance S.p.A., parent company of the REVO Insurance Group, approved today the Consolidated Financial Results as of 30 June 2025.
KEY INDICATORS
- Gross written premiums of €200.5 million, up +31.0% compared to the same period in 2024 (€153.1 million).
- Growth in any business line, further diversifying the business mix.
- Adjusted operating profit of €25.8 million, showing a strong increase compared to the same period in 2024 (+53.8%), confirming the operational growth trajectory outlined in the Industrial Plan.
- Strong technical profitability, with a loss ratio4 of 32.3%, higher than in H1 2024 (29.4%) but fully in line with medium-term targets and consistent with business development and diversification.
1 Adjustments include recurring income and expenses from investments, and exclude one-off extraordinary costs (such as, for example, activities preparatory to the drafting of the 2026–2028 Industrial Plan and employee incentive plan costs, which are exceptionally planned only for fiscal year 2025, the amortisation of the acquired portfolio (former VoBA), and the cost of the LTIP), as well as other minor items, including the depreciation of tangible assets, severance payments (TFM), and financial debt-related costs
2 IFRS 17 Combined Ratio = (Costs for issued insurance services + reinsurance result) / (Gross insurance revenue excl. VoBA)
3 The calculation is based on the adoption of the Standard Formula and the use of Undertaking Specific Parameters (USP) for the Credit and Bonding lines.
4 IFRS 17 Loss Ratio = (Gross incurred claims from direct and indirect business) / (Gross insurance revenue excluding commissions and VoBA)
- Positive investment contribution of €3.8 million (€2.4 million in 2024) maintaining short duration and broad geographical diversification of the assets held in the portfolio.
- IT investment plan (approx. €5 million during the half-year) and operating cost trends in line with Plan trajectories.
- Consolidated net profit of €11.3 million (€15.0 million adjusted), up from €9.4 million and €11.2 million respectively in the same period of 2024.
- Solid capital position confirmed, with a Group Solvency II ratio at 245.2%.
Alberto Minali, Chief Executive Officer of REVO, stated: "By the end of the first half of 2025, we had already achieved two-thirds of the adjusted operating result ofthe entire year 2024. Our path of profitable growth confirms the strength of our trajectory and the consistency of the strategic choices outlined in the new Industrial Plan. This result reflects the effectiveness of a distinctive business model that positions technology as the engine of our development and leverages the relationship with intermediaries as a strategic driver for penetrating the SME and professionals' market."
STRATEGIC PERFORMANCE
During the half-year, REVO continued to advance the implementation of its 2026–2028 Industrial Plan, presented to the market June 2025:
- Significant growth of the broker channel, which generated approximately 53% of total GWP, marking a +38% increase compared to the same period in 2024. At the same time, partnerships managed through REVO Underwriting were further strengthened, with an increase of +33 relationships compared to the first half of 2024 and a +57% rise in premium volumes.
- Enlargement of the insurance solutions offered to our clients, with the launch of two new business lines: Credit and Energy, designed to provide tailored solutions to key industrial sectors within Italy's productive ecosystem.
- Further expansion of the parametric offering accompanied by the introduction of instant payment features, which have reduced settlement times. The Protezione Consumi policy and the partnership with Spiagge.it have maintained a steady growth rate. In the travel sector, REVO has also signed a partnership with ADR Mobility for the launch of Volo Protetto, further strengthening its leadership in the travel market that demands accessible, fast, and transparent protections. In the first half of the year, the number of issued parametric policies amounted to approximately 44,000, compared to about 10,000 in the first half of 2024.
- Continued enhancement of the AI partner ecosystem—Liquidate, Luminate, and Operate integrated within VERO platform. The new features improve efficiency in claims handling, communication automation, and back-office processes, enabling increasingly smart, fast, and accurate operational management.
- Ongoing recruitment efforts, with 32 new hires, primarily in the Underwriting and Data & Artificial Intelligence areas.
- Approximately €4.5 million in premiums underwritten by REVO Iberia in the first half, supported by the expansion of commercial relationships—now totalling 42 local and international brokers—and the strengthening of the team with four new hires. The new Head of Claims - a key role to complete the operational structure - will join us in September.
- S&P rating confirmed at A- with a stable outlook, and Standard Ethics ESG rating confirmed at "EE" (equivalent to "strong" on the Standard Ethics scale), with a positive outlook. The Standard Ethics assessment reflects REVO's strong commitment to sustainable value creation and accompanies the launch of the new three-year ESG plan addressing key policies such as Diversity & Inclusion, responsible artificial intelligence, procurement, and human rights. Preparatory activities have also begun for the voluntary drafting of the first Sustainability Report, scheduled for 2026 and referring to fiscal year 2025.
KEY PLAN AND ECONOMIC PERFORMANCE KPIs
| Main KPIs– €M | 30.06.2022 | 30.06.2023 | 30.06.2024 | 30.06.2025 |
|---|---|---|---|---|
| Insurance revenues | 26.9 | 65.3 | 105.1 | 135.2 |
| Adjusted operating result | 6.2 | 13.2 | 16.8 | 25.8 |
| Adjusted net result | 2.6 | 8.1 | 11.2 | 15.0 |
Below are the main economic KPIs across the various reference time horizons.
The half-year figures confirm REVO's ability to grow profitably, following a trajectory in line with the ambitions outlined in the Industrial Plan.
Below is a summary table highlighting the main items of the income statement recorded during the period:
| Main Income Statement Items – €000 | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Insurance revenues from issued contracts | 135,228 | 105,141 |
| Insurance service result | 22,173 | 15,161 |
| Investment result | 3,779 | 2,410 |
| Operating expenses | -5,087 | -3,932 |
| Other income / expenses | -4,111 | -1,639 |
| Profit (loss) before tax | 16,754 | 12,000 |
| Profit (loss) after tax | 11,310 | 9,356 |
|---|---|---|
During the period, gross written premiums amounted to €200.5 million, witha significant increase compared to the same period in 2024 (+31.0%). Growth was recorded across all major business lines, with a particularly selective approach in certain segments (Agro, D&O, Personal Accident) aimed at preserving portfolio profitability.
As of 30th June 2024, the business mix was more diversified, with a tactical increase in exposure to the Property line, in response to particularly favorable underwriting conditions, and further expansion of the Surety business, which recorded a 10.1% increase during the half-year.
| Business lines - €000 | 30.06.2025 | % | 30.06.2024 | % |
|---|---|---|---|---|
| Property | 48,892 | 24.4% | 30,578 | 20.0% |
| Surety | 48,153 | 24.0% | 43,750 | 28.6% |
| Marine | 14,725 | 7.3% | 13,423 | 8.8% |
| Motor Vehicles | 14,348 | 7.2% | 5,575 | 3.6% |
| Engineering | 11,372 | 5.7% | 10,817 | 7.1% |
| Casualty | 11,085 | 5.5% | 5,836 | 3.8% |
| Professional Indemnity | 10,120 | 5.0% | 9,482 | 6.2% |
| Agro | 8,431 | 4.2% | 8,447 | 5.5% |
| Aviation | 7,783 | 3.9% | 7,000 | 4.6% |
| Cyber | 5,023 | 2.5% | 3,587 | 2.3% |
| Medmal | 4,616 | 2.3% | 2,429 | 1.6% |
| Indirect Property | 3,325 | 1.7% | 1,371 | 0.9% |
| PA | 2,908 | 1.5% | 5,377 | 3.5% |
| FI | 2,501 | 1.2% | 669 | 0.4% |
| D&O | 2,326 | 1.2% | 2,439 | 1.6% |
| Legal protection | 1,585 | 0.8% | 991 | 0.6% |
| Credit | 1,434 | 0.7% | 234 | 0.2% |
| FA&S | 1,023 | 0.5% | 846 | 0.6% |
| Energy | 407 | 0.2% | - | - |
| Parametric | 399 | 0.2% | 220 | 0.1% |
| Total Gross Written Premiums | 200,459 | 100.0% | 153,071 | 100.0% |
The table below provides a summary of the portfolio business mix as of 30 June 2025:
The Group's operating performance in the first half of the year was driven by the following factors:
- Loss ratio increased compared to H1 2024 (32.3% vs. 29.4%), particularly in the MAT and General Liability portfolios. Figures also reflect an additional and prudent strengthening of IBNR reserves for approximately €5.0 million compared to December 2024.
- Accrual-based acquisition ratio5 stood at 18.1%, showing a slight increase compared to 16.9% in the same period of 2024, mainly due to the business mix underwritten during the period.
5 IFRS 17 Cost Ratio = (Total administrative expenses net of intangible asset amortisation + other operating income/expenses) / (Gross insurance revenue excluding commissions and VoBA)
- Cost ratio6 decreased (19.7%, down from 21.9% in H1 2024), due to lower insurance and general operating expenses—confirming improved operating leverage across the business.
- Personnel costs increased, driven by new hires and the temporary 2025-only MBO incentive plan (approximately €1 million).
- Reinsurance cost7 incidence stood at 15.6%, down from 17.3% in the first half of 2024, thanks to higher ceded claims and increased commissions received from reinsurers compared to 2024.
- IT investments totaled approximately €5 million, also in connection with the new 2026–2028 Industrial Plan "THE TECHUMAN ERA."
- As a result of these dynamics, the gross Combined Operating Ratio8 (COR)for the period stood at 83.2%, an improvement from 84.9% in H1 2024 and 85.8% at the end of fiscal year 2024.
Lastly, a positive contribution from the investment portfolio is reported, with a result of €3.8 million, compared to €2.4 million in 2024. The new financial assets, which contributed to a further reduction in overall exposure to Italian risk, benefited from favorable market conditions, with low volatility resulting from their short duration.
| Adjusted Operating Result – €000 | 30.06.2025 |
|---|---|
| Insurance result | 22,173 |
| Operating expenses | -6,445 |
| LTI | -800 |
| Amortization of intangible assets allocated to technical result | 3,562 |
| Net interest income/expense | 3,411 |
| Operating result | 21,901 |
| One-off costs | 1,340 |
| Extraordinary incentive costs (2025) | 993 |
| LTI | 800 |
| TFM settlement | 59 |
| Amortization of tangible assets (excluding IFRS 16) | 61 |
| Amortization of acquired portfolio value (ex VoBA) | 633 |
| Interest adjustments on loan | - |
| Adjusted operating result | 25,786 |
The following table provides the reconciliation of the adjusted operating result for the period:
6 IFRS 17 Acquisition Ratio = (Total acquisition commissions) / (Gross insurance revenue excluding commissions and VoBA)
7 IFRS 17 Reinsurance Cost Incidence = (Insurance revenues and expenses from reinsurance ceded) / (Gross insurance revenue excluding commissions and VoBA)
8 Gross combined ratio IFRS 17 = (Costs for insurance services issued + reinsurance result) / (Insurance revenues before VoBA)
The following table provides the reconciliation of the adjusted net result for the half-year period:
| 30.06.2025 |
|---|
| 11,310 |
| -353 |
| 0 |
| 2,333 |
| 61 |
| 800 |
| 59 |
| 633 |
| 1,267 |
| -1,089 |
| 15,021 |
STATEMENT OF FINANCIAL POSITION
The following table presents a summary of the balance sheet:
| Assets €000 | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Intangible assets | 99,128 | 95,171 |
| Tangible assets | 12,241 | 12,614 |
| Insurance-related assets | 109,004 | 107,725 |
| Investments | 320,375 | 256,952 |
| Other financial assets | 598 | 2,934 |
| Other assets | 15,916 | 38,868 |
| Cash and cash equivalents | 4,996 | 2,862 |
| Total Assets | 562,258 | 517,126 |
| Shareholders' equity and liabilities €000 | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Shareholders' equity | 253,491 | 244,477 |
| Provisions for risks and charges | 2,835 | 2,628 |
| Insurance-related liabilities | 263,926 | 227,818 |
| Financial liabilities | 13,468 | 13,792 |
| Payables | 11,393 | 13,251 |
| Other liabilities | 17,145 | 15,160 |
| Total equity and liabilities | 562,258 | 517,126 |
Shareholders' equity at the end of the period amounted to €253.5 million, an increase compared to €244.5 million as of 31st December 2024. Following the allocation of treasury shares to beneficiaries of the 2022–2024 LTI stock-based incentive plan, carried out in June 2025, the Company currently holds a total of 569,155 treasury shares, representing approximately 2.162% of the share capital, consisting solely of ordinary shares.
Confirming the Group's strong capital position, the Solvency II Ratio as of 30th June 2025, stood at 245.2%, in line with the figure recorded as of 31st March 2025, which was 246.6%.
FINANCIAL REPORTING OFFICER
Pursuant to Article 154-bis of the Consolidated Law on Finance, the Manager responsible for preparing the company's financial reports, Mr. Jacopo Tanaglia, declares that the accounting information contained in this press release corresponds to the documentary evidence, books, and accounting records.
The Company informs that the consolidated Half-Year Financial Report as of 30 June 2025 will be made available to the public at the registered office and on the website www.revoinsurance.com, in the manner and within the timeframe established by applicable laws and regulations.
The results as of 30 June 2025 will be presented to the financial community today at 6:00 PM (CET) via conference call. Dial-in numbers are: +39 02 802 09 11 (Italy), +44 1 212818004 (UK), and +1 718 7058796 (USA).
The presentation related to the results is available on the website www.revoinsurance.com in the Investor Relations section.
The consolidated balance sheet and income statement of REVO Insurance S.p.A. as of 30 June 2025 are attached below, with the note that the consolidated report and related documentation have not yet been certified by the independent auditors, nor have the Solvency II data, pursuant to IVASS Regulation no. 42 of 2 August 2018.
ABOUT REVO
REVO Insurance S.p.A. (www.revoinsurance.com) is an insurance company based in Italy, listed on the Euronext STAR Milan market and active in non-life insurance with a focus on specialty lines and parametric risks and mainly oriented on the SME sector. REVO Insurance is an innovative and cutting-edge player, with an entrepreneurial formula that leverages technological leadership to optimize and make the risk underwriting and claims management process more efficient and flexible – including through the use of blockchain technology – and with a strong ESG vocation as a key part of its strategic orientation.
REVO Insurance S.p.A.
Registered office: Viale dell'Agricoltura 7, 37135 Verona Operational headquarters: Via Monte Rosa 91, 20149 Milan Via Cesarea 12, 16121 Genova Phone: +39 02 92885700 | Certified email: [email protected]
FOR MORE INFORMATION, PLEASE CONTACT
REVO Insurance S.p.A. Investor Relations Manager Jacopo Tanaglia Phone: +39 045 8531662 | [email protected]
Communications & ESG Director Marica Cammaroto Phone: +39 335 1557142 | [email protected]
Media Relations Incontra - Studio Cisnetto Enrico Cisnetto | Gianluca Colace Phone: +39 06 4740739
This press release is available on the Company's website and on
CONSOLIDATED INCOME STATEMENT
| Items - €000 | 30.06.2025 | 30.06.2024 | |
|---|---|---|---|
| 1. | Insurance revenues deriving from insurance contracts written | 135,228 | 105,141 |
| 2. | Costs of insurance services deriving from insurance contracts written | -86,335 | -66,834 |
| 3. | Insurance revenues deriving from cessions to reinsurance | 56,300 | 30,996 |
| 4. | Costs of insurance services deriving from cessions to reinsurance | -83,020 | -54,142 |
| 5. | Result of insurance services | 22,173 | 15,161 |
| 6. | Income/expenses from financial assets and liabilities measured at FVPL | 682 | -12 |
| 7. | Income/expenses on investments in associates and joint ventures | 15 | -3 |
| 8. | Income/expenses from other financial assets and liabilities and from investment property |
3,082 | 2,425 |
| 8.1 | - Interest income calculated according to the effective interest method | 3,634 | 2,751 |
| 8.2 | - Interest expense | -223 | -223 |
| 8.3 | - Other income/expenses | - | - |
| 8.4 | - Realised gains/losses | -272 | -51 |
| 8.5 | - Valuation gains/losses | -57 | -52 |
| o/w: Related to non-performing financial assets | - | - | |
| 9. | Investment result | 3,779 | 2,410 |
| 10. | Net financial costs/revenues relating to insurance contracts written | -1,415 | -281 |
| 11. | Net financial revenues/costs relating to cessions to reinsurance | 731 | 227 |
| 12. | Net financial result | 3,095 | 2,356 |
| 13. | Other revenues/costs | -1,264 | -834 |
| 14. | Operating expenses: | -5,087 | -3,932 |
| 14.1 | - Investment management expenses | -53 | -31 |
| 14.2 | - Other administrative expenses | -5,034 | -3,901 |
| 15. | Net provisions for risks and charges | -250 | - |
| 16. | Write-downs/write-backs of tangible assets | -871 | -861 |
| 17. | Write-downs/write-backs of intangible assets | -1 | -1 |
| o/w: Goodwill write-downs | - | - | |
| 18. | Other operating income/expenses | -1,041 | 112 |
| 19. | Profit (loss) for the year before tax | 16,754 | 12,000 |
| 20. | Taxes | -5,444 | -2,644 |
| 21. | Profit (loss) for the year after tax | 11,310 | 9,356 |
| 22. | Profit (loss) on discontinued operations | - | - |
| 23. | Consolidated profit (loss) | 11,310 | 9,356 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Asset items - €000 | 30.06.2025 | 31.12.2024 | |
|---|---|---|---|
| 1. | INTANGIBLE ASSETS | 99,128 | 95,171 |
| o/w: Goodwill | 74,323 | 74,323 | |
| 2. | TANGIBLE ASSETS | 12,241 | 12,614 |
| 3. | INSURANCE ASSETS | 109,004 | 107,725 |
| 3.1 | Insurance contracts written classified as assets | - | - |
| 3.2 | Cessions to reinsurance classified as assets | 109,004 | 107,725 |
| 4. | INVESTMENTS | 320,375 | 256,951 |
| 4.1 | Investment property | - | - |
| 4.2 | Investments in associates and joint ventures | 33 | 18 |
| Investments in subsidiaries | - | - | |
| Investments in associates | 33 | 18 | |
| Investments in joint ventures | - | - | |
| 4.3 | Financial assets measured at amortised cost | 2,075 | 2,075 |
| 4.4 | Financial assets measured at fair value through OCI | 301,289 | 251,971 |
| 4.5 | Financial assets measured at fair value through profit or loss | 16,978 | 2,887 |
| a) Financial assets held for trading | 9,794 | - | |
| b) Financial assets designated at fair value | - | - | |
| c) Other financial assets compulsorily measured at fair value | 7,184 | 2,887 | |
| 5. | OTHER FINANCIAL ASSETS | 598 | 2,934 |
| OTHER FINANCIAL ASSETS | 598 | 2,934 | |
| 6. | OTHER ASSETS | 15,916 | 38,868 |
| 6.1 | Non-current assets or disposal groups held for sale | - | - |
| 6.2 | Tax assets | 4,964 | 5,629 |
| a) Current | - | - | |
| b) Deferred | 4,964 | 5,629 | |
| 6.3 | Other assets | 10,952 | 33,239 |
| Other assets | 10,952 | 33,239 | |
| Consolidation adjustments (IC elimination) - assets | - | - | |
| 7. | CASH AND CASH EQUIVALENTS | 4,996 | 2,863 |
| TOTAL ASSETS | 562,258 | 517,126 |
| Equity and liabilities items €000 | 30.06.2025 | 31.12.2024 | |
|---|---|---|---|
| 1. | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 253,491 | 244,477 |
| 1.1 | Capital | 6,680 | 6,680 |
| 1.2 | Other equity instruments | - | - |
| 1.3 | Capital reserves | 170 | 170 |
| 1.4 | Earnings reserves and other equity reserves | 242,533 | 229,618 |
| 1.5 | Treasury shares (-) | -5,365 | -9,475 |
| 1.6 | Valuation reserves | -1,837 | -1,092 |
| Assets attributable to non-controlling interests (+/-) | - | - | |
| Capital of non-controlling interests | - | - | |
| Other equity instruments of non-controlling interests | - | - | |
| Capital reserves of non-controlling interests | - | - | |
| Earnings reserves and other equity reserves of non-controlling interests | - | - | |
| Own shares (-) of non-controlling interests | - | - | |
| 1.7 | Valuation reserves of non-controlling interests | - | - |
| 1.8 | Profit (loss) for the year (+/-) | 11,310 | 18,576 |
| 1.9 | Profit (loss) for the year attributable to non-controlling interests (+/-) | - | - |
| 2. | PROVISIONS FOR RISKS AND CHARGES | 2,835 | 2,628 |
| 3. | INSURANCE LIABILITIES | 263,926 | 227,819 |
| 3.1 | Insurance contracts written classified as liabilities | 263,926 | 227,819 |
| 3.2 | Cessions to reinsurance classified as liabilities | - | - |
| 4. | FINANCIAL LIABILITIES | 13,468 | 13,792 |
| 4.1 | Financial liabilities measured at fair value through profit or loss | - | - |
| a) Financial liabilities held for trading | - | - | |
| b) Financial liabilities designated at fair value | - | - | |
| 4.2 | Financial liabilities measured at amortised cost | 13,468 | 13,792 |
| 5. | PAYABLES | 11,393 | 13,250 |
| 6. | OTHER LIABILITIES | 17,145 | 15,160 |
| 6.1 | Liabilities of disposal groups held for sale | - | - |
| 6.2 | Tax liabilities | 973 | 3,833 |
| a) Current | 973 | 3,833 | |
| b) Deferred | - | - | |
| 6.3 | Other liabilities | 16,172 | 11,327 |
| Other liabilities | 16,172 | 11,327 | |
| Consolidation adjustments (IC elimination) - liabilities | - | - | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 562,258 | 517,126 |