(Alliance News) - Revo Insurance Spa on Thursday reviewed its operating results to 2022 and reported that it reported a positive net income of EUR5.3 million from a loss of EUR13.8 million in 2021 and successfully completed all planned strategic projects for 2022.

Consolidated adjusted net income was EUR10.8 million.

Gross premiums written for 2022 amounted to EUR131.4 million from EUR77.5 million in the previous year.

The company carried out an IT investment plan of EUR7.1 million, with a focus on the development of the data base functional for business underwriting and the launch of the proprietary OverX platform.

The value of shareholders' equity at the end of the year was EUR216.6 million, down slightly from December 31, 2022 when it was EUR218.5 million, mainly due to fair value adjustments of investments with impact on comprehensive income and the presence of treasury shares.

As of December 31, 2022, the company held 140,953 treasury shares amounting to EUR1.2 million, equivalent to approximately 0.6 percent of the share capital.

Capital strength is confirmed at excellent levels, with a Group Solvency II ratio2 at 269.3 percent, capable of ensuring future developmentin compliance with medium-term targets.

During the first weeks of the year,. the board of directors of Revo approved the rolling plan 2023-2026, which confirmed the medium-term targets.

In addition, the company remains awaiting authorization from IVASS to operate in the legal protection branch, a business line for which key figures have already been hired to oversee its development.

Alberto Minali, chief executive officer of Revo, commented, "The excellent results of 2022 confirm our team's ability to execute the business plan communicated to the market and highlight the model of technical excellence that Revo represents in the Italian insurance scene, standing as a candidate for the role of reference player in specialty and parametric risks, alongside SMEs and professionals."

On Thursday, Revo Insurance closed in the green by 0.5 percent at EUR8.28 per share.

By Claudia Cavaliere, Alliance News reporter

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