Revo Insurance S.p.a. · MIL:REVO
Revo Insurance — H1 2024 Earnings Presentation
16 slides from Revo Insurance's earnings presentation, Aug 6, 2024
Slide 1: Consolidated Results as at 30 June 2024
Consolidated Results as at 30 June 2024 REVO Insurance Group Verona, 6 August 2024
Slide 2: Strategic update
01 Strategic update 2
Slide 3: Main corporate events 1H 2024
01 Strategic update Main corporate events 1 H 2024 REVO continues apace with the rollout of its Business Plan: Increase in premiums generated by the broker channel (50% of total GWP) and by REVO UW relationships; Enhancement of the offer with new products; The number of parametric policies mor
Slide 4: Consolidated Results as at 30 June 2024
02 Consolidated Results as at 30 June 2024 4
Slide 5: Main KPIs - IFRS
02 Consolidated Results as at 30 June 2024 MAIN KPIs - IFRS 17 Gross written premiums in the third quarter of €153.1 million (up 52.5% compared with the same period of 2023) IFRS 17 1H 2024 1H 2023 Adjusted OPA 208.5% Insurance revenues 105.1 65.2 + 61.1% 1 Adjusted operating profit 16.8 13.2 + 27
Slide 6: Progress of key REVO economic KPIs – IFRS
02 Consolidated Results as at 30 June 2024 Progress of key REVO economic KPIs – IFRS 17 The first half of 2024 was very solid in terms of numbers, not only compared to the same period in the previous year, but also in terms of the numbers generated during the entire 2023 financial year 14,8 216,2 21
Slide 7: 1H 2024 top line trend – Breakdown by LoB
02 Consolidated Results as at 30 June 2024 1H 2024 top line trend – Breakdown by LoB Gross premiums written at 30 June 2024 of €153.1 million, suretyships at approximately 28.6% LoB 1H 2024 % 1H 2023 % Suretyship 43,750 28.6% 40,363 40.2% +8.4% Growing suretyships (accelerating in Property 30,578
Slide 8: IFRS operating performance
02 Consolidated Results as at 30 June 2024 IFRS 17 operating performance Impact1 on insurance revenues before commissions and VoBA HY 2024 HY 2023 p.p. -1.7 All key profitability ratios are improving vs 1H 2023: Loss Ratio 29.4% 31.1% - Loss ratio decreasing despite a sluggish 2023 (positive curre
Slide 9: IFRS results
02 Consolidated Results as at 30 June 2024 IFRS 17 results Adjusted operating profit component €M 21.4 1 4.6 Adjustments 19.8 1 4.6 2.1 -5.6 2.5 0.8 0.1 16.8 15.2 0.9 0.8 14.2 Tail July ‘23 Tail July ‘23 Interest Amortisation Other expenses assets / liabilities of property Management One-off LTI VoB
Slide 10: Investment portfolio – comparison with FY 2023
02 Consolidated Results as at 30 June 2024 Investment portfolio – comparison with FY 2023 Further reduction in domestic government bonds (-4.9 p.p.) with high average portfolio rating Duration Assets 2.1 Liabilities 2.6 H1 2024 Continued decline in Italian government bonds (32.8% vs FY 2023 37.7%)
Slide 11: Group Solvency II ratio
02 Consolidated Results as at 30 June 2024 Group Solvency II ratio Group Solvency II ratio of 200.4% Adjusted OPA1 208.5% 212.0% 210.2% 200.4 SII sensitivity ratio as at 30 June 2024 + 50 bps risk free - 1.8 p.p. 153,5 160,8 162,5 - 50 bps risk free + 1.8 p.p. 76.4 + 50 bps Corporate spread -
Slide 12: Indicators
03 Indicators 12
Slide 13: Indicators: Definitions and main calculations
03 Indicators Definitions and main calculations Gross loss ratio – IFRS17 A profitability indicator calculated as the ratio of claims-related expenses gross of reinsurance and insurance revenues gross of commissions and VoBA. Gross combined ratio – IFRS17 A profitability indicator calculated as the
Slide 14: Indicators: Definitions and main calculations
03 Indicators Definitions and main calculations Operating profit– IFRS17 The ordinary measure of profitability that, starting from the result of insurance services: • includes investment income and expenses, exclusively related to accrued coupons and issue and trading differences (and therefore, wri
Slide 15: Indicators: Definitions and main calculations
03 Indicators Definitions and main calculations Adjusted net profit – IFRS17 Ordinary net result which, starting from net profit: • excludes extraordinary costs or one-off projects; • excludes costs of LTIP incentive plans; • excludes VoBA depreciation and amortisation costs; • excludes write-backs
Slide 16: Thank you.
Thank you. 16