(Alliance News) - Revo Insurance Spa on Thursday reported that it closed the first quarter with a net profit of EUR6.0 million from EUR5.8 million as of March 31, 2023.

Insurance contract revenues for the period stood at EUR50.6 million from EUR29.2 million in 2023.

Adjusted operating income amounted to EUR10.0 million from EUR8.2 million in 2023.

The group's Solvency II ratio as of March 31 was 213.2 percent from 212 percent at the end of fiscal 2023.

Revo's distribution network in the first quarter consisted of 70 brokers and 114 agents in addition to about 250 business relationships maintained through Revo Underwriting.

Revo Insurance on Thursday closed flat at EUR8.78 per share.

By Claudia Cavaliere, Alliance News reporter

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