With the authorization of IVASS, the merger by incorporation di Revo in Elba Insurance started last November.
The operation will result in the delisted of the Company by Euronext Growth Milan during the fourth quarter of this year and at the same time listing on Euronext STAR Milan, says a note from the company led by Alberto Minali.
Elba Assicurazioni: premiums up 44% in the first half of 2022
In the semester ending at the end of June, Elba Insurance showed gross premiums accounted for up 43,8% to 56,2 million "thanks to a solid core business and the launch of new business lines" says the note.
Il Loss Ratio net is at 28,1%. The adjusted operating result, impacted by project start-up costs in 2022, amounted to 7,7 million, down from 11,8 million, but "fully in line with the 2022 plan" they say in Reno.
Le value adjustments on investments they amount to 4,8 million, an increase compared to 200 million "following the contingent market trend". L'Net income for the period amounted to 1,6 million, down from 7,1 million. The Solvency II ratio equal to 187,4% (equal to 263,4% at Group level, taking into account the capital of Revo which will flow into Elba following the merger.
Revo, pending authorization to merge with Elba, did not record revenues (the insurance business is operated exclusively through the subsidiary Elba Assicurazioni), says the note, while it incurred corporate maintenance and project support costs (equal to Euro 1,2 million) aimed at the reverse merger and listing project, as well as statutory value adjustments on investments (equal to Euro 1,8 million) following an unstable trend in the financial markets, with a total loss for the period equal to Euro 3,3 million.
