31 Jul 2024

Press releases Prima Assicurazioni closes the first half of 2024 with strong growth results

The positive performance recorded in the half-year confirms the solidity of the Group's growth strategy. The insurance provider has now revised its targets upwards and aims to collect €1.1-1.2 billion in premiums by the end of the year.

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Prima Assicurazioni has excelled in the first half of 2024. The Italian-founded car insurance provider recorded a Group premium income of €593 million and an EBITDA (earnings before Interest, taxes, depreciation and amortisation) of €39 million. That’s an increase of 58% and 115% respectively compared to the same period of the previous year.

“We are extremely proud of the results. The performance of the first half of the year demonstrates our solidity in a challenging market context,” says George Ottathycal, CEO of Prima Assicurazioni. “Our success is down to our attention to detail and a user experience that makes it easy to buy a policy and have excellent pre- and post-sales customer service, as well as efficient claims management. All this is possible thanks to technology, which allows us to offer competitive prices without sacrificing the quality of our products.”

In the wake of these results, Prima Assicurazioni has decided to revise its annual targets upwards. In fact, the insurtech now expects to collect between €1.1 and €1.2 billion in premiums in 2024, exceeding the initial target of €1 billion. This new forecast represents an expected growth of over 30% compared to 2023, a year that ended with €880 million in premiums.

And when it comes to margins, the Group aims to consolidate its growth path by more than doubling the €29 million of EBITDA achieved at the end of 2023.

In the meantime, Prima Assicurazioni's international expansion continues as planned. In fact, for its offices in the UK and Spain, the company aims to collect over €60 million in premiums in 2024, doubling the €30 million collected in 2023.

"The results of the first half of the year demonstrate the sustainability of our business model and the unique ability to continue to grow by generating ever greater profits," says Mauro Piccinini, Chief Financial Officer of Prima Assicurazioni. "Our agile operating model based on innovative technologies, which we developed internally, gives us a competitive advantage in terms of speed and technical excellence. This has allowed us to revise already ambitious targets upwards, generating value for all stakeholders who can count on our solidity, from shareholders to customers."

Prima Assicurazioni also continues to invest in its people, with the aim of growing the team to approximately 1,200 employees by the end of 2024, compared to 900 at the beginning of the year. This expansion reflects the Group's commitment to supporting its growth and continuously improving the service offered to customers.