Prima, the tech-led insurance company, ended 2024 with results beyond what was initially forecasted. It’s now in its tenth year in the market and is exhibiting strong growth and profitability.

The preliminary data shows Prima reached over 4 million customers in 2024, with a gross written premium of €1.3 billion. That’s an increase of 47% compared to the previous year. What’s more, EBITDA is reported as €104 million – up 257% from 2023.

These numbers surpass what was estimated in mid-2024. Initially, Prima expected premium income in the range of €1.1 to €1.2 billion in the twelve-month period.

“We’ve exceeded 4 million customers and we’re preparing to finish ten years of activity with new record results,” says George Ottathycal, CEO of Prima. “It makes this anniversary a time to celebrate the revolution that Prima has brought to the insurance sector, thanks to technology and data analysis.

“In these ten years, with our innovative strategy, we’ve managed to confirm and evolve a successful business year after year. We’ve consistently strengthened a solid and unique positioning in the market. We’ve shown how investments in digitalisation, to better serve our customers, can make the difference, bringing benefits to the entire insurance sector in terms of efficiency and increased competition.”

Preliminary data also points to growth for Prima beyond Italy, where the company was founded. Prima UK achieved €34 million in premiums in 2024, up from €22 million in 2023. And Prima Spain achieved €20 million, up from €7 million. Prima plans to double premium income in both countries by the end of 2025, reaching €71 million in the UK and €44 million in Spain.

“Our performance in Italy showcases our ability to generate profits and continue to expand our customer base, coupled with our growth in the UK and Spain, which demonstrates our ability to scale internationally as well”, declares Nick Ielpo, Country Manager of Prima UK. “We have confirmed ourselves as a strong and reliable organisation, with a loss ratio to group premiums of 70% in 2024 – one of the best in the market. We are now replicating abroad the success we’ve achieved over the last ten years in Italy. This success is driven by our use of technology and the commitment of all our people to innovation, speed and technical excellence”.

Prima will continue to invest in its people and talent in 2025, with the aim of further expanding the team. As of the start of this year, the insurtech has grown to around 1,200 employees and expects to exceed 1,400 by year-end.