GamaLife reports annual profit of 63 million euros and 246% solvency margin

Lisbon, 15th April 2025.GamaLife, the independent pan-European life insurer based in Portugal, closed 2024 with a net profit of 63 million euros, resulting in a return on equity of over 23%.

GamaLife’s total production reached 490 million euros in 2024, driven by an increase of 5.6% in Portugal. This growth was underpinned by the success of the Company’s offering of retirement products with profit-sharing, sales of which nearly tripled to generate nearly 146 million euros (53 million euros in 2023). In investment contracts, sales of capitalisation products were also strong, producing more than 82 million euros (38 million euros in 2023). Premiums in Italy reached 130 million euros, predominantly driven by top-up premiums on individual pension plan.

In Italy during 2024 GamaLife launched two new guaranteed products in savings and pensions utilising its new IT platform. Both products gained notable attention thanks to the highest rates of return in the market for the underlying guaranteed funds.

“I am delighted with another year of strong commercial and operational performance. The focus on innovation, service and value for clients continue to distinguish us across Portugal and Italy”, says Matteo Castelvetri, CEO of GamaLife. “Together with a market leading solvency ratio and a conservative investment strategy, I believe the company is well positioned for the uncertain times ahead to provide peace of mind and security to our customers”.

GamaLife’s pre-tax result of 72 million euros was driven by the release of the contractual services margin (CSM) and risk adjustment (RA), which together totalled 57 million euros and were in line with the previous year. Excluding non-recurring gains and expenses, the Company’s 2024 normalised pre-tax result would have been 62 million euros.

On 31 December 2024, GamaLife’s post-dividend Solvency Ratio totalled 246% compared to 239% at the end of 2023 demonstrating the Company’s robust financial health.

Total assets as of 31 December 2024 decreased by 5.6% to 7.8 billion euros, while shareholders’ equity increased 6.6% to 280 million euros.

Find HERE the Report & Accounts 2024

About GamaLife

GamaLife is a pan-European life insurance and wealth management platform founded in 2019 and operating mainly in the areas of technology and sustainability.

In December 2024, GamaLife was the fourth-largest life insurance group in Portugal, with a market share of almost 7%. In the ranking of the largest insurance groups in Portugal, GamaLife ranked eighth.

As of December 2024, the company’s assets under management totalled 7.8 billion euros in Portugal and Italy.

GamaLife’s mission is to serve the end customer in their protection and savings concerns; to serve the distribution channels with levels of service excellence and to consolidate the business and its organisational structure, adding value for shareholders and employees.

For more information see www.gamalife.pt or contact:

Hugo Real | hugo.real@h-advisors.global | 927 997 948 (Press) 

Lourenço Galvão | lourenco.galvao@h-advisors.global | 910 127 228 (Press)

investidor@gamalife.pt (Investidores)