GamaLife reports strong H1 results and lauches new business in Italy

Lisbon, 30th September 2024.GamaLife closed the first six months of 2024 with an IFRS net profit of 21.7 million euros, marking another successive period of positive growth.

Excluding one-off and exceptional items, the Company’s normalised pre-tax result was 30.8 million euros for H1 2024, compared with 34.8 million euros for H1 2023.

At 30 June 2024, the Solvency Capital Requirement Coverage Ratio reached 254%, a strong increase from 239% in December 2023, reflecting continuing capital generation both in Portugal and Italy alongside a conservative management of the investment portfolio.

Shareholders equity totalled 278 million euros, an increase of 15 million euros since December, reflecting the profit for the period offset by movement in reserves for the financial component of insurance contracts. Including the IFRS17 CSM of 343 million euros, and considering the net tax asset position of the company, the total comprehensive equity was in excess of 600 million euros at June 2024.

The Company reported total production of 231 million euros for the first six months of the year mainly reflecting sales of guaranteed and unit-linked products in Portugal. Commencing in the second half of 2024, GamaLife has started new business in Italy with a new guaranteed product (G Solution) targeting gross returns around 4.5% and distributed in a fully digital way through its new local IT platform.

‘We continue to deliver on our strategy both in Portugal and Italy combining growth, profitability and capital strength. I am particularly excited about the months ahead as we launch our distribution in Italy with a flagship guaranteed product that displays one of the best returns in the market. In Portugal we mark another year of innovation with the launch of the digital communication to clients, already reaching over 60% of them by email instead of paper, thus contributing to a more sustainable future for us and our planet. GamaLife now has over 100 employees in both countries with a strong leadership team and great talent at all levels of the organization.’ says Matteo Castelvetri, CEO of GamaLife.

Find HERE the Report & Accounts H1 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 June 2024, GamaLife was the fifth largest life insurance group in Portugal, with a market share of over 5%. In the ranking of the largest insurance groups in Portugal, GamaLife was in ninth place.

As of June 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)