The group achieved 2024 with a net profit of 63 million euros, marking the fourth consecutive year of positive results and yielding a return on equity exceeding 23%.
The insurance company reported a total production of 490 million euros last year, driven by a 5.6% increase in Portugal. This growth was supported by the success of the company’s offering in PPR insurance contracts with profit-sharing, whose sales nearly tripled, generating approximately 146 million euros (53 million euros in 2023).
In terms of investment contracts, the sales of capitalization products were also robust, generating over 82 million euros (38 million euros in 2023), with total premiums in Italy reaching 130 million euros, mainly from extraordinary premiums in individual pension plans.
According to the company, the pre-tax result was 72 million euros, propelled by the release of the contractual service margin (CSM) and risk adjustment, totaling 57 million euros, consistent with the previous year.
The insurer noted that, excluding non-recurring gains and expenses, the normalized pre-tax result for the company in 2024 would have been 62 million euros.
As of December 31, 2024, the post-dividend solvency ratio of GamaLife stood at 246%, compared to 239% at the end of 2023.
Total assets as of December 31, 2024, decreased by 5.6% from the previous year, to 7.8 billion euros, while equity increased by 6.6% to 280 million euros.
