Explore Helios Underwriting’s impressive financial growth and strategic achievements in our detailed analysis of their robust performance.
Helios Underwriting has announced a significant 13% increase in its unaudited net asset value (NAV) per share for the quarter concluding on December 31, 2024. The NAV per share experienced a rise from £1.89 at the close of 2023 to £2.14. Concurrently, net assets expanded from £140.1 million to £152.6 million.
Based on unaudited figures, Helios achieved a profit of £15.1 million during the period, while an additional £6.4 million was realized through capacity revaluation. Dividend disbursements amounted to £4.5 million, with share buy-backs equally matching at £4.5 million. The total number of basic shares in circulation reached 71.18 million by year-end.
Executive Chairman John Chambers attributed the NAV growth to factors such as enhanced underwriting performance, investment returns, and a rise in the value of the group’s freehold capacity.
Founded in 2007 and headquartered in London, Helios has successfully acquired over 75 Limited Liability Vehicles (LLVs), establishing an underwriting capacity exceeding £100 million.
For the fiscal year 2023, Helios reported a 26% increase in gross premiums written, reaching £308 million, up from £244 million in 2022. The capacity portfolio expanded by a remarkable 63% to £507 million, compared to £311 million the previous year.
The combined ratio improved to 86%, reflecting enhanced underwriting profitability. The company achieved profit before tax of £22.7 million, representing a significant turnaround from a loss of £3.9 million in 2022.
Additionally, the net tangible asset value surged to 189 pence per share, marking a 25% increase from 151 pence in 2022.
For the 2024 underwriting year, Helios boosted its capacity to £501.8 million, a 69% increase over the previous year. This expansion was supported by a capital restructuring, including the issuance of $75 million in unsecured loan notes rated A- by KBRA.
In the first half of 2024, Helios also reported a 45% increase in gross written premiums to £230 million, driven by a 65% growth in its capacity portfolio to £512 million. The company signaled a strategic shift from rapid expansion to consolidation, with a focus on optimizing its existing portfolio and enhancing shareholder returns.
Despite a slight uptick in the combined ratio to 91.6% in the first half of 2024, due to seasonal factors and stricter reserving policies, Helios maintained a resilient net asset value of 191 pence per share.
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