Helios Underwriting says best years of insurance cycle ahead

(Alliance News) - Helios Underwriting PLC on Thursday reported a higher net asset value as it expects the best years of the insurance cycle to be ahead of it.

The investment vehicle that provides participation in the Lloyd's of London insurance market said net asset value per share was GBP2.43 as at December 31, up 11% from GBP2.19 a year prior.

Pretax profit fell 42% to GBP20.9 million in 2024 from GBP36.3 million in 2023. This was mainly driven by "material" revaluations of investments held at fair value which it had previously described as capacity value revaluation, Helios said.

The company said it recommended a total cash dividend of 10p per share for shareholder approval, up 67% from 6p in 2023.

Helios said the dividend and total expected return of capital for 2025 is 20 pence, up 67% from 12p in 2024.

Looking ahead, Interim Executive Chair John Chambers is optimistic: "We believe that the best years of this insurance cycle remain ahead of us from a returns perspective with the work done by the portfolio team in increasing the quality of the syndicate portfolio expected to show through in future years while the Lloyd's three-year accounting structure provides the company with good visibility for the next two years, where we expect to see a similar level of capital returned to shareholders."

Separately, the company announced that Adhiraj Maitra will take on the role of director of Finance & Operations after the annual general meeting in June. This follows the retirement of Finance Director Arthur Manners.

Helios Underwriting shares were 0.4% lower at 224.00 pence each on Thursday morning in London.

By Tom Budszus, Alliance News slot editor

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