Helios Underwriting has reported preliminary retained underwriting profit of £31.4 million in its 2024 results, which remains relatively flat compared to 2023’s £31.6 million.
The company, which offers instant access to a diverse portfolio of syndicates at the specialist Lloyd’s re/insurance marketplace, also expects £40 million in underwriting profits to be received in 2026 from the 2023 year of account.
Helios has reported profit before tax of £20.9 million in 2024, driven by material revaluations of investments held at fair value, previously described as capacity value revaluation, compared to £36.3 million in 2023.
Helios’ capacity portfolio for 2025 is £491 million compared to £519 million in 2024, with retained capacity for 2025 reported at £332.8 million, a decrease from 2024’s £403.5 million.
The sale of £16 million of capacity during the year reduces the risk of capacity value fluctuation, and there was also a reduction in net debt by 11% to 46% as part of ongoing deleveraging.
<!–
–>
In 2024, there was an 11% increase in net asset value (NAV) to £2.43 per share compared to £2.19 in 2023. The dividend and total expected return of capital of 20 pence per share in 2025, with a total cash dividend of 10 pence per share recommended for shareholder approval.
Helios will announce its audited financial results for 2024 on June 2nd, 2025. This set of results will reflect the adoption of the previously announced changes to Helios’s accounting framework, which sees the company report as an investment entity under IFRS rather than as an insurance group under UK GAAP.
John Chambers, Interim Executive Chairman, Helios Underwriting, commented, “The excellent 2024 financial performance of Helios reflects the strength of our unique proposition, our continued strategic delivery and favourable underwriting conditions. As a result, we have been able to continue to unlock shareholder returns, highlighted by an 11% increase in NAV and a recommended dividend of 10 pence per share.
“Whilst our profit before tax was impacted by an expected rise in costs resulting from unsecured loan notes and stop-loss protection, as well as one-off operating costs incurred in 2024, we’re delighted to be reporting our results as an investment entity under IFRS, to better reflect the Company’s business activities and its true performance.”
He continued, “The period has been characterised by an increasingly disciplined approach to the allocation of capital – prioritising established syndicates with profitable track records over new syndicates – while making headway in bringing our operational leverage down to a more sustainable level going forward.
“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.”
The post Helios posts retained underwriting profit of £31.4m for 2024 appeared first on ReinsuranceNe.ws.
