Helios Underwriting Plc Announces Preliminary 2024 Results
Helios Underwriting Plc has released its preliminary results for 2024, with plans to publish its audited results on June 2. The company reported a total capacity portfolio of £484 million for the 2025 underwriting year, down from £512 million in 2024. This reduction follows strategic adjustments made after the 2024 Lloyd’s auctions and recent syndicate acquisitions.
The company’s net asset value (NAV) rose by 11% to £2.43 per share, up from £2.19 in 2023. Helios announced a total capital return of 20p per share in 2025, including a recommended cash dividend of 10p per share subject to shareholder approval. The profit before tax decreased to £20.9 million from £36.3 million in 2023, primarily due to changes in valuation methodology and one-off costs.
Retained underwriting profit remained stable at £31.4 million, compared to £31.6 million the previous year. Helios increased third-party capital participation to approximately £157 million, a 36% increase from £115.5 million in the previous year. This shift towards external funding aims to reduce balance sheet concentration and distribute underwriting risk across a broader capital base.
Interim chief executive John Chambers stated, “We believe that the best years of this insurance cycle remain ahead of us from a returns perspective.” He highlighted the portfolio team’s efforts in enhancing the quality of the syndicate portfolio, which is expected to yield results in future years.
For the 2025 underwriting year, capacity was reported at £491 million, down from £519 million in 2024. Retained capacity decreased to £332.8 million from £403.5 million the prior year. The company sold £16 million in capacity during the period to mitigate exposure to capacity value fluctuations.
Helios expects to receive £40 million in underwriting profits in 2026 from the 2023 year of account. The company continues to outperform the broader Lloyd’s market, having achieved an average return on capital of 12% between 2013 and 2022, surpassing the market by 8%. As of May 2025, the estimated return on capital for the 2023 year of account stands at 33.5%.
Marius Strydom, analyst at Edison Group, noted that Helios delivered steady performance in 2024, supported by Lloyd’s market conditions and a disciplined portfolio strategy. “The company has taken a more selective stance on risk, reducing 2025 portfolio capacity by 5 percent and lowering retained capacity, while increasing third-party capital by 36 percent,” Strydom said.
Helios continues to strengthen its balance sheet, with net debt reduced by 11% to 46% of total capital, down from 52% in 2023. The company enters 2025 with enhanced balance sheet strength, clearer earnings visibility, and a focus on syndicates with consistent results.
