Helios Underwriting has reported a 13% increase in its unaudited net asset value (NAV) per share for the quarter ending December 31, 2024.
The NAV per share rose from £1.89 as at the end of 2023 to £2.14. Over the same period, net assets increased from £140.1 million to £152.6 million.
According to unaudited figures, Helios generated £15.1 million in profit for the period. A further £6.4 million was added through capacity revaluation. Dividend payments totalled £4.5 million, and share buy-backs amounted to £4.5 million as well. The number of basic shares in issue stood at 71.18 million at the end of the year.
John Chambers (pictured above), executive chairman, attributed the NAV growth to underwriting performance, investment income, and an uplift in the value of the group’s freehold capacity.
Established in 2007 and based in London, Helios has acquired over 75 Limited Liability Vehicles (LLVs), amassing an underwriting capacity exceeding £100 million.
For 2023, Helios reported gross premiums written increased by 26% to £308 million, up from £244 million in 2022. The capacity portfolio expanded by 63% to £507 million, compared to £311 million the previous year.
The combined ratio improved to 86%, indicating enhanced underwriting profitability. The company achieved a profit before tax of £22.7 million, a notable turnaround from a loss of £3.9 million in 2022.
Additionally, the net tangible asset value rose to 189 pence per share, a 25% increase from 151 pence in 2022.
For the 2024 underwriting year, Helios increased its capacity to £501.8 million, marking a 69% rise over the previous year. This expansion was facilitated 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 also indicated a strategic shift from rapid growth to consolidation, focusing on optimizing its existing portfolio and enhancing shareholder returns.
Despite a slight increase in the combined ratio to 91.6% in the first half of 2024, attributed to seasonal impacts and stricter reserving, Helios maintained a strong net asset value of 191 pence per share.
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