Helios Underwriting, the insurance group and Lloyd’s of London investment fund, reported a slight increase in operating profit for the first half of 2024, despite a decline in its underwriting result. 
The group’s underwriting result for the period was £10.9 million, down from £11.7 million the previous year. However, investment income from syndicates increased significantly to £5.8 million, up from £3.2 million. This rise in investment income contributed to a higher operating profit of £6.5 million, compared with £6.0 million in the prior year.
Gross written premiums increased by 45% year-on-year to £230 million, driven by a 62% rise in retained Lloyd’s syndicate capacity participation, which grew to £397 million.
Executive chair Michael Wade (pictured above) highlighted the strong conditions in the Lloyd’s market, noting that improved underwriting discipline, combined with growth and sustainable price increases, had supported Helios’ financial performance.
“Helios’ financial performance so far this year reflects the strength of our proposition as well as the overall health of the Lloyd’s market,” Wade said.
Neil Shah, executive director of content & strategy at Edison Group, also commented that Helios’ interim results for 2024 reflected the company’s ability to capitalise on favourable market conditions.
He pointed to the 45% surge in gross written premiums, largely driven by an expanded capacity portfolio, with retained capacity increasing by 62% to £397 million. This growth, he noted, aligns with the company’s strategy to enhance profitability and returns for shareholders.
While the underwriting result of £10.9 million was slightly lower than the previous year, Shah attributed this to initial costs associated with the expanded capacity for 2024. He emphasised the strong improvement in investment returns, which added £2.7 million to the operating profit.
Looking ahead, Shah noted that Helios is strategically reducing new syndicate participations for 2025 to navigate the underwriting cycle more effectively.
What are your thoughts on this story? Please feel free to share your comments below.
