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Highlights

  • Helios’ gross written premiums for H1FY24 rose 44.7% YoY, reaching GBP 230 million, driven by a 65% growth in capacity
  • Operating profit for H1FY24 increased by 8.3% YoY, reaching GBP 6.5 million due to expanded capacity and improved pricing
  • Helios plans to reduce new syndicate participations in 2025 while managing the underwriting cycle
  • The company is making progress in reducing operational costs and attracting fee-earning Third Party capital

Helios Underwriting PLC (LSE:HUW) is a UK-based investment firm that provides investors with access to the Lloyd’s of London insurance market.

In the first half of the financial year 2024 (H1FY24), Helios reported gross written premiums of GBP 230 million, a 44.7% increase from GBP 159 million in H1FY23, driven by a 65% growth in its capacity portfolio, reaching GBP 512 million for the 2024 underwriting year.

While this growth boosted premiums, it impacted profitability due to the delayed recognition of underwriting profits. Operating profit rose to GBP 6.5 million, an 8.3% increase from GBP 6 million in H1FY23. This growth was attributed to the expansion of the capacity portfolio, with retained capacity increasing to GBP 397 million for 2024, as well as the absence of major catastrophes in 2023 and improved pricing conditions.

Recent Business Update

Helios reported a 13% increase in its unaudited Net Asset Value (NAV) per share, reaching GBP 2.14 for the quarter ended 31 December 2024. This growth was driven by higher underwriting profits, solid investment income, and a revaluation of its capacity. Net assets rose to GBP 152.6 million, reflecting GBP 15.1 million in profits and a GBP 6.4 million capacity revaluation, partially offset by dividends and share buybacks. Executive Chairman John Chambers emphasised the ongoing strength of market conditions at Lloyd’s and expressed confidence in Helios' future performance.

Company Outlook

Helios is confident in its strategy, increasing its retained Lloyd's syndicate capacity to GBP 397 million and maintaining cash reserves of GBP 35 million. In 2025, the company plans to scale back new syndicate participations while carefully managing the underwriting cycle. Progress is being made in reducing operational costs and attracting fee-earning Third Party capital.

Top 10 Shareholders

The top 10 shareholders of Helios account for approximately 92.86% of the total shares. ILS Capital Management Ltd holds the largest stake at around 18.52%, followed by Polar Capital LLP with approximately 15.01%, as shown in the chart below:

Stock Information

The stock has increased by approximately 6.25% over the past month and has risen by around 16.31% in the last six months. Its 52-week low and high stand at GBX 150.00 and GBX 279.75, respectively, and it is currently trading above the average of these 52-week high and low values. As of 23 April 2025, the stock closed at GBX 221.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 23 April 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined
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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.