NAV Update - 31 December 2023

Helios Underwriting Plc

22 March 2024

 

22^nd March 2024                                                               

Helios Underwriting plc

('Helios' or 'the Company')

Update on Net Asset Value as at 31^st December 2023

Unaudited - NTA per share of 185p

Helios, the investment vehicle which builds shareholder value through exposure to Lloyd's, announces that the unaudited Net Asset Value per share has increased by 9p in the quarter to 31^st December 2023 to £1.85.

Martin Reith, Chief Executive, commented:

"The significant profits recognised in 2023 from the profitable underwriting, investment income and accretion in freehold capacity value has driven an increase of 22% in our NAV in 2023. 

"The market conditions at Lloyd's remain strong, as reported across the market during the last month.  Helios' pipeline profitability from the portfolio looks promising and underpins our confidence in the future performance of the business."

Growth in Net Asset Value

	Net Asset Value £ per share		Net Assets £000's
Revised Net asset value per share as at 31/12/22 - Note 1	1.51		115,711
Profits for period to 31st December 2023 - Note 2	0.19		13,135
Capacity Revaluation - Note 3	0.18		13,903
Dividend Paid	(0.03)		(2,293)
Share buy-backs			(3,196)
Unaudited Net Asset per Share - 31st Dec 2023	1.85		137,260
Basic Shares in issue at 31st December 2023		74,196

Note 1 - Net Asset Value as at 31 Dec 2022 has been restated to reflect the adjustment to the Net Assets having adopted UK GAAP from 1^st Jan 2023.

Note 2 - Profits to 31^st December 2023 are management best estimate with the unaudited information at the date of publication.

Note 3 - The Lloyd's capacity Auctions for 2023 were completed in November 2023 and the resulting increase in value was announced on 8^th November 2023.  The increase in the net asset value has been included in the unaudited net asset value as at 31 December 2023.

For further information, please contact:

Helios Underwriting plc

Martin Reith - Chief Executive                                                    44 (0)203 965 6441

Nigel Hanbury - Executive Deputy Chairman                      

Arthur Manners - Chief Financial Officer                                              

Numis (Nomad and Broker)                                       

Giles Rolls / Charles Farquhar                                                     [phone]

Buchanan (PR)

Helen Tarbet / George Beale                                                      [phone]

                                                                                                [phone]

 About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £502m of capacity for the 2024 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.

 

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