Helios Underwriting Plc has announced its preliminary results for 2024. The company also revealed that it will release its audited results for the year ending December 31, 2024 on June 2.
For the 2025 underwriting year, Helios has reported a total capacity portfolio of £484 million, down from £512 million in 2024. The reduction follows trading activity at the 2024 Lloyd’s auctions and recent syndicate acquisitions.
The company said the rebalancing was part of a strategic review intended to optimise portfolio performance and manage exposure more selectively across its syndicate holdings.
According to preliminary figures, net asset value (NAV) rose by 11% to £2.43 per share, up from £2.19 in 2023. The company also announced a total capital return of 20p per share in 2025, compared to 12Tp the previous year. This includes a recommended cash dividend of 10p per share, subject to shareholder approval.
Helios recorded a profit before tax of £20.9 million, down from £36.3 million in 2023, driven primarily by changes in valuation methodology and one-off costs. Retained underwriting profit remained stable at £31.4 million, compared to £31.6 million the year before.
The composition of the company’s capital structure has continued to evolve. For 2025, Helios increased third-party capital participation to approximately £157 million, up from £115.5 million the previous year. This 36% increase in third-party capital reflects a shift toward external funding sources to reduce balance sheet concentration and share underwriting risk across a broader capital base.
The firm previously disclosed that it would begin reporting as an investment entity under IFRS, moving away from its prior classification as an insurance group under UK GAAP.
"We believe that the best years of this insurance cycle remain ahead of us from a returns perspective with the work done by the portfolio team in increasing the quality of the syndicate portfolio expected to show through in future years while the Lloyd's three-year accounting structure provides the company with good visibility for the next two years, where we expect to see a similar level of capital returned to Shareholders,” interim chief executive John Chambers (pictured above) said.
Capacity for the 2025 underwriting year was reported at £491 million, down from £519 million in 2024. Retained capacity declined to £332.8 million, compared to £403.5 million the prior year. The company also reported the sale of £16 million in capacity during the period, a measure intended to mitigate exposure to capacity value fluctuations. Helios expects to receive £40 million in underwriting profits in 2026 from the 2023 year of account.
Helios continues to cite strong performance relative to the broader Lloyd’s market. Between 2013 and 2022, the company achieved an average return on capital of 12%, outperforming the market by 8%.
As of May 2025, the estimated return on capital for the 2023 year of account stands at 33.5%, underpinned by favourable conditions in the syndicate portfolio and stable underwriting results.
Net debt was reduced by 11%, falling to 46% of total capital, down from 52% in 2023, as part of the company’s ongoing deleveraging strategy.
Marius Strydom, analyst at Edison Group and CEO of Austin Lawrence Gideon, said 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. The transition to investment entity reporting under IFRS contributed to an 11 percent rise in net asset value to £2.43 per share, and Helios has announced a total capital return of 20p per share for 2025, up from 12p last year,” Strydom said.
While challenges continue in certain casualty classes, he said, the firm enters 2025 with enhanced balance sheet strength, clearer earnings visibility, and a focus on syndicates with consistent results.
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