Business
Final Results
Final Results.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n\nHelios Underwriting plc\n(\"Helios\" or the \"Company\")\n \nFinal results for the year ended 31 December 2022\nIncreased Retained Capacity Provides Strong Platform for Growth\nHelios, the investment vehicle which builds shareholder value through exposure to Lloyd's, is pleased to announce its audited final results for the year ended 31 December 2022. Performance has been robust against the backdrop of another challenging year for the global Lloyd's market and Helios is well positioned to maximise the opportunities on offer in this disciplined market.\nHighlights\n· Gross written premium increased by 131% to £244m (2021: £106m) reflecting the increase in the capacity portfolio\n· Retained capacity for 2023 open underwriting year increased by 34% to £238.0m (2022 year of account: £171.9m)\n· Net tangible asset value of £1.52 per share (2021: £1.57 per share)\n· Total comprehensive loss for the year of £1.3m (2021: +£4.9m)\n· 117% growth in net earned premium (2021: 42%)\n· Final dividend of 3p per share is being recommended (2021: 3p)\n· Pro forma combined ratio of 93%\n· Cumulative rate increases since 1 January 2017 in excess of 50% for the Helios portfolio\n· Board augmented and strengthened with additional experience and expertise\no Martin Reith appointed Chief Executive\no Nigel Hanbury will continue to provide guidance as Executive Deputy Chairman\no Michael Wade nominated Chairman Designate to be appointed following the AGM\n \nHelios Group Summary Profits\n\n\n\n\n\n\n2022\n£'000\n\n\n2021\n£'000\n\n\n\n\nGross written premium\n\n\n244,614\n\n\n106,058\n\n\n\n\nUnderwriting profits\n\n\n116\n\n\n3,401\n\n\n\n\nTotal other income\n\n\n1,242\n\n\n2,700\n\n\n\n\nTotal costs\n\n\n(6,527)\n\n\n(6,746)\n\n\n\n\nRevaluation of syndicate capacity\n\n\n2,670\n\n\n8,132\n\n\n\n\nTax\n\n\n1,184\n\n\n(2,555)\n\n\n\n\nTotal comprehensive income\n\n\n(1,315)\n\n\n4,932\n\n\n\n\nEarnings per share\n\n\n \n\n\n \n\n\n\n\nBasic\n\n\n(4.87)p\n\n\n(0.75)p\n\n\n\n\nDiluted\n\n\n(4.87)p\n\n\n(0.75)p\n\n\n\n \nMartin Reith, Ch...