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22nd March 2024
Helios Underwriting plc
('Helios' or 'the Company')
Update on Net Asset Value as at 31st 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 31st 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 1st Jan 2023.
Note 2 - Profits to 31st 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 8th 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 +44 (0)20 7260 1000
Buchanan (PR)
Helen Tarbet / George Beale +44 (0)7872 604 453
+44 (0)20 7466 5111
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.
