Australia's Helia Group hits 2-month high on earnings forecast upgrade

Helia

20/08/2024 04:18

(Updates with analyst comment)
    ** Shares of insurance provider Helia Group  HLI.AX  rise as
much as 4.1% to A$4.11, their highest levels since June 18
    ** Co sees insurance revenue between A$375 mln and A$415 mln
for FY24 ($252.34 mln and $279.25 mln) higher than its earlier
forecast of A$360 mln to A$440 mln
    ** UBS analysts say FY outlook in line with consensus
estimates
    ** Total incurred claims are expected to increase in 2H24 -
Helia 
    ** Co's HY net profit after tax fell 34%, but was 20% above
the consensus estimates provided by Macquarie
        ** Helia declares dividend of 15 AU cents per share,
higher than 14 AU cents in the prior year
    ** Stock down 2.3% YTD, as of last close 
   

    ($1 = 1.4861 Australian dollars)

 (Reporting by John Biju and Ayushman Ojha in Bengaluru)
 ((John.Biju@thomsonreuters.com;))