REG - Helios Underwriting - NAV Update - 31 December 2023

Helios UnderwritingAnnouncement

22/03/2024 07:00

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RNS Number : 8614H  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
+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.

 

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