REG - Helios Underwriting - Half Year Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250929:nRSc1017Ba&default-theme=true
RNS Number : 1017B Helios Underwriting Plc 29 September 2025
Helios Underwriting Interim Results
Six months ended 20 June 2025
Our portfolio continues to benefit from outstanding Lloyd's market conditions
Helios Underwriting ('Helios'), the only publicly traded company offering
instant access to a diverse portfolio of syndicates at Lloyd's of London, the
world's largest insurance market, is pleased to announce its interim financial
results for the half year ended 30 June 2025.
The Lloyd's Market continues to report strong performance and the outlook for
2026 remains positive. Consequently, Helios has and will benefit from its
outstanding pipeline profits generated from its broad Lloyd's syndicate
portfolio for an extended period.
Key highlights
· 6p increase in net asset value (NAV) to £2.39 per share (2024
year-end, post 10 pence dividend payment: £2.33)
· NAV is expected to increase further in H2 as a greater proportion
of pipeline profits are recognised
· Operating expense (over six months) relative to capacity has
reduced by 53.4% Q2 2024
· £21m of net underwriting profits from 2022 year of account was
received in May 2025; £14.3m is being returned to the shareholders
· A total cash dividend of 10 pence per share paid to shareholders
(2024: 6p)
· Dividend and total expected return of capital of 20p per share in
2025 (2024: 12p per share), which includes our forthcoming tender offer
· Profit before tax of £4.4m (H2 2024: £1.2m restated) driven by
reduced expenses and impact of foreign exchange (FX) change on debt
revaluation
· £40m of Net underwriting profits expected to be received in 2026
from the 2023 year of account. We expect 2024 year of account to produce
another strong return
· Continued focus on reducing operational gearing in 2025
· Louis Tucker appointed as the Chief Executive Officer
· Hosting our first Capital Markets Day on 21 October, 2025 for
shareholders and existing / new investors
Interim Executive Chairman, John Chambers, commented:
"The strong pricing environment in the insurance market continues to show
through in our pipeline profits. The 2023 profit forecast continues to improve
in line with expectations. Historic development patterns indicate that further
improvement is likely in the final half year. The 2023 underwriting profit
will be received by us next year and will be the largest made by Helios by
some margin.
The 2024 calendar year experienced above average losses with hurricanes Helene
and Milton resulting in market wide insured losses of $20 billion each and the
Baltimore Bridge Collapse one of the costliest losses ever to have hit the
marine insurance market. Whilst the significant California wildfires occurred
in early 2025 much of the estimated $40 billion in losses will fall to the
2024 year policies. In spite of this the mid-point forecast of 8.0% profit on
capacity has improved in the half year and is tracking towards a strong
ultimate result. This demonstrates the underlying strength of pricing
adequacy.
Whilst the 2025 year of account is at a very early stage of development, we
are hopeful that the current strong rating environment will ultimately result
in good returns for this year and beyond despite the modest headwind of a
softening US Dollar The ongoing strong financial performance of Helios
reflects the strength of our unique proposition, our continued strategic
delivery and favourable underwriting conditions. As a result, we have been
able to continue to unlock shareholder returns, including a dividend payment
of 10 pence per share in 2025."
"Operationally, we are very pleased with the progress made in the first half
of the year. The appointment of Louis Tucker as Chief Executive Officer marks
a significant milestone for the business. Louis brings over two decades of
experience, including deep expertise in third-party capital, and will be
instrumental in driving forward Helios's long-term strategy.
"We've also invested in the future of the business by adding three talented
graduates to our team and accelerating our focus on digitalisation and
portfolio management - key areas that will enhance our operational
capabilities.
"Helios remains a unique proposition for investors seeking access to this
favourable market, and we remain confident that, from a returns perspective,
the most attractive years of this insurance cycle are still to come and are
excited about the opportunities that lie ahead."
For more information, please contact:
Helios Underwriting plc
John Chambers - Interim Executive Chairman
Email: John.Chambers@huwplc.com (mailto:John.Chambers@huwplc.com)
Tel: +44 (0)203 965 6441
Adhiraj Maitra - Director of Finance and Operations
Email: Adhiraj.maitra@huwplc.com (mailto:Adhiraj.maitra@huwplc.com)
Tel: +44 (0) 203 743 2114
Deutsche Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar
Tel: +44 (0)20 7601 6100
FTI Consulting
Ed Berry
Tel: +44 (0)7703 330 199
Christian Harte
Tel: +44 (0)7974 288 763
Interim Results
Six months ended 30 June 2025
The improvement in underwriting conditions in the insurance market over recent
years continues to feed through to the profitability of Helios and is
reflected in our net asset value ("NAV") growth.
Following the transition to a Fair Value (FV) accounting methodology, we
intend to provide Net Asset Value (NAV) reporting on a more frequent basis,
subject to the timely availability of data from Lloyd's. This change is
intended to improve the consistency and transparency of financial reporting
for stakeholders.
The introduction of investment entity accounting under IFRS 10, for year-end
2024, has changed the reporting of the financial information. The areas with
significant impacts to the interim results as part of the movement in the fair
value of investments are:
· Capacity revaluations as an input to fair value of investments -
amounts included will now appear as part of the pre-tax profits. No changes to
the year-end 2024 reported value, as there are no Lloyd's auctions in the
first half of the year to have an impact on the capacity values.
· Profits recognition - a proportion of the profits based on the
syndicate profit estimates submitted to Lloyd's, using quarterly recognition
factors. These changes used in the valuation methodology for investment entity
accounting are more in line with the valuation methodology generally used in
the Lloyd's market and recognises the changes in reporting introduced by
Lloyd's.
This refinement of our profit recognition methodology results in the Q2
estimates being initially constrained to allow for potential future
volatility, but we would typically expect the profit estimates to grow
steadily to a higher value in Q4 as the inherent uncertainty reduces over
time.
Summary Financial Information
Net asset value
- Year-end NAV per share was £2.43, reduced to £2.33 post
payment of 10 pence dividend
- Movement in H1 NAV per share is a 6p increase to £2.39
This increase is mainly driven by the recognition of underwriting profit in Q2
2025. The increase in cumulative profit relative to Q4 2024 was used in
calculating the NAV.
The growth in the net asset value per share remains a key management metric
for determining growth in value to shareholders.
Net Asset value per share
30-Jun-25 31-Dec-24 Notes
£'000 £'000
Total net assets (net of dividends) 170,391 165,982 (less £7.1m dividend)
Shares in issue 71,380 71,343
Net asset value per share (£) 2.39 2.33
Following changes to the profit recognition methodology, we have taken a more
conservative approach and now recognise a higher proportion of the profit in
the second half of the year. This reflects the seasonality of claims activity
in a typical year due to the timing of the hurricane season in the North
Atlantic. In normal circumstances we would expect an uplift in the NAV in the
second half.
Total shareholder return
Helios is committed to returning capital to shareholders. In 2025 capital of
10p per share has been returned to shareholders through payment of an
increased dividend, along with a 10p per share proposed tender offer (a 66%
increase to the 12p per share returned in 2024). Note, the tender offer will
not have an impact on the NAV per share value.
Distribution to shareholders
2025 2024
£m Pence per share £m Pence per share
Share buyback/tender offer (proposed) 7.2 10 4.5 6
Base Dividend 7.1 10 4.4 6
Total 14.3 20 8.9 12
Helios expense analysis
The continued scale of the business has helped to reduce our operating costs
as a proportion of syndicate capacity portfolio. Operating costs were reduced
in 2025 and expected to be maintained at a more sustainable level in future.
In 2024 operating costs included the impact of previous plans to establish a
new Helios follow syndicate; this is no longer part of our strategy. Higher
finance costs, reflecting the impact of increased leverage, have been reduced
in 2025 and will be reduced further in future years as we replace these
arrangements with retained cash flow. A comparison at a group level and
details included below:
Expense analysis
2025 H1 Actual 2024 H1 Actual
£'000 £'000
Operating costs 2,364 5,076
Unsecured Loan Note 2,783 ,821
Portfolio stop loss - 1,750
Portfolio funds at Lloyds Financing 722 1,166
Total costs 5,869 10,813
Operating costs
The operating ratio, i.e. operating expense relative to gross capacity, over
six months has decreased from 0.98% for H1 2024 to 0.48% in H1 2025. We expect
a similar reduction in the second half of the year.
There is a marginal increase in the estimate for 2025, mainly due to allowing
for Director's bonus, that was not considered in the estimate for 2025
reported previously at year end 2024. Operating cost ratio will continue to be
a key performance metric for Helios.
Subsidiary costs include Lloyd's fees, brokerage associated with syndicate
participation, and any other charges specific to corporate members; these are
accounted for individually and are part of the net asset value calculation.
Financing costs
There have been no further changes to the financing strategy outlined in the
annual report published in May 2025. The financing costs include the debt
interest payment and the excess of loss facility costs. The excess of loss
financing costs are considered within the subsidiary expenses.
Helios portfolio information
The returns generated from underwriting results remain strong as the
underlying profitability of the portfolio continues to be recognised. The
improved rates achieved in the last few years have contributed to the
profitability of the portfolio.
There are no changes to the portfolio in the first half of the year. The
Convex syndicate started underwriting in April 2025, but was already included
in the year-end estimate of total capacity of £491m.
The table below shows the split of established and new syndicates in the gross
portfolio over the last four years. The comparison between 2024 and 2025 years
of account demonstrates the remediation action carried out last year to
improve the quality of the portfolio.
Portfolio Information
As at 30th June 2025 As at 30th June 2025
New Established Total New Established Total
Year of account £m £m £m % % %
2022 16.5 235.1 251.6 7% 93% 100%
2023 63.6 254.4 318.0 20% 80% 100%
2024 190.2 328.5 518.7 37% 63% 100%
2025 95.1 395.9 491.0 19% 81% 100%
At this stage of the year, we expect the 2026 YOA portfolio to be broadly
similar in size with a higher proportion of freehold capacity. We also expect
to exit from a small number of underperforming syndicates and where possible,
replace with new opportunities.
Current performance
As mentioned previously, the syndicate forecast for 2023 and 2024 YOA profits
include the impact of a few large loss events as well as the impact of FX
change. Despite these factors, the 2024 syndicate profit forecast of 8.0% as a
percentage of capacity at 30(th) June 2025(7.6% as at 31(st) March 2025), has
improved and the year is tracking towards a strong ultimate result. This
further demonstrates the advantages of the portfolio management strategy of
Helios and the strength of pricing adequacy within the market. Whilst at a
very early stage of development the 2025 year of account is developing in line
with expectations.
Portfolio performance
Year of Account 2025 2024 2023
£m £m £m
Capacity
Retained 322.6 403.5 251.7
Reinsured / third party supported 158.3 115.2 66.3
Total capacity 490.9 518.7 318.0
Profit forecast at 31st March 2025 7.6% 15.2%
Profit forecast (30(th) June 2025) 8.0% 15.6%
Improvement in profit forecast 0.4% 0.4%
Capital Position as at 30th June 2025 supporting 2025 YOA and prior portfolio
Our capital position remains broadly unchanged from the year-end. There is a
reduction in Helios own funds and the excess of loss funds due to the movement
in FX and our decision to scale back this form of gearing.
Capital Position
Underwriting capital 30 June 2025 31 Dec 2024
£m £m
Third Party Capital 32.9 31.6
Excess of loss funds at Lloyd's 20.8 26.1
Helios own funds 67.9 72.2
Solvency credits 105.7 102.7
Total 227.3 232.6
The improvement in the solvency position of the portfolio, increasing
available solvency credits to £105.7m, reflects profits recognised by the
syndicates in the portfolio.
Condensed statement of Income
Six months ended 30 June 2025
30-Jun-25 30-Jun-24
£'000 £'000
Note (Restated)
Income
Interest income 491 716
Dividend income - -
Net gains on financial assets at FVTPL 4 4,728 7,805
Other income 100 746
Total income 5,319 9,266
Expenses
Operating expenses (2,148) (5,202)
Interest expense (2,783) (3,106)
Other expenses (991) (217)
Total expenses (5,922) (8,525)
Operating profits (604) 741
Foreign exchange movements 7 5,017 469
Net profit before income tax 4,414 1,210
Income tax (charge)/credit 5 - (2,177)
Net profit for the year after tax 4,414 (967)
Basic EPS 6 6.19 (1.31)
Diluted EPS 6 5.92 (1.31)
Condensed statement of Financial Position
As at 30 June 2025
30 June 2025 31 December 2024
£'000 £'000
Note
Assets
Equity investments at FVTPL 3.2 156,644 151,916
Due from related parties 9 37,053 62,048
Deferred tax - -
Other debtors 110 110
Cash and cash equivalents 49,551 28,935
Total assets 243,358 243,009
Liabilities - -
Borrowings 3.1 53,543 58,457
Due to related parties 7,987 6,881
Other creditors 380 106
Accruals and other payables 11,057 4,449
Total liabilities 72,966 69,893
Equity - -
Share capital 10 7,811 7,811
Treasury shares 10 (8,211) (8,265)
Share premium 10 98,882 98,882
Other reserves 10 718 786
Retained earnings 71,192 73,902
Total equity 170,392 173,116
Total liabilities and equity 243,358 243,009
Condensed statement of changes in equity
Six months ended 30 June 2025
Share capital Treasury shares Share premium Other Retained Total
reserves
earnings
equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2025 7,811 (8,265) 98,882 786 73,902 173,116
Company buy back of ordinary shares - - - - - -
Share issue net of transaction costs - 54 - (68) 14 -
Net profit/(loss) for the year - - - - 4,414 4,414
Dividends paid/ payable - - - - (7,138) (7,138)
At 30 June 2025 7,811 (8,211) 98,882 718 71,192 170,392
At 1 January 2024 7,795 (3,736) 98,597 190 37,256 140,102
Restatement of prior period - - - 110 17,533 17,643
At 1 January 2024 - restated 7,795 (3,736) 98,597 300 54,789 157,745
Company buy back of ordinary shares - (811) - - - (811)
Share issue net of transaction costs - - - - - -
Net profit/(loss) for the year - - - - (967) (967)
Dividends paid/payable - - - - (4,418) (4,418)
At 30 June 2024 - restated 7,795 (4,547) 98,597 300 49,404 151,549
Condensed statement of cash flows
Six months ended 30 June 2025
30 June 2025 30 June 2024
£'000 £'000
Note (Restated)
Cash flows from operating activities
Profit before tax 4,414 1,210
Adjustments for:
- Net gain on financial assets at FVTPL 4 (4,728) (7,805)
- Purchase of equity investments 8 - -
Foreign exchange on net borrowings (5,017) 469
Changes in operating assets and liabilities: - -
- Decrease/(increase) in due from related parties 24,997 (1,214)
- Increase in due to related parties 1,106 (531)
- Decrease/(increase) in other debtors 299 (1,241)
- Increase in accruals and other payables (454) 3,588
Net cash used in operating activities 20,616 (5,524)
Cash flows from financing activities
New shares issued 10 - -
Share buy-back 10 - (811)
Net proceeds from borrowings - -
Repayment of borrowings - -
Net cash (used in)/provided by financing activities - (811)
Net (decrease)/increase in cash and cash equivalents 20,616 (6,335)
Cash and cash equivalents at beginning of year 28,935 40,596
Cash and cash equivalents at end of year 49,551 34,261
Analysis of changes in net debt
At 1 Jan 2025 Cashflows Currency translation 30 Jun 2025
£'000 £'000 £'000 £'000
Cash and cash equivalents 28,935 20,616 - 49,551
Unsecured debt (59,793) - (5,017) (54,775)
Total (30,858) 20,616 (5,017) (5,225)
Cash and cash equivalents comprise cash at bank and in hand. The notes are an
integral part of these Financial Information.
Notes to the condensed financial information
Six months ended 30 June 2025
1. General information
Helios Underwriting plc ("Helios" or the "Company") is an investment company
with variable capital incorporated on 1 September 2007, organised under the
laws of the United Kingdom. It is quoted on AIM and was incorporated in
England, domiciled in the UK. Our registered office is 1st Floor, 33 Cornhill,
London EC3V 3ND. The principal purpose of Helios is to provide investors with
exposure to the Lloyd's insurance market through an actively managed portfolio
of syndicates, who participates in insurance business as an underwriting
member of Lloyd's, which are fully owned undertakings of Helios. We prepare
separate financial information as its only financial information, and its
subsidiaries are not consolidated in line with IFRS 10.
We have aggregated our investments in similar entities in line with IFRS12.
These condensed financial information do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006. Statutory
accounts for the year ended 31 December 2024 were approved by the board of
directors on 29 May 2025 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under section
498 of the Companies Act 2006.
2. Accounting policies
Basis of preparation
These condensed interim financial information have been prepared in accordance
with IAS 34 'Interim Financial Reporting' and the AIM rules. They do not
include all of the information required for full IFRS annual financial
information and should be read in conjunction with the financial information
of the Company for the year ended 31 December 2024.
The condensed interim financial information is prepared for the six months
ending 30 June 2025. The condensed interim financial information for the six
months ending 30 June 2025 and June 2024 are unaudited, but have been subject
to review by our auditors.
The accounting policies adopted by us in these interim condensed financial
statements are consistent with those applied by us in its financial statements
for the year ended 31 December 2024.
Going concern
Helios has net assets at the end of the reporting period of £170.4m (31
December 2024: £173.1m).
Our subsidiaries participate as underwriting members at Lloyd's on the 2023,
2024 and 2025 years of account, as well as any prior run-off years, and they
intend to continue this participation in the 2025 year of account.
The Directors have a reasonable expectation that we have adequate resources to
meet their underwriting and other operational obligations for the foreseeable
future. Accordingly, they continue to adopt the going concern accounting basis
in preparing the Financial Information.
Material accounting policy information
The accounting policies adopted by us in these interim condensed financial
information are consistent with those applied by us in our financial
statements for the year ended 31 December 2024.
There were no new UK-adopted IAS or amendments to UK-adopted IAS applicable to
the current period which had any significant impact on our Financial
Information.
3. Fair value measurement
The valuation of the equity investments at Fair value through P&L (FVTPL)
include several key components which are set out below:
Syndicate capacity
The Market Approach is the primary approach in estimating the fair value of
the right to participate in a syndicate in future years, based on the weighted
average price of Lloyd's syndicate capacity auction results. This approach is
most appropriate in determining the fair value of the syndicate capacity where
the auction pricing is reliable, and this approach is widely adopted in
practice. Consideration is also given to observable data from recent market
transactions. In addition, the board has made a provision of 10% on capacity
to reduce the value of capacity held on the balance sheet. An independent
model that takes into consideration various uncertainties around auction
trading has been developed to validate the 10% reduction in capacity value
assumed since Q4 2024 reporting. It should be noted that there are no Lloyd's
auctions in the first half of the year, resulting in no changes to the
capacity values estimated since Q4 2024.
Funds at Lloyd's
Each asset included in the FAL is valued at its current market price. FAL can
consist of a variety of assets, including cash, bonds, letter of credit
("LoC") and other approved financial instruments. As such, the fair value
would be based on quoted market prices and face value of the assets held in
the FAL. The Market Approach is preferred for determining the fair value of
FAL because it uses observable values for each component asset.
Open year results
In accordance with Lloyd's requirements, each managing agent prepares
syndicate level information and allocates each corporate member's share of
their best estimate results based on their capacity participation for each
YOA.
Quarterly Monitoring Returns A and B are considered to be a reasonable and
supportable proxy in determining the fair value of open year results.
Profits recognition
The Board considers the potential syndicate profits that the syndicate
management are forecasting. The ultimate YOA profits forecasted by syndicates
are included in the QMRs submitted to Lloyd's in each quarter. A quarterly
recognition pattern is applied to reflect the inherent uncertainty in those
forecasts which are subject to changes in the ultimate outcome.
Following changes to the profit recognition methodology, we have taken a more
conservative approach and now recognise a higher proportion of the profit in
the second half of the year. This reflects the seasonality of claims activity
in a typical year due to the timing of the hurricane season in the North
Atlantic. In normal circumstances we would expect an uplift in the NAV in the
second half.
The profit recognition methodology has been further refined to assume a
gradual increase in recognition over twelve quarters. This approach has been
reviewed and approved by the Board.
Cash and cash equivalents
Cash represents cash deposits held at financial institutions. Cash equivalents
include short-term highly liquid investments of sufficient credit quality that
are readily convertible to known amounts of cash and have original maturities
of three months or less. Cash equivalents are held for meeting short-term
liquidity requirements, rather than for investment purposes. Cash and cash
equivalents are held at major financial institutions.
3.1 Borrowings
For most of the financial assets and liabilities not carried at fair value,
the fair values are not materially different from their carrying amounts due
to their short-term nature.
For the borrowings, the fair value differs from the carrying amount as set out
below:
Borrowings
2025 2024
Carrying amount Fair value Carrying amount Fair Value
£'000 £'000 £'000 £'000
Borrowings 53,543 58,148 58,457 62,802
The fair values of borrowings are based on discounted cash flows using a
current borrowing rate and FX rates. They are classified as level 3 fair
values in the fair value hierarchy due to the use of unobservable inputs,
including own credit risk.
3.2 Movements in Level 3 financial instruments
The following table presents the movement in Level 3 instruments for the half
year ended 30 June 2025:
As at 30 June 2025 Equity investments
£'000
Opening balance 151,917
Purchases -
Sales -
Net gains/(losses) 4,728
Total 156,645
The following table presents the movement in Level 3 instruments for the year
ended 31 December 2024:
As at 31 December 2024 Equity investments
£'000
Opening balance 115,885
Purchases 1,520
Sales -
Net gains/(losses) 34,512
Total 151,917
3.3 Impact on the fair value of Level 3 financial instruments to changes in key assumptions
The following table summarises the valuation techniques together with the
significant unobservable inputs used to calculate the fair value of our Level
3 assets.
Amount Valuation technique Significant unobservable inputs
As at 30 June 2025 £'000
Equity investments 155,746 Discounted projected cash flows *Projected cash flows of syndicates
*Auction prices and syndicate capacity
*Discount rate
As at 31 December 2024
Equity investments 151,019 Discounted projected cash flows *Projected cash flows of syndicates
*Auction prices and syndicate capacity
*Discount rate
3.4 Quantitative analysis of significant unobservable inputs
See section "Equity investments at FVTPL" for details on the unobservable
inputs, notably the pipeline profit calculation and capacity valuation. The
following should also be noted:
Discount rate: the discount rate applied to the projected syndicate profits
from the date of valuation to the date of final determination of the profits
to be distributed is based on the coupon negotiated on the unsecured loan note
2030, 9.5% being a proxy for the Helios cost of debt.
3.5 Sensitivity of fair value measurements to changes in unobservable market data
The table below describes the effect of changing the significant unobservable
inputs to reasonably possible alternatives.
Change in variable 30 June 2025
£'000
*Pipeline profits - a range of extreme recognition patterns Faster and unrealistic recognition: 0% Q2, 100% Q6 and Q10 +£15,933
Slower recognition: 25% Q2, 39% Q6 and 85% Q10 -£9,352
The sensitivity shows that lower recognition in more mature quarters has a
bigger impact on the net result than in the first few quarters. The selected
pattern sits somewhere between the faster pattern/higher profit and slower
pattern/lower profit.
4. Net gains on financial assets at FVTPL
30 June 2025 30 June 2024
£'000 £'000
Unrealised gains on investments 4,728 7,805
Realised gains on investments and currencies - -
Net gains on financial assets at FVTPL 4,728 7,805
5. Income tax charge
Analysis of tax charge in the period
30 June 2025 30 June 2024
£'000 £'000
- current year - -
- prior year adjustment - (2,177)
Total current tax _ (2,177)
The income tax expense is recognised based on management's best estimate of
the current annual income tax rate expected for the full financial year. The
annual tax rate used is 25% (2024: 25%).
6. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders after tax by the weighted average number of ordinary
shares outstanding during the period.
Diluted earnings per share is calculated by dividing the net profit
attributable to ordinary equity holders by the weighted average number of
ordinary shares outstanding during the period, plus the weighted average
number of ordinary shares that would be issued on the conversion of all the
dilutive potential ordinary shares into ordinary shares.
Earnings per share has been calculated in accordance with IAS 33 "Earnings per
share".
The earnings per share and weighted average number of shares used in the
calculation are set out below:
30 June 2025 Unaudited At 30 June 2024
Restated
Profit for the period after tax attributable to ordinary equity holders of the 4,413,500 (967,020)
parent
Basic - weighted average number of ordinary shares 71,342,947 73,727,064
Weighted average number of ordinary shares for diluted earnings per share 74,579,624 76,285,215
Basic earnings/(loss) per share 6.19p (1.31)p
Diluted earnings/(loss) per share* 5.92p (1.31)p
* Diluted loss per share is not permitted to be reduced from the basic loss
per share.
7. Foreign exchange movements
The exchange movements are a result of the exchange rate moving from year end
to 30(th) June and its impact on the revaluation of the loan.
8. Dividends paid or proposed
It was proposed and agreed at the AGM on 30 June 2025 that a dividend of 10p
would be payable. The Dividend was paid post period end on 17 July 2025
totalling £7,138,000 and has been accrued in the period ended 30 June 2025.
9. Investments in Subsidiaries
Direct/indirect 2025 2024
Company or partnership interest ownership ownership Principal activity
Nameco (No. 917) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 346) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Charmac Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
RBC CEES Trustee Limited((ii)) Direct 100% 100% Joint Share Ownership Plan
Chapman Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Advantage DCP Limited Direct 100% 100% Lloyd's of London corporate vehicle
Romsey Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios UTG Partner Limited((i)) Direct 100% 100% Corporate partner
Salviscount LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Inversanda LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Fyshe Underwriting LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Nomina No 505 LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Nomina No 321 LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 409) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1113) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Catbang 926 Limited Direct 100% 100% Lloyd's of London corporate vehicle
Whittle Martin Underwriting Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 408) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No 084 LLP Indirect 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 510) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 544) Limited Direct 100% 100% Lloyd's of London corporate vehicle
N J Hanbury Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1011) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1111) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No 533 LLP Indirect 100% 100% Corporate partner
North Breache Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
G T C Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Hillnameco Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 2012) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1095) Limited Direct 100% 100% Lloyd's of London corporate vehicle
New Filcom Limited Direct 100% 100% Lloyd's of London corporate vehicle
Kemah Lime Street Capital Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1130) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No 070 LLP Indirect 100% 100% Corporate partner
Nameco (No. 389) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No. 469 LLP Indirect 100% 100% Corporate partner
Nomina No. 536 LLP Indirect 100% 100% Corporate partner
Nameco (No. 301) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1232) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Shaw Lodge Limited Direct 100% 100% Lloyd's of London corporate vehicle
Queensberry Underwriting Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No 472 LLP Indirect 100% 100% Corporate partner
Nomina No 110 LLP Indirect 100% 100% Corporate partner
Chanterelle Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Kunduz LLP Indirect 100% 100% Corporate partner
Exalt Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1110) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Clifton 2011 Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nomina No 378 LLP Indirect 100% 100% Corporate partner
Gould Scottish Limited Partnership Indirect 100% 100% Corporate partner
Harris Family UTG Limited Direct 100% 100% Lloyd's of London corporate vehicle
Whitehouse Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Risk Capital UTG Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 606) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Nameco (No. 1208) Limited Direct 100% 100% Lloyd's of London corporate vehicle
Chorlton Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Park Farm Underwriting Limited Direct 100% 100% Lloyd's of London corporate vehicle
Hyde Park Capital Limited Direct 100% - Lloyd's of London corporate vehicle
Helios LLV One Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Two Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Three Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Four Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Five Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Six Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Seven Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Eight Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Nine LLP Indirect - 100% Corporate partner
Helios LLV Ten LLP Indirect - 100% Corporate partner
Helios LLV Eleven Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Twelve Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Thirteen Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Fourteen Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Fifteen Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Sixteen Limited Direct - 100% Lloyd's of London corporate vehicle
Helios LLV Seventeen Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Eighteen Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Nineteen Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty One Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Two Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Three Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Four Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Five Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Six Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Seven Limited Direct 100% 100% Lloyd's of London corporate vehicle
Helios LLV Twenty Eight LLP Indirect 100% 100% Corporate partner
Helios LLV Twenty Nine LLP Indirect 100% 100% Corporate partner
Helios LLV Thirty LLP Indirect 100% 100% Corporate partner
(i) Helios UTG Partner Limited, a subsidiary, owns 100% of Salviscount
LLP, Inversanda LLP, Fyshe Underwriting LLP, Nomina No 505 LLP, Nomina No 321
LLP Nomina No 084 LLP, Nomina No 533 LLP, Nomina No 070 LLP, Nomina No 469
LLP, Nomina No 536 LLP, Nomina No 472 LLP, Nomina No 110 LLP, Kunduz LLP.
Nomina No 348 LLP and Gould Scottish Limited Partnership. The cost of
acquisition of these LLPs is accounted for by Helios UTG Partner Limited,
their immediate parent company.
(ii) RBC CEES Trustee Limited was an incorporated entity in 2017 to satisfy
the requirements of the Joint Share Ownership Plan.
(iii) During the period, we sold 100% of the shares in Helios LLV Eleven
Limited, Helios LLV Twelve Limited and Helios LLV Fifteen Limited and Helios
LLV sixteen LLV
10. Share capital and share premium
No changes to the share capital from Q4 2024. Please see note 12 for details
on events after the financial reporting period.
11. Related party transactions
Other than those related parties transactions and balances noted within the
rest of the report, there are no material changes in Director shareholding
from Q4 2024. Please see note 14 for details on events after the financial
reporting period.
Refer to note 9 for details on investments in subsidiaries.
12. Ultimate controlling party
The Directors consider that the Group has no ultimate controlling party.
13. Syndicate participations
The syndicates in which our subsidiaries participate as corporate members of
Lloyd's are as follows:
Syndicate number Syndicate 2025 2024 2023 2022
£'000 £'000 £'000 £'000
33 Hiscox Syndicates Limited 15,108 15,358 15,358 15,357
218 ERS Syndicate Management Limited 19,399 18,438 18,438 8,246
318 Cincinnati Global 1,082 1,082 862 993
386 QBE Underwriting Limited 2,889 3,139 3,139 3,067
510 Tokio Marine Kiln Syndicates Limited 15,307 31,807 29,591 35,379
557 Tokio Marine Kiln Syndicates Limited - - - 3,509
609 Atrium Underwriters Limited 18,794 19,527 18,421 13,714
623 Beazley Furlonge Limited 28,866 32,686 28,909 23,293
727 S.A. Meacock & Company Limited 2,956 2,956 2,956 2,423
1176 Chaucer Syndicates Limited 2,575 2,875 2,875 2,875
1200 Argo Managing Agency Limited - - 55 10,050
1609 Mosaic Insurance 20,000 - - -
1699 Volante Global - 5,000 - -
1729 Dale Partners (Asta) 25,117 25,117 21,694 11,690
1796 Parsyl - 7,000 - -
1902 Medical & Commercial Insurance 12,635 12,635 10,688 10,000
1910 Ariel Re 20,000 - - -
1925 Envelop Risk 7,500 12,500 - -
1955 Arch Managing Agency Limited 24,640 20,000 12,500 -
1966 Medical & Commercial Insurance 12,600 15,000 - -
1969 Apollo Syndicate Management Limited - 25,498 12,171 5,675
1971 Apollo Syndicate Management Limited 25,000 25,000 10,000 6,467
1984 Convex Insurance 6,980 - - -
1985 Flux Syndicate 12,693 20,108 16,946 -
1988 CFC Syndicate - 15,125 15,000 -
1996 Wildfire Defense Syndicate - 9,523 5,988 -
2010 Lancashire Syndicates Limited - 7,338 7,338 10,642
2024 AdA Special Purpose Arrangement 6,712 8,522 - -
2121 Argenta Syndicate Management Limited 5,206 5,206 272 10,267
2358 Nephila: Follow syndicate 25,000 20,000 - -
2427 Agile Underwriting Services 15,000 15,000 - -
2454 Africa Specialty Risks 7,500 5,800 - -
2525 Secure Liability Solutions (Asta) 2,412 2,612 2,311 1,856
2689 Hampden Risk Partners (HRP) 14,755 6,428 3,359 10,771
2791 Managing Agency Partners Limited 16,172 16,422 12,001 10,123
3123 Fidelis Insurance Group 14,060 5,239 - -
3939 NormanMax Insurance Solutions 12,000 12,000 - -
4242 Beat Capital 16,523 16,662 12,607 14,747
4444 Canopius - 24 21 20
5183 Micro Insurance Digital Solutions - 1,727 5,000 -
Beazley Furlonge Limited
5623 26,843 27,877 18,422 7,100
5886 Blenheim Underwriting Limited 37,478 30,840 27,132 23,165
6103 Managing Agency Partners Limited 4,615 4,150 3,301 3,480
6104 Hiscox Syndicates Limited 12,008 10,000 32 1,774
6107 Beazley Furlonge Limited - 1,550 164 1,682
6117 Argo Managing Agency Limited 570 947 491 3,189
Total Syndicate capacity 490,995 518,718 318,042 251,554
14. Event after the financial reporting period
JSOP update:
The JSOP Shares were jointly held with JTC Employer Solutions Trustee Limited
(as trustee of the Helios Underwriting Plc Employees' Share Trust (the
"Trust") as co-owner ("JSOP Co-Owner") of JSOP Shares pursuant to the terms of
the JSOP.
The JSOP Shares were sold to JTC Employer Solutions Trustee Limited as
trustee of the Trust. The Trust is a market standard discretionary employee
benefit trust.
The Trust purchased the JSOP Shares (together with an additional 315,778
Ordinary Shares sold at the same time by a former PDMR JSOP participant) with
loan funding provided by Helios and the resulting Ordinary Shares are now held
in the Trust.
The Ordinary Shares now held in the Trust (remaining at 1,100,000 Ordinary
Shares further to the purchases made by the Trust and it exercises a call
option over the unvested JSOP shares) are available to the Trust for trust
purposes (including therefore for use in connection with future maturities
under our Long-Term Incentive Plan).
The loan funding by Helios to the Trust in relation to the sales noted above
in connection with JSOP (including in respect of sales made at the same time
by a former PDMR JSOP participant) was £ 1,515,667. Additional loan funding
of £305,320.97 was also provided by Helios to the Trust at the same time.
A sum of £1,182,213 was immediately credited back to Helios by the Trust
equating to the proceeds accrued to the JSOP Co-Owner under the JSOP and was
applied by Helios towards payment of the outstanding subscription price in
relation to the Ordinary Shares that had been held under the JSOP.
The loan to the Trust constituted a related party transaction for the purposes
of AIM Rule 13. The independent directors being John Chambers, Adhiraj Maitra,
Andrew Christie, Tom Libassi and Katie Wade, having consulted with our
nominated adviser Deutsche Numis, confirm that they consider that the terms of
the loan are fair and reasonable insofar as the shareholders are concerned.
Distribution to shareholders:
In July 2025 a base and special dividend of 10p per share (£6.8m + shares)
was returned to shareholders. This has been allowed for in the interim result.
It is proposed to make a Tender Offer to shareholders pro-rata to their
shareholdings in due course to potentially return a further £7.1m (10p per
share). This increase in overall distributions to shareholders reflects the
increase in underwriting profits distributed from Lloyd's and from the sale of
capacity in the recent auctions.
Directors, Registered office and advisers
Directors
John Chambers (Interim Executive Chairman)
Nigel Hanbury (Non-Executive Deputy Chairman)
Andrew Christie (Non-Executive Director)
Thomas Libassi (Non-Executive Director)
Katie Wade (Non-Executive Director)
Adhiraj Maitra (Director of Finance and Operations) appointed 1 July 2025
Arthur Manners (Finance Director) resigned 30 June 2025
Company Secretary
Reva Jain
Shakespeare Martineau No 1 Colmore Square Birmingham
B4 6AA
Company number
05892671
Registered office
1st Floor, 33 Cornhill, London, EC3V 3ND
Statutory auditors
PKF Littlejohn LLP 15 Westferry Circus Canary Wharf
London E14 4HD
Lloyd's members' agent
Hampden Agencies Limited
40 Gracechurch Street London EC3V 0BT
Argenta Private Capital Limited
70 Gracechurch Street London EC3V 0HR
Registrars
Neville Registrars Limited
Neville House Steelpark Road Halesowen B62 8HD
Nominated adviser and broker
Deutsche Numis 45 Gresham Street London EC2V 7BF
INDEPENDENT REVIEW REPORT TO HELIOS UNDERWRITING PLC
Conclusion
We have been engaged by the Helios Underwriting Plc (the "company") to review
the condensed set of financial information in the half-yearly financial report
for the six months ended 30 June 2025 which comprise the Condensed Statement
of Income, the Condensed Statement of Financial Position, the Condensed
Statement of Changes in Equity, the Condensed Statement of Cash Flows and
related notes. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial information.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial information in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK-adopted International Accounting
Standard 34 and the AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity", issued for use in the United Kingdom.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the company are
prepared in accordance with UK-adopted IASs. The condensed set of financial
information included in this half-yearly financial report has been prepared in
accordance with UK-adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the company to
cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the AIM Rules for Companies.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of financial information
In reviewing the half-yearly report, we are responsible for expressing to the
company a conclusion on the condensed set of financial information in the
half-yearly financial report. Our conclusion, including our conclusions
relating to going concern, are based on procedures that are less extensive
than audit procedures, as described in the 'Basis for conclusion' paragraph of
this report.
Use of our report
This report is made solely to the company's directors, as a body, in
accordance with the terms of our engagement letter dated 10 September 2025.
Our review has been undertaken so that we might state to the company's
directors those matters we have agreed to state to them in a reviewer's report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone, other than the company and the
company's directors as a body, for our work, for this report, or for the
conclusions we have formed.
PKF Littlejohn LLP
15 Westferry Circus
Statutory
Auditor
Canary Wharf
26 September
2025
London E14 4HD
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR ZZGZLMNZGKZMRecent news on Helios Underwriting
See all newsREG - Helios Underwriting - Proposed Tender Offer and Notice of GM
AnnouncementREG - Helios Underwriting - Half Year Results
AnnouncementREG - Helios Underwriting - Appointment of Chief Executive Officer
AnnouncementREG - Helios Underwriting - Director/PDMR Shareholding
AnnouncementREG - Helios Underwriting - PDMR Dealing
Announcement