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.