Helios Underwriting sees H1 profits rise
Helios Underwriting
181.80p
11:40 27/09/24
Insurance group and Lloyd's of London investment fund Helios Underwriting reported a small increase in operating profits in the first half despite a lower underwriting result.
FTSE AIM All-Share
742.88
12:00 27/09/24
Insurance (non-life)
3,855.08
11:59 27/09/24
The underwriting result totalled £10.9m, down from £11.7m the year before, but investment income from syndicates jumped to £5.8m from £3.2m. This helped drive operating profit up to £6.5m from £6.0m previously.
Gross written premiums surged by 45% year-on-year to £230m, reflecting a 62% increase in the retained Lloyd's syndicate capacity participation to £397m.
"The Lloyd's market is experiencing exceptionally good market conditions, as increased underwriting discipline combines with strong growth and sustainable price increases. Helios' financial performance so far this year reflects the strength of our proposition as well as the overall health of the Lloyd's market," said executive chair Michael Wade.
"We remain confident that our spread Lloyd's syndicate portfolio strategy will continue to generate attractive returns for shareholders."
Despite the upbeat outlook, shares were down nearly 3% by 0850 BST.