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Helios Underwriting plc announced on 11 December 2023 that its pro-forma Net Asset Value (NAV) per share as at 30 September 2023 was £1.76 (176p). This represents an increase of 25p, or 17%, from the restated NAV per share of £1.51 as at 31 December 2022, with the portfolio's net combined ratio for the nine months to 30 September 2023 reported at 88%.
| Date | 11 Dec 2023 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 2329W |
11 December 2023
Helios Underwriting plc
('Helios' or 'the Company')
Update on Net Asset Value as at 30th September 2023
Pro-forma - NTA per share of 176p
Helios, the investment vehicle which builds shareholder value through exposure to Lloyd's, announces the pro-forma Net Asset Value per share as at 30th September 2023 has increased by 25p - an increase of 17% to £1.76.
Martin Reith, Chief Executive, commented:
"Helios' proposition as the investment vehicle with a curated Lloyd's portfolio continues to go from strength to strength. The net combined ratio of the portfolio for the nine months was 88% contributing to the growth in net asset value.
"Market conditions at Lloyd's remain strong, as reflected in the results of the recent capacity auctions where the pre-emptions on the freehold syndicates and the increase in auction prices have contributed a further 18p to the net asset value."
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/(loss) for period to 30th September 2023 |
0.10 |
6,419 |
|
|
Capacity Revaluation - Note 2 |
0.18 |
13,903 |
|
|
Dividend Paid |
(0.03) |
(2,293) |
|
|
Pro-forma Net Asset per Share - 30th Sept |
1.76 |
133,740 |
|
|
Shares in issue at 30th September 2023 |
|
75,646 |
|
Note 1 - the 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 - 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 pro-forma net asset value per share as at 30th September 2023
For further information, please contact:
Helios Underwriting plc
Helios Underwriting plc
Martin Reith - Chief Executive +44(0)7720 292 505
Nigel Hanbury - Executive Deputy Chairman +44(0)7787 530 404
Arthur Manners - Chief Financial Officer +44(0)7754 965 917
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 £311m of capacity for the 2023 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.