Helios Underwriting - Healthy FY23 beat supports strong outlook
Helios Underwriting (Helios) delivered a strong EPS recovery in FY23 from a loss of 3.1p in FY22 to a profit of 21.6p, 50% ahead of our forecast of 14.7p, driven by super syndicate underwriting profit of £31.6m versus £0.1m in FY22 and a combined ratio of 86%. Lloyd’s of London (Lloyd’s) capacity at year-end was accelerated to £507m relative to our expectation of £502m, with retained capacity of £392m also ahead. Net asset value (NAV) increased from 151p/share to 189p/share, slightly ahead of our forecast of 187p/share. The dividend doubled from 3p/share to 6p/share as expected. Our forecasts and valuation are under review.Helios Underwriting is engaged in providing a limited liability investment for its shareholders in the Lloyd's insurance market. Co. participates in the Lloyd's insurance market through its participation in a portfolio of Lloyd's syndicates. Co. has three segments that represent the primary way in which Co. is managed, as follows: syndicate participation; investment management; and other corporate activities.
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