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IN BRIEF: Helios Underwriting annual loss widens in challenging year

26th May 2023 09:37

Helios Underwriting PLC - London-based limited liability vehicles investment company - Pretax loss widens in 2022 to GBP5.2 million from GBP645,000 the previous year, with the company saying this was due to the macroeconomic difficulties with interest rate hikes and the Ukraine war dampening returns. However, the company says that the "results have been skewed by the steps Helios has taken to position our portfolio to yield significant returns", with a three-year lag in the recognition of underwriting profit in the company accounts distorting returns. Revenue doubles to GBP143.3 million from GBP71.8 million, whilst net premiums written soars to GBP187.6 million from GBP79.1 million. Helios Underwriting recommends a final dividend of 3 pence per share, unchanged from last year.

Chief Executive Martin Reith said: "Our retained capacity grew by 34% in 2022 to GBP238 million, during an active year of acquiring blue-chip syndicates across the volatility spectrum, which we expect will yield attractive underwriting returns in the years to come."

Current stock price: 170.00, down 1.5%

12-month change: down 1.2%

By Will Neill, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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