Helios Underwriting plc reported a net asset value (NAV) total return of 12.3% for the year ended 31 December 2025, as the Lloyd’s of London-focused investment company posted strong operating profits and increased shareholder distributions despite a slight decline in headline earnings.
The company said NAV per share rose to £2.63 from £2.43 a year earlier. Profit before tax was £20.5m, compared with £20.9m in 2024, according to audited results released by the firm.
Helios described itself in the announcement as “the only publicly traded company offering instant access to a diverse portfolio of syndicates at Lloyd’s of London, the world’s largest insurance market”.
The company said it returned a total of 20p per share to shareholders in 2025, up from 12p a year earlier, comprising a 10p dividend alongside capital returns through share buy-backs and a tender offer. It has proposed a further 20p return during 2026, subject to shareholder approval, structured as a 7p base dividend, a 3p special dividend, and 10p to be returned through share buy-backs and/or a tender offer.
In April 2026, Helios launched a share repurchase programme to return up to £2m to shareholders.
The company’s capacity portfolio for the 2025 underwriting year stood at £467.4m, down from £495.9m in 2024. Helios said it had simplified its business by reducing the number of active corporate members supporting the 2026 underwriting year of account, cutting leverage and financing costs by £3.7m in the process.
Helios noted that while market conditions remained robust during the period, the rating environment had begun to moderate.
Louis Tucker, who was appointed chief executive officer last September, said in the company’s results statement: “I am delighted to announce my first set of full-year results as CEO of Helios. During the period, we delivered material growth in NAV driven by strong operating profits, resulting in another increase in total shareholder returns.”
Tucker added: “While market conditions remained robust, the period was marked by a moderation in the rating environment. As we enter this next phase of the cycle, we will continue to actively manage the portfolio to reflect changing market conditions.”
On the company’s strategic direction, Tucker said: “We are taking measures to simplify the business, reducing both operating costs as well as gearing, and we remain focused on realising further operational efficiencies. With a refreshed team now firmly in place and the refinement of our data-led approach, I am confident that with our truly differentiated proposition we are well positioned to continue outperforming the market over the long term, delivering attractive returns for shareholders.”
