Lloyd’s-focussed investment company Helios Underwriting Plc, which writes approximately £297 million of capacity for the 2023 account, has released its audited final results for 2022.
According to Helios, here’s how it performed in the year ended December 31:
|
Metric |
2022 |
2021 |
|---|---|---|
|
Gross written premium |
£244.6 million |
£106.1 million |
|
Underwriting profits |
£116,000 |
£3.4 million |
|
Total comprehensive income/(loss) |
£(1.3 million) |
£4.9 million |
Despite its total comprehensive loss, Helios described the company’s performance as having been “robust against the backdrop of another challenging year for the global Lloyd’s market,” adding that it is in a good position to maximise market opportunities.
Commenting on the figures, new chief executive Martin Reith said: “We have successfully steered the company through another challenging year, with 2022 proving to be one of the most difficult in recent memory following a string of unforeseen events, including interest rate hikes, natural disasters, and Russia’s invasion of Ukraine.
“While the headline results show a pre-tax loss, that should not obscure the underlying achievements during the period. Our retained capacity grew by 34% in 2022 to £238 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.
“Despite the wider macro-economic conditions, we remain confident that Helios is well positioned to capitalise on the current hard market and deliver significant returns for shareholders, thanks to the improving reinsurance market conditions, our enhanced positioning, and the increasingly positive landscape for underwriting.”
Meanwhile, the board at Helios is recommending a 3p per share final dividend.
