Helios Underwriting H1 NAV total return rises 6.5%, profit before tax nearly triples
Helios Underwriting said its H1 2026 NAV total return rose 6.5% to 17 pence per share, with profit before tax nearly tripling to £11 million. The company also plans to return 24 pence per share to shareholders in 2026, including a tender offer and buybacks.
5% in the first half of 2026, as improved syndicate profitability lifted earnings, the company said on Tuesday. NAV total return was 17 pence per share, including a 10 pence dividend. 39 a year earlier, the company said. 4 million in the same period a year earlier, driven by an improvement in estimated syndicate profits.
1 million. Helios received £40 million of net underwriting profits in May from the 2023 Lloyd's year of account (YoA), and said it expects the 2024 YoA to deliver another strong return, even after major catastrophe losses. 9%. Chief executive Louis Tucker said the company's 2024 and 2025 “pipeline profits” reflected a strong pricing environment in the Lloyd's market, with cash benefits expected in 2027 and 2028.
The company declared a total cash dividend of 10 pence per share for the half-year, comprising a 7 pence base dividend and a 3 pence special dividend, unchanged from a year earlier. Helios said it planned to return a total of 24 pence per share to shareholders in 2026, including a forthcoming tender offer and share buybacks, up from 20 pence in 2025. “The 2024 year of account experienced above average losses with hurricanes Helene and Milton resulting in market wide insured losses of $20 billion each, whilst the Baltimore bridge collapse has developed into the costliest loss ever to have hit the marine liability insurance market,” Tucker said.
He added that much of an estimated $40 billion in losses from the California wildfires in early 2025 fell to policies from the 2024 YoA. Despite this, Tucker said the midpoint profit forecast for the 2024 YoA had improved during H1 and was “tracking towards a strong ultimate result”, which he said demonstrated underlying pricing adequacy. The company said pricing had softened in most classes of insurance over the past year but remained robust, while catastrophe losses in 2026 had been below recent-year averages.
Lloyd's has incurred losses from the Middle East conflict, Helios said, but these had been partly offset by improved rating levels and additional premiums for marine transits in the region. Tucker also pointed to higher bond yields and substantial reserves built up across the syndicates as a buffer against future losses and a growing source of investment income. 7553 pounds)