Net Asset Value(s)

Helios Underwriting Plc

02 December 2025

 

2 December 2025

Helios Underwriting plc

("Helios" or the "Company")

Net Asset Value Update

Pipeline profits drive 3.8% NAV per share increase

Helios Underwriting, the only publicly traded company offering access to a diverse portfolio of syndicates at Lloyd's of London, the world's largest insurance market, today announces an update on the Net Asset Value (NAV) of the Company for the third quarter ending 30 September 2025.

Net Asset Value at 30 September 2025	Total	Net Assets
	£m	per Share - £
Opening at 30th June 2025	170.4m	2.39
Increase in portfolio value from auction	0.7m
Increase in portfolio value from profit	5.7m
Pro-forma Net Asset Value at 30th September 2025	176.8m	2.48
Number of voting shares in issue	69.6m

The Q3 net asset value (NAV) per Share has increased by 3.8% to £2.48 (Q2 25: £2.39), driven by the increase in pipeline profits (8 pence) based on the Q3 mid-points reported by the syndicates and changes to the capacity valuations (1 pence).

Louis Tucker, Chief Executive Officer, commented:

"The strong financial performance of Helios reflects our unique proposition and continued strategic delivery. With this, and the favourable underwriting conditions currently seen in the Lloyd's market, we have continued to unlock shareholder returns, including a total capital return of £14m in 2025 via a  dividend and tender."

"The period has been characterised by an increasingly disciplined approach to the allocation of capital - prioritising established syndicates with profitable track records over new syndicates - while making headway in bringing our operational costs down to a more sustainable level.

 "Our portfolio management team has worked to increase the quality of Helios' syndicate portfolio, which will show through in future years. Meanwhile, the Lloyd's three-year accounting structure provides the Company with good visibility of positive cashflow for the next two years."

IFRS 10 accounting

As disclosed at the Company's 2025 Interim results in September, the introduction of investment entity accounting under IFRS 10, for year-end 2024, has changed the reporting of the financial information. The areas with significant impacts as part of the movement in the fair value (FV) of investments are:     

§ Capacity revaluations as an input to fair value of investments - amounts included will now appear as part of the pre-tax profits. The value of the capacity has been updated to reflect the changes from the 2025 Lloyd's auctions.

§ Profits recognition - a proportion of the profits based on the syndicate profit estimates submitted to Lloyd's, using quarterly recognition factors.

Pipeline profit update and Quarterly Syndicate Mid-point Forecasts

The current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2023 and 2024 years of account based on the third quarter 2025 mid-point forecasts are:

	2023	2024	2025
	£m	£m	£m
Total capacity as at 30th September 2025
Retained	251.7	403.5	332.6
Reinsured / Third party	66.3	115.2	158.3
	318.0	518.7	490.9
Mid-point forecast at 30th June 2025	15.6%	8.0%
Current mid-point forecast at 30th September 2025	16.1%	8.3%
Changes in mid-point forecast	0.5%	0.4%

Activity During the Period

The prior YOA estimates continue to improve as well and tracking towards a strong ultimate result. This is demonstrating the underlying strength of pricing adequacy. 

The 2023 mid-point forecast continues to improve to 16.1% (15.6% as at H1 2025) in line with expectations. Historic development patterns would indicate that further improvement is likely in the last quarter.

The 2024 calendar year experienced above average levels of catastrophe losses and whilst the significant California wildfires occurred at the start of this year the majority of claims fall back to the 2024 year of account. In spite of this, the mid-point forecast at 8.3% profit on capacity (8% as at Q1 2025), has improved and the year is tracking towards a strong ultimate result. This demonstrating the underlying strength of pricing adequacy.

Impact of Mid-Point forecasts on pipeline profit

The profit recognition methodology, that was adopted for the H1 2025 interim report, was applied to the forecasted ultimate profits for the third quarter 2025 to result in an increase of £5.7m. This amounts to 8 pence increase in NAV.

Capacity Value

The value of the capacity fund expected as at 20^th November 2025 using the weighted average prices of capacity from the 2025 Lloyd's capacity auctions is expected to decrease to £69.7m (31 December 2024: £76.0m) having realised c£7.1m (net of tax) of cash from some of syndicates within the portfolio.

It should also be noted that the proportion of freehold capacity in 2026 YOA portfolio has increased following the remediation action carried out in the last 12 months.

The analysis of the changes to the Freehold Capacity in the portfolio is as follows (excluding any fair value adjustment):

	Freehold Capacity	Value of Capacity	Value per £ capacity
	£m	£m
Capacity Portfolio at 31 Dec 2024	£182.6m	£76.0m	£0.42
Mid-year start	£6.0m	£0.0m
Disposal of capacity at/prior to capacity auctions (TMK 510)	-£15.3m	-£7.7m
Auction-sales	-£5.1m	-£0.7m
Auction -buy	£10.0m	£0.8m
Pre-emption/new capacity	£13.5m	£0.1m
Increase / Acquisition of Freehold capacity	£21.3m	£0.0m
Capacity revalued post 2025 auctions		£1.2m
Capacity Portfolio expected at 20 Nov 2025 (pre any FV adjustment)	£212.9m	£69.7m	£0.33

The average price per £ of capacity with value after the 2025 Auctions was 33 pence (2024 - 42 pence) reflecting the changes in auction prices and change in the mix of the freehold portfolio. It should be noted that Helios accepted Tokio Marine Kiln's offer of 60 pence per £ of capacity for the £15m. The cash received is included in the NAV calculation and contributes to the increase from Q2.

The sale of £5m of capacity in the auctions offset by the purchase of £9.9m of capacity, along with the cash received from Tokio Marine Kiln resulted in a small profit of £0.7m (net of corporation tax) from the value held on the balance sheet.  It has increased both the cash available and the Net Tangible Assets and has reduced the exposure in the balance sheet to the value of the capacity.

The impact on the NAV is included below:

WAV total for 2025 YOA / 2024 auctions	76.0m
WAV total for 2026 YOA / 2025 auctions	69.7m
Cash from Tokio Marine Kiln	9.2m
Auction sales	1.0m
Auction buys	-0.7m
Net cash from auctions	0.3m
Net of tax	7.1m
Net impact	76.7m
Difference	0.7m

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.

ENDS

For further information, please contact:

Helios Underwriting plc

Louis Tucker - Chief Executive Officer	[phone]
Adhiraj Maitra - Director of Finance and Operations	[phone]

Deutsche Numis (Nomad and Broker)               

Giles Rolls / Charles Farquhar

[phone]

FTI Consulting

Ed Berry	[phone]
Christian Harte	[phone]

About Helios

Helios provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW). Helios trades within the Lloyd's insurance market writing approximately £512m of capacity for the 2024 account. The portfolio provides a good spread of business being concentrated in property & casualty insurance and reinsurance. For further information please visit www.huwplc.com.

 

END