Helios records NAV per share growth of 13% in Q4

By Ryan Hewlett

April 8 - (The Insurer) - Lloyd’s investment vehicle Helios Underwriting said on Tuesday that its net asset value per share increased by more than 13% during the fourth quarter of 2024.

The London-listed fund manager announced before markets opened on Tuesday that its NAV per share had risen to 2.14 pounds ($2.73) in the three months to December 31, 2024, up 30 pence from the 1.89 pounds reported in the same period of 2023.

The total equity value of its portfolio rose 8.8% to 152.5 million pounds, up from 140.1 million pounds in the fourth quarter of 2023.

Profits for the three months ended December 31, 2024 rose to 15.06 million pounds.

Executive chairman John Chambers said: "The significant profits recognised in 2024 from the profitable underwriting, investment income and accretion in freehold capacity value has driven an increase of 13% in our NAV in 2024.

"The market conditions at Lloyd's remain strong and Helios' pipeline profitability from the portfolio underpins our confidence in the future performance of the business."

Chambers, who was previously director of underwriting at Aegis London, joined the Helios board as a non-executive director in July 2024. He was named interim chairman of the group in February following the departure of Michael Wade.

Separately, the Lloyd’s investment fund announced on Tuesday that its board had approved a share repurchase programme to return up to a maximum aggregate amount 2 million pounds to the company's shareholders over 2025.

Helios shares are currently trading more than 30% lower in the year to date on the London Stock Exchange.