Final results for the year ended 31 December 2018
Updated : 07:06
Helios Underwriting plc
("Helios" or the "Company")
Final results for the year ended 31 December 2018
Highlights
• 32% increase in the capacity portfolio from the six acquisitions of 2018 and a further acquisition in 2019 to date.
• Profit before impairments and tax for the year of £608,000 (2017: loss of £406,000)
• Basic earnings/(loss) per share of 3.14p (2017: loss of 4.75p)
• Helios retained capacity for 2019 open underwriting year of £15.8m (2018 year of account: £12.3m)
• 2016 underwriting year of account profit return on capacity of 8.6% (2015 underwriting year: 12.9%)
• Recommended total dividend for this year of 3.0p per share (2017: 1.5p per share)
• Adjusted net asset value of £1.90 per share (2017: £1.60 per share)
• The catastrophe losses in 2018 of £5.2m were reduced by reinsurance to £1.3m
• Stop loss in 2019 continues to protect the downside
| Year ended 31 December 2018 | ||
| 2018 | 2017 | 2016 |
Profit/(loss) before impairments and tax (£'000) | 608 | (406) | 1,334 |
Adjusted net asset value per share - basic (£) | 1.90 | 1.60 | 2.01 |
Dividends (p) | 3.0 | 1.5 | 5.5 |
Growth in capacity (£m) | 52.6 | 41.0 | 32.6 |
Value of capacity fund (WAV) (£m) | 20.7 | 13.0 | 14.9 |
Nigel Hanbury, Chief Executive, commented:
"As London's quoted consolidator of private capital at Lloyd's, Helios continues to offer investors unique exposure to an investment that is both uncorrelated from traditional equity market movements and continues to outperform our benchmark Lloyds market over the long term through targeted acquisitions of the better-quality syndicates.
These results represent a period of strong performance for our investment strategy with profit and NAV per share increasing incrementally from last year's results. We have taken advantage of a strong pipeline and fully deployed our available resources to fund six acquisitions in the period, leading to a 32% increase in the capacity portfolio.
We continue to see attractive investment opportunities in our market as we look to further increase our capacity to further enlarge and diversify our portfolio for the benefit of our shareholders by taking advantage of a number of near-term opportunities. We look forward to updating shareholders further in due course."
For further information, please contact:
Helios Underwriting plc
Nigel Hanbury - Chief Executive 07787530 404 / www.rns.com.