Helios Underwriting, the publicly traded company offering instant access to a portfolio of syndicates at Lloyd’s of London, has released its results for the year ended 31 December 2025, disclosing a net asset value (NAV) total return of 12.3% as it simplified the business to support the 2026 underwriting year of account.
Helios delivered a profit before tax of £20.5 million in 2025, a slight decrease from the £20.9 million reported in the previous year. Helios’ capacity portfolio stood at £467.4 million for 2025, compared to £495.9 million in 2024.
Meanwhile, total capital returns to shareholders for the 2025 financial year reached 20 pence per share, an increase from the 12 pence distributed in 2024.
Looking ahead, the firm has proposed a further 20p return of capital during 2026, which remains subject to shareholder approval.
This planned distribution is expected to comprise a 7p base dividend, a 3p special dividend, and 10p returned via share buybacks and/or a tender offer.
In line with its capital management strategy, the firm launched a share repurchase programme in April 2026, targeting a maximum aggregate return of £2 million to its shareholders.
Helios also advanced strategic efforts to streamline its operations, simplifying the overall business by reducing the number of live go-forward corporate members supporting the 2026 underwriting year of account.
This operational shift is said to have successfully lowered financing costs and reduced leverage by £3.7 million.
Louis Tucker, Chief Executive Officer of Helios Underwriting, commented, “I am delighted to announce my first set of full-year results as CEO of Helios. During the period, we delivered material growth in NAV driven by strong operating profits, resulting in another increase in total shareholder returns.
“While market conditions remained robust, the period was marked by a moderation in the rating environment. As we enter this next phase of the cycle, we will continue to actively manage the portfolio to reflect changing market conditions.
“In addition to our portfolio composition, we are taking measures to simplify the business, reducing both operating costs as well as gearing, and we remain focused on realising further operational efficiencies.
“With a refreshed team now firmly in place and the refinement of our data-led approach, I am confident that with our truly differentiated proposition, we are well positioned to continue outperforming the market over the long term, delivering attractive returns for shareholders.”
John Chambers, Non-Executive Chairman of Helios Underwriting, added, “The Board remains focused on disciplined capital allocation and maintaining a diversified and resilient portfolio.
“With a good uplift in NAV, steady improvement in open year profit estimates, focus on driving capital efficiency and substantial projected cash flow, Helios is confident that it will continue to build shareholder returns.
“The combination of a highly experienced leadership team and significant opportunities in the Lloyd’s market positions Helios well for the next stage of its development.
“On behalf of the Board, I would like to thank our shareholders for their continued support and my colleagues for their contribution during the year. We look forward to building on this momentum in the year ahead.”
