In its full year 2023 financial results, Helios Underwriting has revealed it achieved a total comprehensive profit of £29.9 million, up from a loss of £0.1 million in 2022, while its capacity portfolio combined ratio improved to 86%.
Helios explained that it has positioned itself to “maximise growth opportunities” by doubling the size of its capacity portfolio over the last two years to £507 million (up 63%), as the market experiences “outstanding financial performance” underpinned by strong pricing and underwriting discipline.
For the full year 2023, Helios’ gross premiums written increased to £308 million, marking an increase of 26% from 2022’s £244 million figure.
As mentioned, the firm’s capacity portfolio combined ratio was 86% in 2023, down from 96% in the previous year.
Meanwhile, Helios’ profit before tax for the full year 2023 was £22.7 million, compared to a loss of £3.9 million in 2022, while profit from the revaluation of capacity was £18 million.
Chief Executive, Martin Reith, commented, “Helios is the smartest way to invest at Lloyd’s of London and the excellent 2023 financial performance reflects the strength of our unique proposition, our continued strategic delivery and some of the best underwriting conditions the market has experienced in a generation.
“We have focused on growing scale and relevance to ensure we maximise these market opportunities: we have grown by 63% in the past year alone, across all parts of the portfolio and through increased fee income.
“We continue to actively seek out new opportunities to expand our presence by supporting the best management teams and new ventures at Lloyd’s where our capacity, insights and experience add real value.”
Reith continued, “Lloyd’s is the home of insurance innovation, providing solutions for many of the world’s most pressing issues – from climate change, to the energy transition, and cyber risks. I’m proud of the way Helios has developed into a key partner for syndicates at Lloyd’s and the pre-eminent provider of private capital into the market.
“Looking ahead I am excited by further unlocking the potential of Helios and I am confident in our ability to capitalise on the market opportunities and continue to offer uncorrelated returns by generating long-term growth and regular income for our investors.”
