29 sep 25   helios underwriting - half year results helios underwriting plc | huw | 223 18.0 8.8% | mkt cap: 162.0m    rns number : 1017b helios underwriting plc 29 september 2025     helios underwriting interim results six months ended 20 june 2025  our portfolio continues to benefit from outstanding lloyd's market conditions  helios underwriting ('helios'), the only publicly traded company offering instant access to a diverse portfolio of syndicates at lloyd's of london, the world's largest insurance market, is pleased to announce its interim financial results for the half year ended 30 june 2025.   the lloyd's market continues to report strong performance and the outlook for 2026 remains positive. consequently, helios has and will benefit from its outstanding pipeline profits generated from its broad lloyd's syndicate portfolio for an extended period.   key highlights  ·      6p increase in net asset value (nav) to £2.39 per share (2024 year-end, post 10 pence dividend payment: £2.33) ·      nav is expected to increase further in h2 as a greater proportion of pipeline profits are recognised ·      operating expense (over six months) relative to capacity has reduced by 53.4% q2 2024 ·      £21m of net underwriting profits from 2022 year of account was received in may 2025; £14.3m is being returned to the shareholders ·      a total cash dividend of 10 pence per share paid to shareholders (2024: 6p) ·      dividend and total expected return of capital of 20p per share in 2025 (2024: 12p per share), which includes our forthcoming tender offer ·      profit before tax of £4.4m (h2 2024: £1.2m restated) driven by reduced expenses and impact of foreign exchange (fx) change on debt revaluation ·      £40m of net underwriting profits expected to be received in 2026 from the 2023 year of account. we expect 2024 year of account to produce another strong return ·      continued focus on reducing operational gearing in 2025 ·      louis tucker appointed as the chief executive officer ·      hosting our first capital markets day on 21 october, 2025 for shareholders and existing / new investors   interim executive chairman, john chambers, commented:   "the strong pricing environment in the insurance market continues to show through in our pipeline profits. the 2023 profit forecast continues to improve in line with expectations. historic development patterns indicate that further improvement is likely in the final half year. the 2023 underwriting profit will be received by us next year and will be the largest made by helios by some margin.     the 2024 calendar year experienced above average losses with hurricanes helene and milton resulting in market wide insured losses of $20 billion each and the baltimore bridge collapse one of the costliest losses ever to have hit the marine insurance market. whilst the significant california wildfires occurred in early 2025 much of the estimated $40 billion in losses will fall to the 2024 year policies. in spite of this the mid-point forecast of 8.0% profit on capacity has improved in the half year and is tracking towards a strong ultimate result. this demonstrates the underlying strength of pricing adequacy.   whilst the 2025 year of account is at a very early stage of development, we are hopeful that the current strong rating environment will ultimately result in good returns for this year and beyond despite the modest headwind of a softening us dollar the ongoing strong financial performance of helios reflects the strength of our unique proposition, our continued strategic delivery and favourable underwriting conditions. as a result, we have been able to continue to unlock shareholder returns, including a dividend payment of 10 pence per share in 2025."   "operationally, we are very pleased with the progress made in the first half of the year. the appointment of louis tucker as chief executive officer marks a significant milestone for the business. louis brings over two decades of experience, including deep expertise in third-party capital, and will be instrumental in driving forward helios's long-term strategy.   "we've also invested in the future of the business by adding three talented graduates to our team and accelerating our focus on digitalisation and portfolio management - key areas that will enhance our operational capabilities.   "helios remains a unique proposition for investors seeking access to this favourable market, and we remain confident that, from a returns perspective, the most attractive years of this insurance cycle are still to come and are excited about the opportunities that lie ahead."     for more information, please contact:   helios underwriting plc    john chambers - interim executive chairman  email: john.chambers@huwplc.com tel: +44 (0)203 965 6441       adhiraj maitra - director of finance and operations  email: adhiraj.maitra@huwplc.com   tel: +44 (0) 203 743 2114      deutsche numis (nomad and broker)    giles rolls / charles farquhar  tel: +44 (0)20 7601 6100    fti consulting    ed berry  tel: +44 (0)7703 330 199    christian harte  tel: +44 (0)7974 288 763        interim results six months ended 30 june 2025   the improvement in underwriting conditions in the insurance market over recent years continues to feed through to the profitability of helios and is reflected in our net asset value ("nav") growth.   following the transition to a fair value (fv) accounting methodology, we intend to provide net asset value (nav) reporting on a more frequent basis, subject to the timely availability of data from lloyd's. this change is intended to improve the consistency and transparency of financial reporting for stakeholders. 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 to the interim results as part of the movement in the fair value 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. no changes to the year-end 2024 reported value, as there are no lloyd's auctions in the first half of the year to have an impact on the capacity values.    ·    profits recognition - a proportion of the profits based on the syndicate profit estimates submitted to lloyd's, using quarterly recognition factors. these changes used in the valuation methodology for investment entity accounting are more in line with the valuation methodology generally used in the lloyd's market and recognises the changes in reporting introduced by lloyd's.   this refinement of our profit recognition methodology results in the q2 estimates being initially constrained to allow for potential future volatility, but we would typically expect the profit estimates to grow steadily to a higher value in q4 as the inherent uncertainty reduces over time.   summary financial information net asset value -       year-end nav per share was £2.43, reduced to £2.33 post payment of 10 pence dividend -       movement in h1 nav per share is a 6p increase to £2.39 this increase is mainly driven by the recognition of underwriting profit in q2 2025. the increase in cumulative profit relative to q4 2024 was used in calculating the nav. the growth in the net asset value per share remains a key management metric for determining growth in value to shareholders. net asset value per share   30-jun-25 31-dec-24 notes  £'000 £'000  total net assets (net of dividends)      170,391           165,982 (less £7.1m dividend) shares in issue         71,380              71,343  net asset value per share (£)             2.39                  2.33       following changes to the profit recognition methodology, we have taken a more conservative approach and now recognise a higher proportion of the profit in the second half of the year. this reflects the seasonality of claims activity in a typical year due to the timing of the hurricane season in the north atlantic. in normal circumstances we would expect an uplift in the nav in the second half.     total shareholder return helios is committed to returning capital to shareholders. in 2025 capital of 10p per share has been returned to shareholders through payment of an increased dividend, along with a 10p per share proposed tender offer (a 66% increase to the 12p per share returned in 2024). note, the tender offer will not have an impact on the nav per share value. distribution to shareholders   2025 2024   £m pence per share £m pence per share share buyback/tender offer (proposed) 7.2 10 4.5 6 base dividend 7.1 10 4.4 6 total 14.3 20 8.9 12   helios expense analysis the continued scale of the business has helped to reduce our operating costs as a proportion of syndicate capacity portfolio. operating costs were reduced in 2025 and expected to be maintained at a more sustainable level in future. in 2024 operating costs included the impact of previous plans to establish a new helios follow syndicate; this is no longer part of our strategy. higher finance costs, reflecting the impact of increased leverage, have been reduced in 2025 and will be reduced further in future years as we replace these arrangements with retained cash flow. a comparison at a group level and details included below: expense analysis   2025 h1 actual 2024 h1 actual   £'000 £'000 operating costs 2,364 5,076 unsecured loan note 2,783 ,821 portfolio stop loss - 1,750 portfolio funds at lloyds financing 722 1,166 total costs 5,869 10,813 operating costs the operating ratio, i.e. operating expense relative to gross capacity, over six months has decreased from 0.98% for h1 2024 to 0.48% in h1 2025. we expect a similar reduction in the second half of the year. there is a marginal increase in the estimate for 2025, mainly due to allowing for director's bonus, that was not considered in the estimate for 2025 reported previously at year end 2024. operating cost ratio will continue to be a key performance metric for helios.   subsidiary costs include lloyd's fees, brokerage associated with syndicate participation, and any other charges specific to corporate members; these are accounted for individually and are part of the net asset value calculation.     financing costs there have been no further changes to the financing strategy outlined in the annual report published in may 2025. the financing costs include the debt interest payment and the excess of loss facility costs.  the excess of loss financing costs are considered within the subsidiary expenses.   helios portfolio information the returns generated from underwriting results remain strong as the underlying profitability of the portfolio continues to be recognised. the improved rates achieved in the last few years have contributed to the profitability of the portfolio.   there are no changes to the portfolio in the first half of the year. the convex syndicate started underwriting in april 2025, but was already included in the year-end estimate of total capacity of £491m.   the table below shows the split of established and new syndicates in the gross portfolio over the last four years. the comparison between 2024 and 2025 years of account demonstrates the remediation action carried out last year to improve the quality of the portfolio.   portfolio information  as at 30th june 2025   as at 30th june 2025  new established total  new established total year of account £m £m £m   % % % 2022 16.5 235.1 251.6  7% 93% 100% 2023 63.6 254.4 318.0  20% 80% 100% 2024 190.2 328.5 518.7  37% 63% 100% 2025 95.1 395.9 491.0  19% 81% 100% at this stage of the year, we expect the 2026 yoa portfolio to be broadly similar in size with a higher proportion of freehold capacity. we also expect to exit from a small number of underperforming syndicates and where possible, replace with new opportunities.   current performance as mentioned previously, the syndicate forecast for 2023 and 2024 yoa profits include the impact of a few large loss events as well as the impact of fx change. despite these factors, the 2024 syndicate profit forecast of 8.0% as a percentage of capacity at 30th june 2025(7.6% as at 31st march 2025), has improved and the year is tracking towards a strong ultimate result. this further demonstrates the advantages of the portfolio management strategy of helios and the strength of pricing adequacy within the market. whilst at a very early stage of development the 2025 year of account is developing in line with expectations.   portfolio performance year of account   2025 2024 2023   £m £m £m capacity     retained 322.6 403.5 251.7 reinsured / third party supported 158.3 115.2 66.3 total capacity 490.9 518.7 318.0 profit forecast at 31st march 2025   7.6% 15.2% profit forecast (30th june 2025)  8.0% 15.6% improvement in profit forecast  0.4% 0.4%   capital position as at 30th june 2025 supporting 2025 yoa and prior portfolio our capital position remains broadly unchanged from the year-end. there is a reduction in helios own funds and the excess of loss funds due to the movement in fx and our decision to scale back this form of gearing.   capital position underwriting capital  30 june 2025 £m 31 dec 2024 £m third party capital 32.9 31.6 excess of loss funds at lloyd's 20.8 26.1 helios own funds 67.9 72.2 solvency credits 105.7 102.7 total 227.3 232.6   the improvement in the solvency position of the portfolio, increasing available solvency credits to £105.7m, reflects profits recognised by the syndicates in the portfolio.    condensed statement of income six months ended 30 june 2025    30-jun-25 30-jun-24   £'000 £'000  note   (restated) income    interest income                491                   716 dividend income                   -                        -   net gains on financial assets at fvtpl 4            4,728                7,805 other income                 100                   746 total income              5,319                9,266 expenses    operating expenses           (2,148)              (5,202) interest expense           (2,783)              (3,106) other expenses              (991)                 (217) total expenses            (5,922)              (8,525) operating profits              (604)                   741 foreign exchange movements 7            5,017                   469 net profit before income tax               4,414                1,210 income tax (charge)/credit 5                    -              (2,177) net profit for the year after tax              4,414                 (967) basic eps 6              6.19 (1.31) diluted eps 6              5.92 (1.31)     condensed statement of financial position as at 30 june 2025    30 june 2025  31 december 2024    £'000  £'000  note     assets    equity investments at fvtpl 3.2         156,644       151,916 due from related parties 9           37,053         62,048 deferred tax                    -                   -   other debtors                 110              110 cash and cash equivalents            49,551         28,935 total assets           243,358       243,009 liabilities                    -                   -   borrowings 3.1           53,543         58,457 due to related parties              7,987           6,881 other creditors                 380              106 accruals and other payables            11,057           4,449 total liabilities             72,966         69,893 equity                    -                   -   share capital 10             7,811           7,811 treasury shares 10 (8,211) (8,265) share premium 10           98,882         98,882 other reserves 10                718              786 retained earnings            71,192         73,902 total equity           170,392       173,116 total liabilities and equity           243,358       243,009     condensed statement of changes in equity six months ended 30 june 2025        share capital treasury shares share premium other reserves retained earnings total equity    £'000  £'000  £'000 £'000  £'000  £'000 at 1 january 2025 7,811 (8,265) 98,882 786 73,902 173,116 company buy back of ordinary shares - - - - - - share issue net of transaction costs                                         - 54 -                                        (68)                                                  14 -  net profit/(loss) for the year - - - - 4,414 4,414 dividends paid/ payable - - - - (7,138) (7,138) at 30 june 2025 7,811 (8,211) 98,882 718 71,192 170,392               at 1 january 2024 7,795 (3,736) 98,597 190 37,256 140,102 restatement of prior period - - - 110 17,533 17,643 at 1 january 2024 - restated 7,795 (3,736) 98,597 300 54,789 157,745 company buy back of ordinary shares -  (811) - - - (811) share issue net of transaction costs - - - - - - net profit/(loss) for the year - - - - (967) (967) dividends paid/payable - - - - (4,418) (4,418) at 30 june 2024 - restated 7,795 (4,547) 98,597 300 49,404 151,549     condensed statement of cash flows six months ended 30 june 2025     30 june 2025  30 june 2024    £'000  £'000  note    (restated) cash flows from operating activities    profit before tax                  4,414                1,210 adjustments for:      - net gain on financial assets at fvtpl 4                (4,728)               (7,805)  - purchase of equity investments 8                         -                        - foreign exchange on net borrowings                 (5,017)                   469 changes in operating assets and liabilities:                         -                        -    - decrease/(increase) in due from related parties                24,997               (1,214) -  increase in due to related parties                  1,106                  (531)  - decrease/(increase) in other debtors                     299               (1,241)  - increase in accruals and other payables                    (454)                3,588 net cash used in operating activities                20,616               (5,524) cash flows from financing activities    new shares issued 10                       -                        -   share buy-back 10                       -                  (811) net proceeds from borrowings                          -                        - repayment of borrowings                          -                        - net cash (used in)/provided by financing activities                        -                  (811) net (decrease)/increase in cash and cash equivalents                20,616               (6,335) cash and cash equivalents at beginning of year                28,935              40,596 cash and cash equivalents at end of year                49,551              34,261   analysis of changes in net debt       at 1 jan 2025  cashflows  currency translation  30 jun 2025   £'000  £'000  £'000  £'000        cash and cash equivalents                28,935              20,616 -            49,551  unsecured debt  (59,793) -                (5,017) (54,775) total   (30,858)              20,616               (5,017) (5,225)   cash and cash equivalents comprise cash at bank and in hand. the notes are an integral part of these financial information.  notes to the condensed financial information six months ended 30 june 2025   1.     general information   helios underwriting plc ("helios" or the "company") is an investment company with variable capital incorporated on 1 september 2007, organised under the laws of the united kingdom. it is quoted on aim and was incorporated in england, domiciled in the uk. our registered office is 1st floor, 33 cornhill, london ec3v 3nd. the principal purpose of helios is to provide investors with exposure to the lloyd's insurance market through an actively managed portfolio of syndicates, who participates in insurance business as an underwriting member of lloyd's, which are fully owned undertakings of helios. we prepare separate financial information as its only financial information, and its subsidiaries are not consolidated in line with ifrs 10.   we have aggregated our investments in similar entities in line with ifrs12. these condensed financial information do not comprise statutory accounts within the meaning of section 434 of the companies act 2006. statutory accounts for the year ended 31 december 2024 were approved by the board of directors on 29 may 2025 and delivered to the registrar of companies. the report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the companies act 2006.   2.     accounting policies basis of preparation these condensed interim financial information have been prepared in accordance with ias 34 'interim financial reporting' and the aim rules. they do not include all of the information required for full ifrs annual financial information and should be read in conjunction with the financial information of the company for the year ended 31 december 2024.   the condensed interim financial information is prepared for the six months ending 30 june 2025. the condensed interim financial information for the six months ending 30 june 2025 and june 2024 are unaudited, but have been subject to review by our auditors.   the accounting policies adopted by us in these interim condensed financial statements are consistent with those applied by us in its financial statements for the year ended 31 december 2024.   going concern helios has net assets at the end of the reporting period of £170.4m (31 december 2024: £173.1m). our subsidiaries participate as underwriting members at lloyd's on the 2023, 2024 and 2025 years of account, as well as any prior run-off years, and they intend to continue this participation in the 2025 year of account. the directors have a reasonable expectation that we have adequate resources to meet their underwriting and other operational obligations for the foreseeable future. accordingly, they continue to adopt the going concern accounting basis in preparing the financial information.   material accounting policy information the accounting policies adopted by us in these interim condensed financial information are consistent with those applied by us in our financial statements for the year ended 31 december 2024.   there were no new uk-adopted ias or amendments to uk-adopted ias applicable to the current period which had any significant impact on our financial information.   3.     fair value measurement   the valuation of the equity investments at fair value through p&l (fvtpl) include several key components which are set out below:   syndicate capacity the market approach is the primary approach in estimating the fair value of the right to participate in a syndicate in future years, based on the weighted average price of lloyd's syndicate capacity auction results. this approach is most appropriate in determining the fair value of the syndicate capacity where the auction pricing is reliable, and this approach is widely adopted in practice.  consideration is also given to observable data from recent market transactions.  in addition, the board has made a provision of 10% on capacity to reduce the value of capacity held on the balance sheet.  an independent model that takes into consideration various uncertainties around auction trading has been developed to validate the 10% reduction in capacity value assumed since q4 2024 reporting. it should be noted that there are no lloyd's auctions in the first half of the year, resulting in no changes to the capacity values estimated since q4 2024.   funds at lloyd's each asset included in the fal is valued at its current market price. fal can consist of a variety of assets, including cash, bonds, letter of credit ("loc") and other approved financial instruments. as such, the fair value would be based on quoted market prices and face value of the assets held in the fal. the market approach is preferred for determining the fair value of fal because it uses observable values for each component asset.   open year results in accordance with lloyd's requirements, each managing agent prepares syndicate level information and allocates each corporate member's share of their best estimate results based on their capacity participation for each yoa.   quarterly monitoring returns a and b are considered to be a reasonable and supportable proxy in determining the fair value of open year results.   profits recognition the board considers the potential syndicate profits that the syndicate management are forecasting. the ultimate yoa profits forecasted by syndicates are included in the qmrs submitted to lloyd's in each quarter. a quarterly recognition pattern is applied to reflect the inherent uncertainty in those forecasts which are subject to changes in the ultimate outcome.   following changes to the profit recognition methodology, we have taken a more conservative approach and now recognise a higher proportion of the profit in the second half of the year. this reflects the seasonality of claims activity in a typical year due to the timing of the hurricane season in the north atlantic. in normal circumstances we would expect an uplift in the nav in the second half.   the profit recognition methodology has been further refined to assume a gradual increase in recognition over twelve quarters. this approach has been reviewed and approved by the board.   cash and cash equivalents cash represents cash deposits held at financial institutions. cash equivalents include short-term highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. cash equivalents are held for meeting short-term liquidity requirements, rather than for investment purposes. cash and cash equivalents are held at major financial institutions.   3.1 borrowings for most of the financial assets and liabilities not carried at fair value, the fair values are not materially different from their carrying amounts due to their short-term nature. for the borrowings, the fair value differs from the carrying amount as set out below: borrowings  2025 2024  carrying amount £'000 fair value £'000 carrying amount £'000 fair value £'000 borrowings 53,543 58,148 58,457 62,802    the fair values of borrowings are based on discounted cash flows using a current borrowing rate and fx rates. they are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk. 3.2 movements in level 3 financial instruments the following table presents the movement in level 3 instruments for the half year ended 30 june 2025: as at 30 june 2025 equity investments £'000 opening balance 151,917 purchases - sales - net gains/(losses) 4,728 total 156,645   the following table presents the movement in level 3 instruments for the year ended 31 december 2024: as at 31 december 2024 equity investments £'000 opening balance 115,885 purchases 1,520 sales - net gains/(losses) 34,512 total 151,917     3.3 impact on the fair value of level 3 financial instruments to changes in key assumptions the following table summarises the valuation techniques together with the significant unobservable inputs used to calculate the fair value of our level 3 assets.    amount valuation technique significant unobservable inputs   as at 30 june 2025 £'000       equity investments 155,746 discounted projected cash flows *projected cash flows of syndicates *auction prices and syndicate capacity *discount rate             as at 31 december 2024         equity investments 151,019 discounted projected cash flows *projected cash flows of syndicates *auction prices and syndicate capacity *discount rate     3.4 quantitative analysis of significant unobservable inputs see section "equity investments at fvtpl" for details on the unobservable inputs, notably the pipeline profit calculation and capacity valuation. the following should also be noted: discount rate: the discount rate applied to the projected syndicate profits from the date of valuation to the date of final determination of the profits to be distributed is based on the coupon negotiated on the unsecured loan note 2030, 9.5% being a proxy for the helios cost of debt. 3.5 sensitivity of fair value measurements to changes in unobservable market data the table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives.   change in variable 30 june 2025 £'000 *pipeline profits - a range of extreme recognition patterns faster and unrealistic recognition: 0% q2, 100% q6 and q10 +£15,933  slower recognition: 25% q2, 39% q6 and 85% q10 -£9,352   the sensitivity shows that lower recognition in more mature quarters has a bigger impact on the net result than in the first few quarters. the selected pattern sits somewhere between the faster pattern/higher profit and slower pattern/lower profit.   4.     net gains on financial assets at fvtpl        30 june 2025 30 june 2024  £'000  £'000 unrealised gains on investments  4,728  7,805 realised gains on investments and currencies -  - net gains on financial assets at fvtpl 4,728 7,805       5.     income tax charge   analysis of tax charge in the period        30 june 2025 30 june 2024  £'000  £'000 - current year - - - prior year adjustment - (2,177) total current tax _ (2,177) the income tax expense is recognised based on management's best estimate of the current annual income tax rate expected for the full financial year. the annual tax rate used is 25% (2024: 25%).   6.     earnings per share   basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders after tax by the weighted average number of ordinary shares outstanding during the period. diluted earnings per share is calculated by dividing the net profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. earnings per share has been calculated in accordance with ias 33 "earnings per share". the earnings per share and weighted average number of shares used in the calculation are set out below:   30 june 2025 unaudited at 30 june 2024 restated profit for the period after tax attributable to ordinary equity holders of the parent 4,413,500 (967,020) basic - weighted average number of ordinary shares 71,342,947 73,727,064 weighted average number of ordinary shares for diluted earnings per share 74,579,624 76,285,215 basic earnings/(loss) per share 6.19p (1.31)p diluted earnings/(loss) per share* 5.92p (1.31)p * diluted loss per share is not permitted to be reduced from the basic loss per share.      7.     foreign exchange movements   the exchange movements are a result of the exchange rate moving from year end to 30th june and its impact on the revaluation of the loan.   8.     dividends paid or proposed   it was proposed and agreed at the agm on 30 june 2025 that a dividend of 10p would be payable. the dividend was paid post period end on 17 july 2025 totalling £7,138,000 and has been accrued in the period ended 30 june 2025.   9.     investments in subsidiaries       company or partnership direct/indirect interest 2025 ownership 2024 ownership   principal activity nameco (no. 917) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 346) limited direct 100% 100% lloyd's of london corporate vehicle charmac underwriting limited direct 100% 100% lloyd's of london corporate vehicle rbc cees trustee limited(ii) direct 100% 100% joint share ownership plan chapman underwriting limited direct 100% 100% lloyd's of london corporate vehicle advantage dcp limited direct 100% 100% lloyd's of london corporate vehicle romsey underwriting limited direct 100% 100% lloyd's of london corporate vehicle helios utg partner limited(i) direct 100% 100% corporate partner salviscount llp indirect 100% 100% lloyd's of london corporate vehicle inversanda llp indirect 100% 100% lloyd's of london corporate vehicle fyshe underwriting llp indirect 100% 100% lloyd's of london corporate vehicle nomina no 505 llp indirect 100% 100% lloyd's of london corporate vehicle nomina no 321 llp indirect 100% 100% lloyd's of london corporate vehicle nameco (no. 409) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1113) limited direct 100% 100% lloyd's of london corporate vehicle catbang 926 limited direct 100% 100% lloyd's of london corporate vehicle whittle martin underwriting direct 100% 100% lloyd's of london corporate vehicle nameco (no. 408) limited direct 100% 100% lloyd's of london corporate vehicle nomina no 084 llp indirect 100% 100% lloyd's of london corporate vehicle nameco (no. 510) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 544) limited direct 100% 100% lloyd's of london corporate vehicle n j hanbury limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1011) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1111) limited direct 100% 100% lloyd's of london corporate vehicle nomina no 533 llp indirect 100% 100% corporate partner north breache underwriting limited direct 100% 100% lloyd's of london corporate vehicle g t c underwriting limited direct 100% 100% lloyd's of london corporate vehicle hillnameco limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 2012) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1095) limited direct 100% 100% lloyd's of london corporate vehicle new filcom limited direct 100% 100% lloyd's of london corporate vehicle kemah lime street capital direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1130) limited direct 100% 100% lloyd's of london corporate vehicle nomina no 070 llp indirect 100% 100% corporate partner nameco (no. 389) limited direct 100% 100% lloyd's of london corporate vehicle nomina no. 469 llp indirect 100% 100% corporate partner nomina no. 536 llp indirect 100% 100% corporate partner nameco (no. 301) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1232) limited direct 100% 100% lloyd's of london corporate vehicle shaw lodge limited direct 100% 100% lloyd's of london corporate vehicle queensberry underwriting direct 100% 100% lloyd's of london corporate vehicle nomina no 472 llp indirect 100% 100% corporate partner nomina no 110 llp indirect 100% 100% corporate partner chanterelle underwriting limited direct 100% 100% lloyd's of london corporate vehicle kunduz llp indirect 100% 100% corporate partner exalt underwriting limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1110) limited direct 100% 100% lloyd's of london corporate vehicle clifton 2011 limited direct 100% 100% lloyd's of london corporate vehicle nomina no 378 llp indirect 100% 100% corporate partner gould scottish limited partnership indirect 100% 100% corporate partner harris family utg limited direct 100% 100% lloyd's of london corporate vehicle whitehouse underwriting limited direct 100% 100% lloyd's of london corporate vehicle risk capital utg limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 606) limited direct 100% 100% lloyd's of london corporate vehicle nameco (no. 1208) limited direct 100% 100% lloyd's of london corporate vehicle chorlton underwriting limited direct 100% 100% lloyd's of london corporate vehicle park farm underwriting limited direct 100% 100% lloyd's of london corporate vehicle hyde park capital limited direct 100% - lloyd's of london corporate vehicle helios llv one limited direct - 100% lloyd's of london corporate vehicle helios llv two limited direct - 100% lloyd's of london corporate vehicle helios llv three limited direct - 100% lloyd's of london corporate vehicle helios llv four limited direct - 100% lloyd's of london corporate vehicle helios llv five limited direct - 100% lloyd's of london corporate vehicle helios llv six limited direct - 100% lloyd's of london corporate vehicle helios llv seven limited direct - 100% lloyd's of london corporate vehicle helios llv eight limited direct - 100% lloyd's of london corporate vehicle helios llv nine llp indirect - 100% corporate partner helios llv ten llp indirect - 100% corporate partner helios llv eleven limited direct - 100% lloyd's of london corporate vehicle helios llv twelve limited direct - 100% lloyd's of london corporate vehicle helios llv thirteen limited direct 100% 100% lloyd's of london corporate vehicle helios llv fourteen limited direct 100% 100% lloyd's of london corporate vehicle helios llv fifteen limited direct - 100% lloyd's of london corporate vehicle helios llv sixteen limited direct - 100% lloyd's of london corporate vehicle helios llv seventeen limited direct 100% 100% lloyd's of london corporate vehicle helios llv eighteen limited direct 100% 100% lloyd's of london corporate vehicle helios llv nineteen limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty one limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty two limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty three limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty four limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty five limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty six limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty seven limited direct 100% 100% lloyd's of london corporate vehicle helios llv twenty eight llp indirect 100% 100% corporate partner helios llv twenty nine llp indirect 100% 100% corporate partner helios llv thirty llp indirect 100% 100% corporate partner        (i)   helios utg partner limited, a subsidiary, owns 100% of salviscount llp, inversanda llp, fyshe underwriting llp, nomina no 505 llp, nomina no 321 llp nomina no 084 llp, nomina no 533 llp, nomina no 070 llp, nomina no 469 llp, nomina no 536 llp, nomina no 472 llp, nomina no 110 llp, kunduz llp. nomina no 348 llp and gould scottish limited partnership. the cost of acquisition of these llps is accounted for by helios utg partner limited, their immediate parent company. (ii)  rbc cees trustee limited was an incorporated entity in 2017 to satisfy the requirements of the joint share ownership plan. (iii) during the period, we sold 100% of the shares in helios llv eleven limited, helios llv twelve limited and helios llv fifteen limited and helios llv sixteen llv   10.  share capital and share premium   no changes to the share capital from q4 2024. please see note 12 for details on events after the financial reporting period.   11.  related party transactions   other than those related parties transactions and balances noted within the rest of the report, there are no material changes in director shareholding from q4 2024. please see note 14 for details on events after the financial reporting period. refer to note 9 for details on investments in subsidiaries.   12.  ultimate controlling party   the directors consider that the group has no ultimate controlling party.   13.  syndicate participations the syndicates in which our subsidiaries participate as corporate members of lloyd's are as follows:   syndicate number syndicate 2025 2024 2023 2022 £'000 £'000 £'000 £'000 33 hiscox syndicates limited 15,108 15,358 15,358 15,357 218 ers syndicate management limited 19,399 18,438 18,438 8,246 318 cincinnati global 1,082 1,082 862 993 386 qbe underwriting limited 2,889 3,139 3,139 3,067 510 tokio marine kiln syndicates limited 15,307 31,807 29,591 35,379 557 tokio marine kiln syndicates limited - - - 3,509 609 atrium underwriters limited 18,794 19,527 18,421 13,714 623 beazley furlonge limited 28,866 32,686 28,909 23,293 727 s.a. meacock & company limited 2,956 2,956 2,956 2,423 1176 chaucer syndicates limited 2,575 2,875 2,875 2,875 1200 argo managing agency limited - - 55 10,050 1609 mosaic insurance 20,000 - - - 1699 volante global - 5,000 - - 1729 dale partners (asta) 25,117 25,117 21,694 11,690 1796 parsyl - 7,000 - - 1902 medical & commercial insurance 12,635 12,635 10,688 10,000 1910 ariel re 20,000 - - - 1925 envelop risk 7,500 12,500 - - 1955 arch managing agency limited 24,640 20,000 12,500 - 1966 medical & commercial insurance 12,600 15,000 - - 1969 apollo syndicate management limited - 25,498 12,171 5,675 1971 apollo syndicate management limited 25,000 25,000 10,000 6,467 1984 convex insurance 6,980 - - - 1985 flux syndicate 12,693 20,108 16,946 - 1988 cfc syndicate - 15,125 15,000 - 1996 wildfire defense syndicate - 9,523 5,988 - 2010 lancashire syndicates limited - 7,338 7,338 10,642 2024 ada special purpose arrangement 6,712 8,522 - - 2121 argenta syndicate management limited 5,206 5,206 272 10,267 2358 nephila: follow syndicate 25,000 20,000 - - 2427 agile underwriting services 15,000 15,000 - - 2454 africa specialty risks 7,500 5,800 - - 2525 secure liability solutions (asta) 2,412 2,612 2,311 1,856 2689 hampden risk partners (hrp) 14,755 6,428 3,359 10,771 2791 managing agency partners limited 16,172 16,422 12,001 10,123 3123 fidelis insurance group 14,060 5,239 - - 3939 normanmax insurance solutions 12,000 12,000 - - 4242 beat capital 16,523 16,662 12,607 14,747 4444 canopius - 24 21 20 5183 micro insurance digital solutions  beazley furlonge limited - 1,727 5,000 - 5623 26,843 27,877 18,422 7,100 5886 blenheim underwriting limited 37,478 30,840 27,132 23,165 6103 managing agency partners limited 4,615 4,150 3,301 3,480 6104 hiscox syndicates limited 12,008 10,000 32 1,774 6107 beazley furlonge limited - 1,550 164 1,682 6117 argo managing agency limited 570 947 491 3,189 total syndicate capacity 490,995 518,718 318,042 251,554   14.  event after the financial reporting period   jsop update: the jsop shares were jointly held with jtc employer solutions trustee limited (as trustee of the helios underwriting plc employees' share trust (the "trust") as co-owner ("jsop co-owner") of jsop shares pursuant to the terms of the jsop.   the jsop shares were sold to jtc employer solutions trustee limited as trustee of the trust. the trust is a market standard discretionary employee benefit trust.   the trust purchased the jsop shares (together with an additional 315,778 ordinary shares sold at the same time by a former pdmr jsop participant) with loan funding provided by helios and the resulting ordinary shares are now held in the trust.   the ordinary shares now held in the trust (remaining at 1,100,000 ordinary shares further to the purchases made by the trust and it exercises a call option over the unvested jsop shares) are available to the trust for trust purposes (including therefore for use in connection with future maturities under our long-term incentive plan).   the loan funding by helios to the trust in relation to the sales noted above in connection with jsop (including in respect of sales made at the same time by a former pdmr jsop participant) was £ 1,515,667. additional loan funding of £305,320.97 was also provided by helios to the trust at the same time.   a sum of £1,182,213 was immediately credited back to helios by the trust equating to the proceeds accrued to the jsop co-owner under the jsop and was applied by helios towards payment of the outstanding subscription price in relation to the ordinary shares that had been held under the jsop.   the loan to the trust constituted a related party transaction for the purposes of aim rule 13. the independent directors being john chambers, adhiraj maitra, andrew christie, tom libassi and katie wade, having consulted with our nominated adviser deutsche numis, confirm that they consider that the terms of the loan are fair and reasonable insofar as the shareholders are concerned.   distribution to shareholders: in july 2025 a base and special dividend of 10p per share (£6.8m + shares) was returned to shareholders. this has been allowed for in the interim result.   it is proposed to make a tender offer to shareholders pro-rata to their shareholdings in due course to potentially return a further £7.1m (10p per share). this increase in overall distributions to shareholders reflects the increase in underwriting profits distributed from lloyd's and from the sale of capacity in the recent auctions.       directors, registered office and advisers   directors john chambers (interim executive chairman) nigel hanbury (non-executive deputy chairman) andrew christie (non-executive director) thomas libassi (non-executive director) katie wade (non-executive director) adhiraj maitra (director of finance and operations) appointed 1 july 2025 arthur manners (finance director) resigned 30 june 2025   company secretary   reva jain shakespeare martineau no 1 colmore square birmingham b4 6aa company number 05892671 registered office 1st floor, 33 cornhill, london, ec3v 3nd   statutory auditors   pkf littlejohn llp 15 westferry circus canary wharf london e14 4hd   lloyd's members' agent   hampden agencies limited 40 gracechurch street london ec3v 0bt argenta private capital limited 70 gracechurch street london ec3v 0hr   registrars   neville registrars limited neville house steelpark road halesowen b62 8hd nominated adviser and broker deutsche numis 45 gresham street london ec2v 7bf   independent review report to helios underwriting plc   conclusion we have been engaged by the helios underwriting plc (the "company") to review the condensed set of financial information in the half-yearly financial report for the six months ended 30 june 2025 which comprise the condensed statement of income, the condensed statement of financial position, the condensed statement of changes in equity, the condensed statement of cash flows and related notes. we have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial information.   based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial information in the half-yearly financial report for the six months ended 30 june 2025 is not prepared, in all material respects, in accordance with uk-adopted international accounting standard 34 and the aim rules for companies. basis for conclusion we conducted our review in accordance with international standard on review engagements (uk) 2410, "review of interim financial information performed by the independent auditor of the entity", issued for use in the united kingdom. a review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. a review is substantially less in scope than an audit conducted in accordance with international standards on auditing (uk) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. accordingly, we do not express an audit opinion.   as disclosed in note 2, the annual financial statements of the company are prepared in accordance with uk-adopted iass. the condensed set of financial information included in this half-yearly financial report has been prepared in accordance with uk-adopted international accounting standard 34, "interim financial reporting". conclusions relating to going concern based on our review procedures, which are less extensive than those performed in an audit as described in the basis for conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.   this conclusion is based on the review procedures performed in accordance with isre (uk) 2410, however future events or conditions may cause the company to cease to continue as a going concern. responsibilities of directors the directors are responsible for preparing the half-yearly financial report in accordance with the aim rules for companies. in preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.   auditor's responsibilities for the review of financial information in reviewing the half-yearly report, we are responsible for expressing to the company a conclusion on the condensed set of financial information in the half-yearly financial report. our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the 'basis for conclusion' paragraph of this report. use of our report this report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 10 september 2025.  our review has been undertaken so that we might state to the company's directors those matters we have agreed to state to them in a reviewer's report and for no other purpose.  to the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's directors as a body, for our work, for this report, or for the conclusions we have formed.       pkf littlejohn llp                                                                                                                                                                    15 westferry circus statutory auditor                                                                                                                                                                       canary wharf 26 september 2025                                                                                                                                                                       london e14 4hd       this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir zzgzlmnzgkzm return to news summary

Label: Gestiegen