Helios Underwriting AIM:HUW
- Founded
- 2007 · London, England
- Incorporated
- United Kingdom
- Chief executive
- Louis Tucker
- Reports in
- GBP
- Companies House
- 05892671
Consolidator of underwriting capacity at Lloyd's of London, acquiring limited liability vehicles from retiring Names to build a diversified portfolio of participations in top-performing syndicates. Returns track the Lloyd's underwriting cycle plus gains on acquiring capacity at a discount.
Read straight from the annual reports
238p at close on 2 Oct 2026 · 12 reported years, 2014–2025
| Line | FY201412/14 | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 16.7 | vs 148.1 | — | — | |||||||||
| Operating profit | later 0.75 | vs (0.41) | — | — | |||||||||
| Adjusted operating profit | — | — | — | — | — | — | — | — | — | — | |||
| Net finance cost | — | — | — | — | — | — | — | — | — | — | |||
| Profit before tax | later 0.80 | vs (4.0) | later 36.3 | ||||||||||
| Tax charge | later (0.11) | later (2.3) | |||||||||||
| Profit for the year | later 0.91 | vs (2.1) | later 38.5 | ||||||||||
| Basic EPS | |||||||||||||
| Diluted EPS | |||||||||||||
| Dividend per share | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
10 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Underwriting profit share from Lloyd's syndicate capacity (37 syndicates, £467.4m capacity for 2026)
For the 2026 underwriting year Helios has a total capacity of £467.4m across a portfolio of 37 syndicates at Lloyd's which have been selected for their strong underwriting performance
page 5Freehold capacity value appreciation and auction sales
£217.8m is freehold capacity that has been opportunistically acquired over more than a decade... Gains from these sales further contribute to NAV growth
page 5Total cost reduction of 29.4% in 2025, driven by non-renewal of stop loss cover and lower excess of loss cover, plus 12% reduction in PLC operating costs
Total costs reduced by 29.4% in 2025, with financing costs decreasing by 31.7%, driven primarily by the non-renewal of the stop loss cover and a reduction in excess of loss cover
page 18Consolidation of corporate member structure (reduced by more than 20, unified into a single corporate member for 2026 YOA)
By reducing the corporate member count by more than 20 and unifying our 2026 year of account underwriting strategy into a single corporate member, we have positioned the business to achieve further cost savings across Lloyd's and related expenses over the next two years
page 18Looking ahead, the insurance cycle is likely to moderate. As markets soften, returns on capital will naturally reduce. Our focus, therefore, is on cycle management: maintaining underwriting quality, reducing the expense ratio, and, where appropriate, lowering leverage.
page 11Final dividend of 10p per share (£6,958,591 total) proposed for AGM on 22 June 2026, not reflected in these financial statements
page 92Board targets total shareholder returns via base + special dividend plus buybacks/tender offers; 2025 return was 20.0p (10p dividend paid + 10p tender offer/buyback); proposed 2026 return also 20.0p (7p base dividend + 3p special dividend = 10p total dividend, remaining 10p via buybacks/tender). A 25% tax provision is applied across all recognised profits before distribution decisions.
page 15Unqualified ('true and fair') audit opinion from PKF Littlejohn LLP (Satyajeet Beekarry, senior statutory auditor); auditors concluded no material uncertainty over going concern for at least 12 months. Sole key audit matter: Valuation of Investments at Fair Value (Level 3 LLV investments, £182.2m, using management's discounted cash flow model with judgmental inputs on pipeline profit recognition, capacity auction prices, discount rate and tax assumptions). Materiality set at £5.4m (3% of net assets).
page 58- Liquidity risk — significant claim payouts or additional FAL funding requirements following a major loss event could pressure cash reserves; potential covenant breaches or delays in claims settlementp.25
- Market/pricing risk — cyclical softening of Lloyd's rating environment from the peak of the current hard market cycle, reducing returns on capitalp.11
- Concentration risk — reliance on quality and performance of underlying syndicates and managing agents over which Helios has no direct underwriting controlp.77
- Currency risk — USD-denominated $75m loan note not fully matched by USD assets, exposing NAV to GBP/USD movementsp.74
Read from C000611-AR-2025-ch.
11 annual reports read, FY2015 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2026Next report expected 2 Jun 2027