- Third quarter net asset value of £146.8mn (206p)
- 8 per cent quarterly NAV per share growth
- 9 per cent discount to spot NAV
- 2025 PE ratio of 4.9 and dividend yield of 15 per cent
Aim-traded Helios Underwriting (HUW:187.5p), the only publicly traded investment company offering access to the underwriting profits from a diverse portfolio of Lloyd’s of London syndicates, has increased net asset value (NAV) per share 8 per cent to 206p in the third quarter of 2024.
Around £3.4mn (4.8p) of the uplift reflects the value of pre-emptions taken up by syndicates supported by Helios, which were offered free capacity of £15.6mn to support the improving underwriting market. Helios also sold £37.8mn of capacity for £13.9mn at a weighted average price of 36.8p per pound to realise a small profit of £1.8mn, having started the year with a freehold capacity portfolio of £176mn valued at £82.4mn. The disposal increased both cash available and tangible net asset value by £14mn as well as reducing balance sheet exposure to the value of the capacity. NAV benefited from a £2.9mn increase in the portfolio valuation, too.