Helios Underwriting, the publicly traded company offering instant access to a portfolio of syndicates at Lloyd’s, recorded a 6.5% increase in net asset value (NAV) total return to 17p per share in its interim results for the first six months of 2026.
In H1’26, Helios generated a significant rise in profit before tax to £11 million, up from £4.4 million in H1’25, driven by improvement in estimated syndicate profits.
The firm explains that £40 million of net underwriting profits received in May 2026 is from the 2023 year of account, and Helios predicts that the 2024 year of account will produce another strong return.
For H1’26, NAV is £2.70, net of a 10p dividend, compared to £2.63 at year-end 2025. The company expects to increase it further in the second half of the year as a greater proportion of pipeline profits is recognised.
Additionally, total cash dividend for H1’26 paid to shareholders is 10p per share, the same as in 2025. The dividend and total expected return of capital is 24p per share in 2026, compared to 20p per share in 2025, which includes Helios’ forthcoming tender offer and share buyback to date.
Helios explained that in H1’26, it has continued the development of syndicate research capabilities and portfolio, and made significant progress in de-leveraging to reduce financing costs, which is supported by ongoing business simplification to improve capital efficiency and operating costs.
The firm has also continued making changes to its portfolio to optimise it for changing market conditions. Meanwhile, further acquisitions of limited liability vehicles and freehold capacity are enabling Helios to increase its exposure to the strongest syndicates in Lloyd’s, according to the company.
Helios has maintained a positive outlook for 2026, as the Lloyd’s market continues to report strong performance. Consequently, Helios has benefited and expects to continue to benefit from its outstanding pipeline profits generated from its broad Lloyd’s syndicate portfolio for an extended period.
Louis Tucker, Chief Executive Officer, commented, “We have delivered an excellent performance in the period, increasing NAV total return by 6.5% in H1 2026. The strong pricing environment in the Lloyd’s market continues to show through in the recognized 2024 and 2025 pipeline profits, the cash flow benefit of which we will receive in 2027 and 2028. On the back of this and the results of the 2023 year of account Helios will make a 24p capital return to shareholders during the 2026 calendar year (2025: 20p).
“The 2024 year of account experienced above average losses with hurricanes Helene and Milton resulting in market wide insured losses of $20 billion each, Whilst the Baltimore Bridge Collapse has developed into the costliest loss ever to have hit the marine liability insurance market. Whilst the significant California wildfires occurred in early 2025, much of the estimated $40 billion in losses falls to the 2024 year policies. Despite this the mid-point forecast of 10.2% profit on capacity has improved in the half year and is tracking towards a strong ultimate result, demonstrating the underlying strength of pricing adequacy.
“Whilst the 2025 year of account is still at a relatively immature stage of development, there has been a lower incidence of major losses compared with 2024 and this augurs a strong result for the year. We are hopeful that the current rating environment will ultimately result in good returns for this year and beyond.”
He continued, “There has been softening of pricing levels in most classes of insurance over the past year, but rating remains robust. 2026 has seen catastrophe losses below the average levels of recent years and overall forecast results remain on plan. Whilst Lloyd’s has incurred losses arising from the ongoing conflict in the Middle East these have been offset to some extent by improved rating levels and additional premiums for marine transits in the region.
“The advent of higher bond yields, combined with the substantial reserves built up across the syndicates we support, provide both a valuable buffer against future losses and an increasingly meaningful source of earnings through investment income. With yields remaining well above the levels seen for much of the past decade, we expect investment returns to continue to make a significant contribution to Lloyd’s overall profitability in the coming years.
“Looking forward to 2027 and beyond we aim to continue to selectively grow our portfolio through acquisitions of limited liability vehicles enabling us to increase our exposure on some of the strongest syndicates in Lloyd’s and with the help of reinsurance partners and strong profit distributions we will de-lever the Group to reduce financing costs. Ongoing simplification of the business will improve capital efficiency and operating costs.
“We continue to develop our syndicate research capabilities and portfolio analytics using automation to ingest data from our syndicates and process it more efficiently. Importantly, our leading technical analysis is supplemented with market intelligence from our knowledgeable team and well- connected directors. In this way we aim to detect trends before they show through in reported numbers.
“Helios is a unique proposition for investors seeking access to Lloyd’s. Most syndicates are closed to new investment and our well-established portfolio of high-quality syndicates gives us a real competitive advantage over other routes to market. We remain very confident in the future outlook for the company.”
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