Helios Underwriting (AIM:HUW), the only publicly traded company offering direct access to a portfolio of Lloyd's of London syndicates, reported a 6.5% net asset value total return for the six months to 30 June, equivalent to 17p per share including a 10p dividend.
Pre-tax profit rose to £11m, up from £4.4m a year earlier, driven by an improvement in estimated syndicate profits.
NAV per share stood at £2.70 at the half year, net of the 10p dividend, up from £2.63 at the end of 2025 and £2.39 at the half-year stage last year.
The company received £40m of net underwriting profits in May from the 2023 year of account and expects the 2024 year of account to deliver another strong return.
Total shareholder returns for 2026 are expected to reach 24p per share, up from 20p in 2025, comprising the base and special dividends already paid plus a forthcoming tender offer and share buybacks.
"We have delivered an excellent performance in the period, increasing NAV total return by 6.5% in H1 2026," said chief executive Louis Tucker, pointing to the strong pricing environment in the Lloyd's market feeding through into recognised 2024 and 2025 pipeline profits.
The 2024 year of account absorbed heavy catastrophe losses, including hurricanes Helene and Milton and the Baltimore Bridge collapse, yet its mid-point profit forecast improved to 10.2% of capacity at the half year, up from 9.8% in March.
The 2025 year of account is forecast at 11.29% of capacity, up from 10.9% in March, with fewer major losses recorded so far.
Helios expects NAV to increase further in the second half as a greater proportion of pipeline profits is recognised, reflecting the seasonal timing of hurricane-related claims.