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Financial summary
The information below is a summary of the key items that the Board assesses in estimating the financial position of the Group. Given the Board has no active role in the management of the syndicates within the portfolio, we take the following approach.
- It relies on the financial information provided by each syndicate.
- It calculates the amounts due to / from the quota share reinsurance in respect of their share of the profits/losses as well as fees and commissions due.
- An adjustment is made to exclude pre-acquisition profits on companies bought in the year.
- Costs relating to stop loss reinsurance and operating costs are deducted
Summary balance sheet
(Excluding assets and liabilities held by syndicates)
| 2024 | 2023 | |
|---|---|---|
Assets | ||
- Equity investments at FVTPL | 151,916 | 115,885 |
- Due from related parties | 55,167 | 64,533 |
- Deferred tax assets | -0 | 2,177 |
- Other assets | 110 | 287 |
- Cash and cash equivalents | 28,935 | 40,596 |
Total assets | 236,128 | 223,478 |
Liabilities | ||
- Borrowings | 58,457 | 57,461 |
- Other Liabilities | 4,555 | 3,317 |
Total liabilities | 63,012 | 60,777 |
Total Equity | 173,116 | 162,701 |
Shares in issue | 71,343 | 74,186 |
Net tangible asset value per share (£)
| 2.43 | 2.19 |
Summary Financial sheet
| Year to 31st December 2024 | Year to 31st December 2023 | |||||
|---|---|---|---|---|---|---|
LLVs | HUW | Total | LLVs | HUW | Total | |
Underwriting profits | 31,401
| 31,401
| 31,560 | 31,560 | ||
Other Income | ||||||
- FV on capacity and pipeline profits | (2,398) | (2,398) | 8,805 | 8,805 | ||
- Fees from reinsurers | 2,624 | 2,624 | 1,408 | 1,408 | ||
- Other & Investment income | 3,876 | 1,485 | 5,361 | 2,038 | 65 | 2,103 |
- Capacity sales & revaluation | 16,088 | 16,088 | 17,987 | 17,987 | ||
Total Other Income | 20,190 | 1,485 | 21,676 | 30,238 | -0 | 30,303 |
Costs | ||||||
- Stop loss costs | (5,520) | (5,718) | ||||
- Loan Note Interest | (6,063) | (6,063) | ||||
- Operating costs | (1,562) | (9,005) | (9,005) | (4,292) | (8,098) | (8,098) |
Total Costs | (7,082) | (15,068) | (15,068) | (10,010) | (8,086) | (8,098) |
Profit for the year | 44,509 | (13,583) | 30,925 | 51,787 | (8,086) | |
Tax at LLV level | (9,997) | (7,498) | ||||
Pre tax Profits attributable to HUW | 34,512 | (13,583) | 20,929 | 44,287 | (8,086) | 36,191 |
Tax attributable to HUW | (2,354) | (2,354) | 2,287 | 2,287 | ||
Total Comprehensive Income | (18,315) | 18,575 | 21,046 | 38,543 | ||
Summary Working Capital
| Analysis of free working capital | 2024 £’000 | 2023 £’000 |
|---|---|---|
Opening balance | 40,913 | 10,254 |
Distribution of profits (net of tax retentions & QS payments) | 8,808 | 2,530 |
Transfers from Funds at Lloyd’s | 38,391 | 9,984 |
Other income | 4,263 | 2,727 |
Sale / purchase of capacity | 15,328 | (500) |
Operating costs (inc Hampden / Nomina fees) | (10,085) | (7,716) |
Reinsurance costs | (8,044) | (3,520) |
Tax | 0 | (236) |
Return of capital to shareholders | (8,845) | (5,181) |
Transfers to Funds at Lloyd’s | (44,182) | (4,331) |
Free cash flow | (4,367) | (6,243) |
Senior debt principal | 0 | 59,055 |
Repayment of borrowings | 0 | (15,000) |
Proceeds from issues of shares | 0 | 0 |
Acquisitions | (7,009) | (7,153) |
Net cash flow in the year | (11,377) | 30,659 |
Balance carried forward | 29,536 | 40,913 |
| Asset value calculation | 2024 £’000 | 2023 £’000 |
|---|---|---|
Net assets | 114,659 | 140,101 |
Add total debt | 58,457 | 59,055 |
Add deferred tax on intangible asset | - | 20,136 |
Asset value | 173,116 | 219,292 |
Debt ratio | 34% | 27% |