Financial summary

The information set out 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, the following approach is taken.

Board approach

  • It relies on the financial information provided by each syndicate.
  • It calculates the amounts due to / from the quota share reinsurers 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.

Year to 31 December

2023 £’0002022 £’000
Underwriting profit31,560116
Other income:
— fees from reinsurers1,408562
— corporate reinsurance recoveries-33
Amortisation of goodwill6191,216
— investment income2,103647
Total other income4,1302,458
— Pre-acquisition(494)(46)
— Portfolio Stop Loss(2,561)(1,002)
— Portfolio Funds at Lloyd’s Financing(3,112)(1,446)
— Operating costs(6,818)(4,033)
Total costs(12,985)(6,527)
Operating profit/(loss) before impairments of goodwill and capacity22,704(3,953)
Revaluation of syndicate capacity17,9872,670
Income tax relating to the components of other comprehensive income(4,497)(668)
Comprehensive income / loss29,861(99)
Earnings per share21.56p(3.08p)

Year to 31 December 2023

YearHelios retained capacity at 31 Dec 2023 £mPortfolio mid point forecastsHelios profits £’000

Year to 31 December 2022

YearHelios retained capacity at 31 Dec 2022 £mPortfolio mid point forecastsHelios profits £’000

Summary balance sheet

(Excluding assets and liabilities held by syndicates)

2023 £’0002022 £’000
Intangible assets82,11759,375
Funds at Lloyd’s70,75473,771
Other cash40,91310,254
Other assets4,8766,909
Total assets198,660150,309
Deferred tax22,27711,228
Other liabilities12,0813,839
Total liabilities93,41330,067
Total syndicate equity34,854(5,123)
Total equity140,101115,119
NTAV – £ per share1.891.51

Cash flow

Analysis of free working capitalYear to 31 Dec 2023 £’000Year to 31 Dec 2022 £’000
Opening balance10,25416,178
Distribution of profits (net of tax retentions & QS payments)2,5302,736
Transfers from Funds at Lloyd’s9,9844,772
Other income2,727280
Sale / purchase of capacity(500)5,051
Operating costs (inc Hampden / Nomina fees)(7,716)(4,099)
Reinsurance costs(3,520)(3,377)
Return of capital to shareholders(5,181)(2,034)
Transfers to Funds at Lloyd’s(4,331)(31,578)
Free cash flow(6,243)(16,170)
Senior debt principal59,05515,000
Repayment of borrowings(15,000)-
Proceeds from issues of shares-12,421
Net cash flow in the year30,659(5,924)
Balance carried forward40,91310,254
Asset value calculationYear to 31 Dec 2023 £’000Year to 31 Dec 2022 £’000
Net assets140,101117,178
Add total debt59,05515,000
Add deferred tax on intangible asset20,13614,139
Asset value219,293146,317
Debt ratio27%10%