Helios Underwriting (Helios) delivered a strong EPS recovery in FY23 from a loss of 3.1p in FY22 to a profit of 21.6p, 50% ahead of our forecast of 14.7p, driven by super syndicate underwriting profit of £31.6m versus £0.1m in FY22 and a combined ratio of 86%. Lloyd’s of London (Lloyd’s) capacity at year-end was accelerated to £507m relative to our expectation of £502m, with retained capacity of £392m also ahead. Net asset value (NAV) increased from 151p/share to 189p/share, slightly ahead of our forecast of 187p/share. The dividend doubled from 3p/share to 6p/share as expected. Our forecasts and valuation are under review.
