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Helios Underwriting profit slumps amid poor underwriting conditions, pandemic impact
StockMarketWire.com
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Underwriting group Helios Underwriting reported a slump in annual profit as performance was hurt by poor underwriting conditions and the impact of Covid-19.
For the year ended 31 December 2020, pre-tax profit was fell to £301,00 from £4.1 million year-on-year, while total other income tose to £2.9 million from £2.6 million.
Capacity of the portfolio increased by 60% to £110 million from £69 million last year.
The company recommended total dividend for 2020 of 3.0p per share.
Looking ahead, the 'strong upward momentum in premium rates on renewal business is expected to continue and should continue to enhance the underwriting performance in 2021 and 2022,' the company said.
At 8:10am: (LON:HUW) Helios Underwriting PLC share price was 0p at 116.5p
Story provided by StockMarketWire.com
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