Onshore underwriting profit rose nearly elevenfold from a low year-earlier base, led by pecuniary loss business, while offshore premiums grew 18.9% but underwriting turned negative.
The Commonwealth Bank mandate that ended in January carried 44% of last year's premium, but Helia has held on to a lender contract it expected to lose.
Despite a sharp drop in market share and competitive pressures, Helia’s capital, earnings, and strategy remain supportive of the rating in the near term.
