Helia Group Limited (ASX:HLI) Announces FY24 Full Year Results
Financial Performance
Helia Group Limited (ASX:HLI) reported a statutory net profit after tax (NPAT) of $231.5 million and an underlying NPAT of $220.9 million for the year ended 31 December 2024. Statutory NPAT exceeded underlying NPAT primarily due to pre-tax mark-to-market unrealised gains on infrastructure and equities. Gross written premium increased by 6% to $195.6 million, while insurance revenue decreased by 9% to $389.2 million.
Executive Comments
Helia Chief Executive Officer and Managing Director, Ms Pauline Blight-Johnston, said, “I am pleased that our strong financial performance and capital position continue to provide us with the flexibility to support our customers, invest in strategic initiatives and undertake disciplined capital management. Underlying NPAT was strong, albeit lower than the prior corresponding period (pcp), primarily due to a lower benefit from negative Total incurred claims, with claims experience being unusually low in both FY23 and FY24.
We have intensified our strategic focus on growing the market for LMI and successfully grown and defended our LMI market share by delivering a differentiated service proposition. We remain focused on our core purpose of accelerating financial wellbeing through home ownership, now and for the future.”
Dividend Declaration & Capital Management
The Helia Board declared a fully franked final ordinary dividend of 16.0 cents per share and a fully franked special dividend of 53.0 cents per share, both payable on 3 April 2025 to shareholders registered as at 20 March 2025. Additionally, Helia completed $113.4 million of on-market share buy-backs in FY24, reducing the share count by 9.4%, and announced an increase in the share buy-back program to $200 million, with $121 million remaining outstanding.
Strategic Progress
Helia maintained a 100% contract renewal rate in 2024, assisting over 31,000 Australians in achieving home ownership. The company launched a new multi-year “LMI Lets Me In” program to enhance awareness and understanding of LMI benefits. Helia continues to engage with the Federal Government to highlight policy impacts and opportunities for improvement in the LMI sector.
Outlook and FY25 Guidance
Helia expects insurance revenue for FY25 to range between $310 million and $390 million. The total incurred claims ratio is anticipated to remain well below the company’s expectations of approximately 30%.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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