Half Year 2024 Helia Group Ltd Earnings Call Transcript
Key Points
- Helia Group Ltd (ASX:HLI) delivered an underlying net profit after tax of $107 million for the first half of 2024.
- The company returned $177 million to shareholders through on-market share buybacks and dividends.
- Helia's prudential capital amount ratio remains strong at 2.08 times as of June 30, 2024.
- The company successfully renewed a contract with a top 10 lender and is proposing to extend its relationship with its largest customer.
- Helia received external recognition, winning the Mortgage and Finance Association of Australia award and the top Insurance Employer Award from Insurance Business Magazine.
- Statutory net profit after tax was $97 million, below the underlying profit due to unrealized losses on the bond portfolio.
- Insurance revenue was down 11% compared to the prior period, reflecting lower levels of premium and less favorable premium experience variation.
- New business volumes remain subdued due to economic and public policy factors, including the federal government home loan guarantee scheme.
- The level of new delinquencies increased by 23% in the first half, reflecting higher interest rates and cost-of-living pressures.
- The overall number of delinquencies rose by 15% half-on-half, although the delinquency rate remains relatively low at 0.63%.
Good day and thank you for standing by, and welcome to the Helia half year 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Paul O'Sullivan, Head of Investor Relations. Please go ahead.
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Hello, and welcome to the 2024 first half financial results briefing for Helia's group. I'm Paul O'Sullivan, Head of Investor Relations. This morning, we will start with the presentation from our CEO, Pauline Blight-Johnston, who provide an overview of the results. Our CFO, Michael Cant will then go into more detail on the financial results and Pauline will then wrap up with closing comments. At the end of the presentation, we'll pass back to the moderator and take questions from investors and analysts. I'll now hand over to Pauline.
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