Helia Group Ltd

HLI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.00	Tmck	Dpmsmgb

Helia Earnings: Peak Performance, but Capital Returns Keep Flowing

Nathan Zaia

Feb 27, 2024

The story hasn’t really changed for Helia. The top line is shrinking as demand for lenders' mortgage insurance dries up in a higher cash-rate environment. However, on a positive note, claims are well below long-term levels, investment income is strengthening in a higher bond yield environment, and the insurer is returning (and building more) surplus capital to shareholders. Australia’s largest provider of lenders' mortgage insurance has done better than we expected in recent years across claims and capital generation.

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