Sabre Insurance Group plc (the
"Group" or "Sabre"), one of the UK's leading motor insurance
underwriters, today provides an update on trading for the period
from 1 January 2024 to 30 April 2024 ahead of its Annual General
Meeting ("AGM") later this morning.
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Unaudited
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Unaudited
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4 months
ended
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4 months
ended
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30 Apr
2024
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30 Apr
2023
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Gross written premium - Motor
Vehicle
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£77.1m
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£47.9m
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Gross written premium -
Motorcycle
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£3.5m
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£6.3m
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Gross written premium -
Taxi
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£5.1m
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£4.7m
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Gross written premium - Total
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£85.7m
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£58.9m
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Business highlights for the first four months of
2024
- Strong Motor Vehicle performance with gross written premium up
61%, having implemented price increases fully covering anticipated
claims inflation of approximately 10%
- Gross written premium run-rate for Motorcycle and Taxi products
ahead of Q4 2023
- Claims experience across all products in-line with our
expectation
- Remain committed to profitability over volume across all
products; total policy count of 295k at 30 April 2024 (31 December
2023: 290k)
- Policy count by product at 30 April 2024: Motor Vehicle - 242k,
Motorcycle - 42k, Taxi - 11k (31 December 2023: Motor Vehicle -
234k, Motorcycle - 44k, Taxi - 12k)
- Post-dividend solvency capital ratio at 31 March 2024 of 183%
(31 December 2023: 171%)
Market trends
- Claims inflation for 2024 anticipated to remain at c.10%, as
previously guided
- Evidence of some slowing of pricing increases during Q1 across
the core Motor Vehicle market, although Sabre has remained
competitive within its target market
Full-year guidance reiterated
- As previously guided we continue to anticipate further growth
in the core Motor account with overall growth in GWP above claims
inflation across 2024
- Loss ratios should improve further as profitable business
written in 2023 earns through, leading to a strong increase in
profit in 2024
- Overall COR of 75% to 80% on an IFRS 17 (discounted) basis,
dependent on the level of discounting credit recorded for the
year
Geoff Carter, Chief Executive Officer of Sabre,
commented:
"I
am very pleased that the strong trading we experienced throughout
the latter half of 2023 has continued into 2024. We have delivered
high levels of premium growth whilst also increasing prices to
cover fully forward-looking claims inflation of circa 10%,
illustrating both our commitment to, and the success of, our
long-standing "profitability as a target, volume as an output"
strategy.
It
is encouraging that both expected profitability and volume are in a
strong position and our outlook for the year remains unchanged. We
are particularly pleased that all three of our products are
expected to make a positive contribution to profit this
year.
As
demonstrated by the strong solvency position, we are also
benefiting from expected improvements in profitability as our
disciplined pricing approach continues to earn through from the
business written last year.
Looking forward, we continue to anticipate above-inflation
growth in full-year GWP, providing market pricing remains rational,
and an overall COR within our target range of 75% to
80%.
Investor enquiries
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01306 747 272
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Sabre Insurance Group plc
Geoff Carter / Adam
Westwood
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Media enquiries
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020 7353 4200
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Teneo
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sabre@teneo.com
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James Macey White / Ffion
Dash
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LEI Code:
2138006RXRQ8P8VKGV98
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