REG - Sabre Insurance Grp - Trading Statement

Sabre InsuranceAnnouncement

15/02/2024 07:00

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RNS Number : 1880D  Sabre Insurance Group PLC  15 February 2024

 

 

 15 February 2024

 

 Sabre Insurance Group plc

 Trading Update

 

 Sabre Insurance Group Plc ("Sabre" or the "Group"), one of the UK's leading
 motor insurance underwriters, today provides an update on trading for the year
 ended 31 December 2023.

 Since 2022 Sabre has taken rapid and decisive pricing actions to mitigate the
 on-going elevated claims inflation. Consequently, it now expects to deliver a
 strong result for 2023 as it continues to re-build toward its historical level
 of profitability.

 The results are anticipated to meet or exceed current market expectations
 across almost all key measures, specifically:

 -   Gross Written Premium at c.£225m, representing 31% growth. Within this,
 core Motor Vehicle premium growth of circa 47%

 -   Profit to be towards or slightly above the upper end of current market
 expectations

 -   Strong capital generation leaving pre-dividend solvency capital ratio
 around 205%

 Sabre is scheduled to present its audited full year results for 2023 on 19
 March 2024.

 

 Investor enquiries            01306 747 272
 Sabre Insurance Group plc     investor.relations@sabre.co.uk
 Geoff Carter / Adam Westwood

 Media enquiries               020 7353 4200
 Teneo                         sabre@teneo.com
 James Macey White

 

 This announcement contains inside information for the purposes of Article 7 of
 the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
 by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
 disclosed in accordance with the Group's obligations under Article 17 of MAR.

 

 FORWARD-LOOKING STATEMENTS DISCLAIMER

 Cautionary statement

 This announcement may include statements that are, or may be deemed to be,
 "forward-looking statements". These forward-looking statements may be
 identified by the use of forward-looking terminology, including the terms
 "believes", "estimates", "plans", "projects", "anticipates", "expects",
 "intends", "may", "will" or "should" or, in each case, their negative or other
 variations or comparable terminology, or by discussions of strategy, plans,
 objectives, goals, future events or intentions. These forward-looking
 statements include all matters that are not historical facts and involve
 predictions. Forward-looking statements may and often do differ materially
 from actual results. Any forward-looking statements reflect Sabre's current
 view with respect to future events and are subject to risks relating to future
 events and other risks, uncertainties and assumptions relating to Sabre's
 business, results of operations, financial position, prospects, growth or
 strategies and the industry in which it operates.

 Forward-looking statements speak only as of the date they are made and cannot
 be relied upon as a guide to future performance. Save as required by law or
 regulation, Sabre disclaims any obligation or undertaking to release publicly
 any updates or revisions to any forward-looking statements in this
 announcement that may occur due to any change in its expectations or to
 reflect events or circumstances after the date of this announcement.

 The Sabre Insurance Group plc LEI number is 2138006RXRQ8P8VKGV98.

 

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