REG - Sabre Insurance Grp - Trading Update

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RNS Number : 1667F  Sabre Insurance Group PLC  21 May 2026

 Sabre Insurance Group plc

 Trading Update

 Return to growth in premium, continued focus on pricing discipline

 Full-year guidance reiterated; Ambition 2030 on track
 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 2026 to 30 April 2026 ahead of its Annual General
 Meeting ("AGM") later this morning.

                    Unaudited       Unaudited
                                        4 months ended  4 months ended
                                         30 Apr 2026     30 Apr 2025
 Gross written premium - Motor Vehicle  £68.9m          £58.1m
 Gross written premium - Motorcycle     £4.9m           £3.3m
 Gross written premium - Taxi           £2.5m           £4.7m
 Gross written premium - Total          £76.3m          £66.1m

Business highlights for the first four months of 2026

 ‒    Total gross written premium up over 15%, with Motor Vehicle gross
 written premium over 18% up on the same period in 2025

 ‒    Motorcycle premium up c.48% year-on-year reflecting the continued
 roll-out of our "Sabre Direct" product, while lower Taxi premium reflects
 continued unattractive market conditions

 ‒    Increased competitiveness due to revision of forward-looking claims
 inflation assumptions towards the end of 2025, against a backdrop of
 stabilising market prices

 ‒    Level of premium growth for the rest of the year will be influenced
 by market pricing dynamics as we continue to exercise pricing discipline to
 cover claims inflation

 ‒    Post-dividend solvency capital ratio remains strong, reflecting
 continued organic capital generation

 ‒    Ambition 2030 initiatives progressing. Testing of new pricing
 initiatives continues successfully, as does the roll-out of the "Sabre Direct"
 motorcycle product

 Market trends

 ‒    Evidence of market prices having stabilised, with some recent signs
 of increases

 ‒    Claims inflation remains at mid-single digits; however we will
 continue to monitor potential short- and longer-term cost pressures resulting
 from geopolitical developments

 Full-year guidance reiterated

 ‒    Reiterate guidance given at full-year 2026 results:

 ‒    Continue to expect year-on-year growth in Gross Written Premium. The
 rate of growth will be influenced by how quickly the wider market moves to
 cover claims inflation

 ‒    Continue to anticipate profit slightly ahead of 2025 underpinned by
 sustained pricing discipline during ongoing competitive market conditions

 ‒    Expect strong undiscounted net insurance margins in 2026, within our
 target 18% to 22% range

 ‒    Ambition 2030 remains on track. In-line with our planned timetable,
 testing will continue this year with modest impact on 2026 as our initiatives
 start to take effect with more significant impacts from 2027 onwards

 Geoff Carter, Chief Executive Officer of Sabre, commented:

 "2026 has got off to a strong start for Sabre, with gross written premium
 materially ahead of last year despite conditions remaining competitive in our
 target markets. As reported in our recent full-year results presentation, we
 were able to enhance our competitiveness towards the end of 2025 following
 evidence-based revisions to our forward-looking claims inflation assumptions.
 This has driven growth this year whilst maintaining our written margins within
 our target range. This has underlined our confidence in our ability to grow
 this year.

 We still see claims cost inflation at mid-single digits but are mindful of the
 potential impact of geopolitical developments. We continue to cover
 identifiable drivers of claims inflation and will not hesitate to increase
 prices if required to address any additional emerging inflation risks.

 We have continued to progress our Ambition 2030 initiatives. We have expanded
 our Sabre Direct motorcycle product as we have increased our confidence in its
 underlying profitability and have continued testing of our differentiated
 pricing approach within Motor Vehicle. As we have previously reported, we do
 not expect an immediate significant impact on income from these initiatives as
 we test, learn and evaluate, in order to prioritise maintaining overall
 profitability.

 We remain confident in our outlook for 2026 and reiterate that we expect to
 grow topline premium and deliver a strong profit for 2026, slightly above that
 in 2025. This will put us on a strong footing for the future enabling us to
 deliver good capital returns to our shareholder.

 I would like to thank all our employees for their continued hard work and
 dedication."

Investor enquiries              01306 747 272
 Sabre Insurance Group plc

 Geoff Carter / Adam Westwood

 Media enquiries                 020 7260 2700
 Teneo                           sabre@teneo.com
 James Macey White / Ffion Dash

 

 LEI Code: 2138006RXRQ8P8VKGV98

Business highlights for the first four months of 2026

‒    Total gross written premium up over 15%, with Motor Vehicle gross
written premium over 18% up on the same period in 2025

‒    Motorcycle premium up c.48% year-on-year reflecting the continued
roll-out of our "Sabre Direct" product, while lower Taxi premium reflects
continued unattractive market conditions

‒    Increased competitiveness due to revision of forward-looking claims
inflation assumptions towards the end of 2025, against a backdrop of
stabilising market prices

‒    Level of premium growth for the rest of the year will be influenced
by market pricing dynamics as we continue to exercise pricing discipline to
cover claims inflation

‒    Post-dividend solvency capital ratio remains strong, reflecting
continued organic capital generation

‒    Ambition 2030 initiatives progressing. Testing of new pricing
initiatives continues successfully, as does the roll-out of the "Sabre Direct"
motorcycle product

Market trends

‒    Evidence of market prices having stabilised, with some recent signs
of increases

‒    Claims inflation remains at mid-single digits; however we will
continue to monitor potential short- and longer-term cost pressures resulting
from geopolitical developments

Full-year guidance reiterated

‒    Reiterate guidance given at full-year 2026 results:

‒    Continue to expect year-on-year growth in Gross Written Premium. The
rate of growth will be influenced by how quickly the wider market moves to
cover claims inflation

‒    Continue to anticipate profit slightly ahead of 2025 underpinned by
sustained pricing discipline during ongoing competitive market conditions

‒    Expect strong undiscounted net insurance margins in 2026, within our
target 18% to 22% range

‒    Ambition 2030 remains on track. In-line with our planned timetable,
testing will continue this year with modest impact on 2026 as our initiatives
start to take effect with more significant impacts from 2027 onwards

 

Geoff Carter, Chief Executive Officer of Sabre, commented:

"2026 has got off to a strong start for Sabre, with gross written premium
materially ahead of last year despite conditions remaining competitive in our
target markets. As reported in our recent full-year results presentation, we
were able to enhance our competitiveness towards the end of 2025 following
evidence-based revisions to our forward-looking claims inflation assumptions.
This has driven growth this year whilst maintaining our written margins within
our target range. This has underlined our confidence in our ability to grow
this year.

We still see claims cost inflation at mid-single digits but are mindful of the
potential impact of geopolitical developments. We continue to cover
identifiable drivers of claims inflation and will not hesitate to increase
prices if required to address any additional emerging inflation risks.

We have continued to progress our Ambition 2030 initiatives. We have expanded
our Sabre Direct motorcycle product as we have increased our confidence in its
underlying profitability and have continued testing of our differentiated
pricing approach within Motor Vehicle. As we have previously reported, we do
not expect an immediate significant impact on income from these initiatives as
we test, learn and evaluate, in order to prioritise maintaining overall
profitability.

We remain confident in our outlook for 2026 and reiterate that we expect to
grow topline premium and deliver a strong profit for 2026, slightly above that
in 2025. This will put us on a strong footing for the future enabling us to
deliver good capital returns to our shareholder.

I would like to thank all our employees for their continued hard work and
dedication."

 

 Investor enquiries              01306 747 272
 Sabre Insurance Group plc

 Geoff Carter / Adam Westwood

 Media enquiries                 020 7260 2700
 Teneo                           sabre@teneo.com
 James Macey White / Ffion Dash

 

LEI Code: 2138006RXRQ8P8VKGV98

 

 

 

 

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