Sabre Insurance Group (SBRE) H2 2025 earnings summary

Executive summary

• Profit before tax increased by 4.9% year-over-year, with strong momentum and a 19.2% margin within the target range despite challenging market conditions.

• Net loss ratio improved to 54.1%, reflecting strong underwriting discipline.

• Premiums grew 5% year-over-year to the end of February, signaling a return to growth after a period of margin management.

• Ambition 2030 strategy remains on track, with significant progress in expanding direct motorcycle distribution and differentiated pricing tests.

• Growth returned in the last quarter of 2025 and is expected to continue into 2026.

Financial highlights

• Net insurance margin reached 19.2%, within the 18%-22% target range and up 1.6 percentage points year-over-year.

• Net loss ratio improved by 4.6 percentage points to 54.1%, reflecting strong underwriting.

• Expense ratio increased by 1.9 percentage points to 28.2% due to reduced net term premium and cost inflation.

• Profit before tax rose 4.9% to £51 million year-over-year; profit after tax reached £37.9 million, up 5.3%.

• Total dividend per share increased to 13.5p, with an additional £5 million share buyback proposed.

Outlook and guidance

• Premium and profit expected to grow in the current year and into 2026, with margins to remain within the 18%-22% target range.

• Continued focus on disciplined pricing and margin management, leveraging data-driven underwriting.

• Ambition 2030 targets at least £80 million profit by 2030, with ongoing expansion in both car and motorcycle segments.