Sabre Insurance Group (SBRE) Q3 2024 TU earnings summary

Executive summary

• Gross written premium rose 15% year-over-year to £186.5m for the nine months ended 30 September 2024, on track for a record annual result.

• Disciplined underwriting and rate increases maintained target margins and profitable growth across all product lines.

• Full-year profit guidance reaffirmed, with profit expected in line with current market expectations.

Financial highlights

• Motor vehicle gross written premium up 18% year-over-year; taxi up 15%; motorcycle down 23%.

• Post-dividend solvency capital ratio at 195%, up from 191% a year ago.

• Policy count: Motor 230k (+8k), Motorcycle 38k (-7k), Taxi 11k (-2k) compared to 30 September 2023.

Outlook and guidance

• Premium growth expected to moderate slightly but remain strong, aligned with high single-digit claims inflation.

• Profit for the full year anticipated to be in line with current market expectations.

• Confident in ability to pay an attractive dividend for the year.