Sabre Insurance Group (SBRE) Trading Update summary

Trading performance and premium trends

• Gross written premium for Jan–Apr 2025 reached £66.1m, over 8% above the prior 5-year average for the period.

• Core Motor Vehicle premium rose 7% to £58.1m versus the 5-year average.

• Premiums for Motorcycle and Taxi segments slightly declined year-on-year.

• Loss ratio remains within target, supporting profitability.

• Post-dividend solvency capital ratio remains well above 171.1%.

Strategic initiatives and product development

• Sabre Direct Motorcycle product successfully launched, expanding market presence.

• Enhanced pricing infrastructure development is on track, with testing planned for H2 2025.

• Current focus is on profit over volume, reducing business written during weak pricing cycles.

• "Test and learn" phase underway for the new motorcycle product.

• Ambition 2030 plan progressing, with infrastructure expected to impact growth from 2026.

Market environment and outlook

• Market pricing declines have stabilized; premium increases expected later in 2025.

• Claims inflation for 2025 anticipated to remain at high single digits.

• Full-year guidance reiterated, with net insurance margin expected within 18–22%.

• Anticipates good profit and dividends in 2025 despite weak market conditions.

• On track to deliver at least £80m profit before tax by 2030.