Sabre Insurance Group PLC Trading Statement

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	[e-mail]
Geoff Carter / Adam Westwood
Media enquiries	020 7353 4200
Teneo	[e-mail]
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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