Half-year Results

Sabre Insurance Group plc (the "Group" or "Sabre"), one of the UK's leading motor insurance underwriters, reports its half-year results for the six months ended 30 June 2024.

KEY HIGHLIGHTS - Strong year-on-year profit growth - Healthy gross written premium levels being written at target margins - Loss ratio significantly better than H1 2023 - Continued organic capital generation and strong solvency position - Good progress across our key strategic initiatives, which will support planned growth in profit and volume in future periods

Geoff Carter, Chief Executive Officer of Sabre, commented: " We are in a strong position at the halfway point of the year, having written good levels of premium at our target margins across all product lines. This is clearly demonstrated by the positive numbers we are reporting today. We have been able to deploy price increases which reflect our view of claims inflation, and we look forward to a strong performance in the second-half of the year as the premium we have written to date earns-through."

SUMMARY OF RESULTS Unaudited as at Audited as at 30 June 2024 30 June 2023 31 December 2023 £'k £'k £'k Gross written premium £125.7m £99.5m £225.1m Net loss ratio 57.3% 62.0% 56.3% Expense ratio 26.3% 31.8% 30.0% Combined operating ratio 83.6% 93.8% 86.3% Net profit margin 18.0% 8.3% 15.8% Profit before tax £20.2m £4.8m £23.6m Profit after tax £15.1m £3.8m £18.1m Interim dividend per share 1.7p 0.9p 0.9p Final ordinary and special dividend per share n/a n/a 8.1p Solvency coverage ratio (pre-interim/final dividend) 191.9% 173.0% 205.3% Solvency coverage ratio (post-interim/final dividend) 185.2% 169.0% 170.9%

Current trading - On core Motor Vehicle, we have established a position where we are able to balance the delivery of volume and profitability - We are continuing to follow our long-established strategy of profitability being a target, and volume the output - Motorcycle and Taxi portfolios are developing well and we consider these products provide a valuable complement to our core Motor Vehicle portfolio with good underlying profitability - Continued strong solvency position, reflecting our robust underwriting performance, which continues to generate capital Market trends - Following the necessary market pricing correction which drove price increases in 2023, there is evidence of an anticipated slowing-down of market-wide price increases in the first half of this year - Claims inflation has continued at relatively high levels in 2024, and this is expected to continue into 2025 - Further market-wide rate increases are required this year to meet the inflating cost of claims - We have maintained our usual prudent approach to pricing and reserving, fully covering claims inflation through price changes Legal and regulatory environment - We note the new government's comments around the need to ensure competitive and transparent pricing in motor insurance - Our consistent target margin approach across all customer segments and lack of dependency on income from ancillary products positions Sabre well in this environment - We believe that the UK motor insurance market delivers value for consumers through price transparency, a highly competitive market and a wide choice of products, whilst reflecting the underlying cost of claims Strategic initiatives - We have continued to make solid progress with key strategic initiatives: ‒ Putting in place "insurer hosted pricing", which will provide the infrastructure for further evolving our pricing capabilities ‒ On track to expand our Motorcycle distribution in early 2025 ‒ Enhancing the efficiency of our direct operations Outlook - Guidance reiterated for the full-year: ‒ Anticipate further growth in the core Motor Vehicle account with overall growth in GWP above claims inflation across 2024 ‒ Overall COR of 75% to 80% on an IFRS 17 (discounted) basis, dependent on the level of discounting credit recorded for the year - Forward-looking claims inflation continues at circa 10%

There will be a call for analysts and investors at 0930hrs on Tuesday, 30 July 2024. For details, please contact sabre@teneo.com or find the registration link here: Results Presentation ENQUIRIES Sabre Insurance Group 0330 024 4696 Geoff Carter, Chief Executive Officer Adam Westwood, Chief Financial Officer Teneo 020 7260 2700 James Macey White/Ffion Dash sabre@teneo.com

DIVIDEND CALENDAR 2024 Interim Dividend Payment Dates Ex-dividend date: 22 August 2024 Record date: 23 August 2024 Payment date: 25 September 2024

FINANCIAL AND BUSINESS REVIEW

Highlights

*Alternative Performance Metrics are reconciled to IFRS in the Financial Reconciliation section

The significant improvement in top-line and profitability in the first half of 2024 is a clear demonstration of Sabre's strategy, which has allowed the Group to leverage favourable market conditions to generate profitable growth in the latter half of 2023 and into 2024, which has earned through in 2024. Whilst gross written premium is up by 26.3% , showing continued momentum in the Group's growth, a key factor in the c.4x increase in profit before tax is the 41.6% increase in insurance revenue, which is equivalent to gross earned premium plus income from instalment interest. The increase in insurance revenue has generated an improvement in operating expense leverage, with a significant 5.5ppt reduction in expense ratio. Net loss ratio has also improved since H1 2023, as more profitable business earns through - H1 2023 was still being impacted by the inflation shock in 2022. Overall, all products have performed in-line with expectation, and a discounted combined operating ratio of 83.6% keeps the Group on track to meet its guidance of a full-year discounted combined operating ratio within the target 75% to 80% range, dependent on the level of discounting credit achieved. The Group's solvency coverage ratio, both pre- and post-dividend remains very strong, with capital having been generated during the period due to profitable underwriting set against the Group's capital efficient operating model. The Group's policy is to address the capital position annually once the full-year underwriting result is certain and distribute excess capital primarily by way of a special dividend following the year-end results.

Revenue

The increase in gross written premium vs H1 2023 has been primarily driven by the core Motor Vehicle product, which has grown by 34.9% year-on-year. This is slightly offset by an expected decrease in Motorcycle business following the loss of a distribution partner in Q3 2023 - although we note that the run-rate for Motorcycle policies is in-line with our expectation as compared to Q4 2023. The taxi product has grown a little as we remain cautious on this product, having taken appropriate underwriting action to protect the underwriting profitability. Policy count for core Motor Vehicles grew 1.3% vs 31 December 2023, although the increase in policy count has slowed in recent months, as year-on-year premium growth has been achieved primarily through average premium increases. We expect policy count to grow and shrink throughout the market pricing cycle, even in sustained periods of hard pricing, as individual insurers temporarily alter market pricing. Motorcycle and Taxi policy counts are stable and we expect these products to remain a relatively small part of the book overall.

The below table shows how the familiar measures used to calculate our KPIs build up into the income entries in the IFRS 17 Profit or Loss Account.

This reconciliation highlights the significant improvement in underwriting performance in H1 2024, with the insurance service result being 68.9% above the same period in 2023 and 0.42% ahead of H2 2023.

Operating expenditure

Overall net loss ratio has improved by 4.4ppts since H1 2023, as current-year experience in core Motor Vehicle has benefitted from pricing increases during and subsequent to the period of very high inflation, bringing our expected performance for the year into line with our long-term goals. This has been offset slightly by a reduction in the release of prior-year claims reserves. Overall net loss ratio has also benefitted from the greater proportion of business earned on the core Motor Vehicle book vs the less mature products. We note that Motorcycle and Taxi business is on-track to deliver a profit in 2024 and, notwithstanding the volatility inherent within smaller lines of business and demonstrated in the H1 loss ratio for Motorcycle, appear to be performing close to our target margins. The expense ratio improved by 5.5ppts vs H1 2023, showing the benefit of enhanced operating leverage and continued tight control of costs.

* Not adjusted for discounting on PPOs, consistent with prior reporting periods

On an undiscounted basis, the current-year loss ratio has improved at a portfolio-level since 2023, a result of price increases earning-through and a greater proportion of business being earned on the core Motor Vehicle book as opposed to Motorcycle and Taxi. Overall, the core Motor Vehicle book continues to perform in-line with our expectations, with current-year carrying some expected growth strain reflecting the normal uncertainty inherent within new claims. The prior-year run-off has been lower than in previous periods, however at the 6-month stage this is often more volatile than on an annual basis. Whilst the Taxi loss ratio has improved considerably, the Motorcycle loss ratio has moved out. This shows the inherent variability in loss ratio across these very small lines of business, where a movement in one large claim can significantly impact the loss ratio. It is our view that both portfolios are operating profitably in the long-run and we expect both products to deliver a profit for the full-year.

Net insurance financial result

Net insurance finance result primarily reflects the run-off of discounting recorded during the period.

Other comprehensive income ('OCI')

The net insurance financial result through OCI reflects the run-off specifically related to prior charges/credits to OCI, which are generated primarily through changes in discount rates.

Earnings per share

Earnings per share reflects the Group's profit after tax divided by the number of shares, adjusted for dilution through equity-settled incentive schemes.

Cash and investments

The increase in the size of the investment portfolio reflects growth in the business and organic generation of capital. The Group's investment objectives remain to operate a low capital-intensity, low-risk portfolio which generates income ahead of the risk-free interest rate.

Insurance liabilities and reinsurance contracts

The increase in net insurance liabilities reflects the growth in the size of the business over the period.

Leverage

The Group continues to hold no external debt. All of the Group's capital is considered 'Tier 1' under Solvency II. The Directors continue to hold the view that this currently allows the greatest operational flexibility for the Group.

Dividend

The Board has declared an ordinary interim dividend of 1.7p per share (30 June 2023: 0.9p ) in line with the Group's policy to pay an interim dividend equal to one-third of prior-year's ordinary dividend. The Directors will consider distribution of further excess capital following the release of the Group's full-year results.

Condensed Consolidated Profit or Loss Account

For the six months ended 30 June 2024

Items that are or may be reclassified subsequently to Profit or Loss

Items which will not be reclassified to Profit or Loss

• Opening balance restatement - Refer to Note 3 "Insurance liabilities and reinsurance assets"

Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2024

• Opening balance restatement - Refer to Note 3 "Insurance liabilities and reinsurance assets"

Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2024

Notes to the Condensed Consolidated Financial Statements

For the six months ended 30 June 2024

1. GENERAL INFORMATION The Condensed Consolidated Interim Financial Statements comprise the results and balances of the Group for the six-month period ended 30 June 2024 , the comparative period for the six months ended 30 June 2023 and the year ended 31 December 2023 . The information in the Condensed Consolidated Interim Financial Statements is unaudited and does not constitute statutory accounts as defined in s.434 of the Companies Act 2006. The independent auditor's report on the Group accounts for the year ended 31 December 2023 is unqualified, does not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and does not include a statement under s.498(2) or (3) of the Companies Act 2006. 2. ACCOUNTING POLICIES 2.1. Basis of preparation The Condensed Consolidated Interim Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standard 34 ('Interim Financial Reporting'). As required by the Disclosure Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority, these Condensed Consolidated Interim Financial Statements have been prepared applying the accounting policies and presentation that will be applied in the preparation of the Annual Financial Statements of the Group and will be prepared in accordance and fully comply with UK-adopted international accounting standards, comprising International Accounting Standards ('IAS') and International Financial Reporting Standards ('IFRSs'). The Annual Financial Statements were prepared in accordance with the going concern principle using the historical cost basis, except for those financial assets that have been measured at fair value. The accounting policies applied in the preparation of the Condensed Consolidated Interim Financial Statements are consistent with those accounting policies applied in the preparation of the 31 December 2023 Annual Report and Accounts, expect for those referred to in 2.3 below. Other than the Equity opening balance restatement, the prior year accounts have been reported on by the Group's auditors and filed with the Registrar of Companies. This report should be read in conjunction with the Group's Annual Report and Accounts as at and for the year ended 31 December 2023. The Condensed Consolidated Interim Financial Statements values are presented in Pounds Sterling (£) rounded to the nearest thousand (£'k), unless otherwise indicated. The Group does not consider it is exposed to material seasonal volatility in its financial results. 2.2. Going concern The Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis. Having assessed the Group's forecasts, projections and principal risks of the Group over the full duration of the planning cycle, the Directors have a reasonable expectation that the Group will continue in operation for at least 12 months from the date the Directors approved these Condensed Consolidated Financial Statements and that therefore it is appropriate to adopt a going concern basis for the preparation of these Condensed Consolidated Financial Statements. The Group's Principal Risks and Uncertainties are outlined in the Strategic Report of the 31 December 2023 Annual Report and Accounts and have not changed since the last reporting date. The principal risks are: - Insurance - Operations - Finance and Capital - IT and Systems - Regulatory, Governance and Compliance - People - Macro risks - Climate - Inflation and interest rate increases - Geo-political 2.3. New and amended standards and interpretations adopted by the Group Amendments to IFRS The following amended standards became effective for the year ended 31 December 2024: - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) - Amendments to IAS 1 Presentation of Financial Statements o Classification of Liabilities as Current or Non-Current o Non-current Liabilities with Covenants o Removed the requirement that the right to defer settlement be unconditional o Deferral of Effective Date Amendment - Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) None of the amendments have had a material impact on the Group. 2.4. New and amended standards and interpretations not yet effective in 2024 A number of new standards and interpretations adopted by the UK which are not mandatorily effective, as well as standards' interpretations issued by the IASB but not yet adopted by the UK, have not been applied in preparing these financial statements. The Group does not plan to adopt these standards early; instead it expects to apply them from their effective dates as determined by their dates of UK endorsement. The Group is reviewing the upcoming standards to determine their impact: - Lack of Exchangeability (Amendments to IAS 21) - Effective 1 January 2025 - IFRS 18 Presentation and Disclosure in Financial Statements - Effective 1 January 2027

Insurance liabilities and reinsurance assets

CRITICAL ACCOUNTING ESTIMATES AND judgements There have been no significant changes to the principles, estimates and judgements used in applying the Group's accounting policies during the period. Full details of these critical accounting estimates and judgements are disclosed on pages 126 to 128 of the Group's Annual Report and Accounts 2023. Discount rates Discount rates applied for discounting future cash flows are listed below: 30 June 2024 30 June 2023 31 December 2023 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Motor insurance 5.12% 4.48% 4.19% 4.09% 6.35% 5.92% 5.32% 4.54% 5.05% 3.98% 3.67% 3.59% Risk adjustment for non-financial risk The Company has estimated the risk adjustment using a methodology which targets a confidence level (probability of sufficiency) approach between the 80th and 90th percentile. At 30 June 2023, the risk margin applied equates to an approximate confidence interval of 82.1% (30 June 2023 : 82.0% / 31 December 2023: 81.3%)

3.1. Composition of the Statement of Financial Position

An analysis of the amounts presented on the Statement of Financial Position for insurance contacts is included in the table below.

3.4. Insurance revenue and expenses - Segmental disclosure

An analysis of insurance revenue, insurance service expenses and net expenses from reinsurance contracts held is included in the tables below. Additional information on amounts recognised in Profit or Loss and OCI is included in the movements in insurance and reinsurance contract balances in Note 3.2. The Group provides short-term motor insurance to clients, which comprises three lines of business, Motor Vehicle insurance, Motorcycle insurance and Taxi insurance, which are written solely in the UK. The Group has no other lines of business, nor does it operate outside of the UK. Other income relates to auxiliary products and services, including brokerage and administration fees, all relating to the motor insurance business. The Group does not have a single client which accounts for more than 10% of revenue.

3.5. Opening balance restatement - Insurance Finance Reserve

As a result of refinements made to the IFRS 17 discounting model, an amount of £2.6m has been reclassified between 2023's opening Retained Earnings and opening Insurance/Reinsurance Finance Reserve. This restatement has no impact on the total equity or regulatory capital of the Group, and has no impact on the Consolidated Profit and Loss Account or Consolidated Statement of Comprehensive Income for any of the previously reported periods.

Financial assets

The Group's financial assets are summarised below:

Cash held in money market funds has no notice period for withdrawal.

4.2. Debt securities held at fair value through other comprehensive income

Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group's view of market assumptions in the absence of observable market information. IFRS 13 requires certain disclosures which require the classification of financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement. Disclosure of fair value measurements by level is according to the following fair value measurement hierarchy: - Level 1 : fair value is based on quoted market prices (unadjusted) in active markets for identical instruments as measured on reporting date - Level 2 : fair value is determined through inputs, other than quoted prices included in Level 1 that are observable for the assets and liabilities, either directly (prices) or indirectly (derived from prices) - Level 3 : fair value is determined through valuation techniques which use significant unobservable inputs Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the Statement of Financial Position date. A market is regarded as active if quoted prices are readily and regularly available from the stock exchange or pricing service, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the closing bid price. These instruments are included in Level 1 and comprise only debt securities classified as fair value through other comprehensive income. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant input required to fair value an instrument is observable, the instrument is included in Level 2. The Group has no Level 2 financial instruments. Level 3 If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. The Group has no Level 3 financial instruments. Transfers between levels There have been no transfers between levels during the period (30 June 2023 : no transfers / 31 December 2023 : no transfers).

4.3. Receivables

The Group's receivables comprise of:

The estimated fair values of receivables are the discounted amounts of the estimated future cash flows expected to be received. The carrying value of receivables approximates fair value. The provision for expected credit losses ('ECL') is based on the recoverability of the individual receivables. The Group has calculated the ECL on receivables and has concluded that it is wholly immaterial and such further disclosure has not been included.

4.4. Investment income

Interest income on financial assets using effective interest rate method

4.5. Net gains/(losses) from fair value adjustments on financial assets

Other income relates to auxiliary products and services, including brokerage and administration fees, all relating to the Motor Vehicle product.

OTHER Operating expenses

7.1. Employee expenses

The aggregate remuneration of those employed by the Group's operations comprised:

Management estimates the Group's effective tax rate to be approximately 25.3% of profit before tax for the year ending 31 December 2024, in line with the corporation tax rate in the UK of 25.0%. This estimate is slightly higher than the prevailing rate of corporation tax in the UK, reflecting the impact of the Group's employee share schemes. The income tax expense for the period is recognised based on this estimate.

Dividends

Amounts recognised as distributions to equity holders in the period

(1) Subsequent to 30 June 2024 , the Directors declared an interim dividend for 2024 of 1.7p per ordinary share. This dividend will be accounted for as an appropriation of retained earnings in the year ended 31 December 2024 and is not included as a liability in the Statement of Financial Position as at 30 June 2024 . The trustees of the employee share trusts waived their entitlement to dividends on shares held in the trusts to meet obligations arising on share incentive schemes, which reduced the dividends paid for the period ended 30 June 2024 by £128k (30 June 2023 : £22k and 31 December 2023 : £34k ).

Related party transactions

There has been no change to the relationships disclosed in Note 18 of the 31 December 2023 Annual Report and Accounts. No related party transactions have taken place in the period ended 30 June 2024 that have materially affected the financial position or the financial performance of the Group.

EVENTS AFTER THE BALANCE SHEET DATE

Other than the declaration of a final dividend as disclosed in Note 9, there have been no material changes in the affairs or financial position of the Group and its subsidiaries since the Statement of Financial Position date.

Directors' Responsibility Statement

We confirm that to the best of our knowledge: The Condensed Consolidated Financial Statements for the six months ended 30 June 2024 have been prepared in accordance with International Accounting Standards 34 ("IAS 34") as adopted by the UK. The interim management report includes a fair review of the information as required by: - DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the current financial year and their impact on the condensed set of Consolidated Financial Statements and a description of the principle risks and uncertainties for the remaining six months of the financial year; and - DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transaction that have taken place in the first six months of the current financial year and that have materially impacted the financial position or performance of the Group during the period; and any changes in the related party transactions from the Group's Consolidated Financial Statements for the year ended 31 December 2023 that could do so. Signed on behalf of the Board of Directors

Independent review report to Sabre Insurance Group plc Report on the condensed consolidated interim financial statements Our conclusion We have reviewed Sabre Insurance Group plc's condensed consolidated interim financial statements (the "interim financial statements") in the Half-Year Report 2024 of Sabre Insurance Group plc for the 6 month period ended 30 June 2024 (the "period"). Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim financial statements comprise: - the Condensed Consolidated Statement of Financial Position as at 30 June 2024; - the Condensed Consolidated Profit or Loss Account and the Condensed Consolidated Statement of Comprehensive Income for the period then ended; - the Condensed Consolidated Statement of Cash Flows for the period then ended; - the Condensed Consolidated Statement of Changes in Equity for the period then ended; and - the explanatory notes to the interim financial statements. The interim financial statements included in the Half-Year Report 2024 of Sabre Insurance Group plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. Basis for conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have read the other information contained in the Half-Year Report 2024 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern. Responsibilities for the interim financial statements and the review Our responsibilities and those of the directors The Half-Year Report 2024, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half-Year Report 2024 in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half-Year Report 2024, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so. Our responsibility is to express a conclusion on the interim financial statements in the Half-Year Report 2024 based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants London 29 July 2024

Financial Reconciliations

GROSS WRITTEN PREMIUM