Sabre Insurance Group

SBRE · Main Market · Insurance · mcap £422m · 175.2p

Sabre Insurance Group sells motor insurance, mainly car cover for drivers other mainstream insurers find harder to price, plus motorcycle and taxi cover. It makes money from underwriting profit and investment income, and returns surplus capital to shareholders.

Target	Promise	Said	Status
2024
2024	Further improvement in combined operating ratio and a significant increase in profit in 2024.	19 Oct 2023	✓ Kept
	“Loss ratios should improve further as profitable business written in 2023 earns through, leading to an increase in profit in 2024” Also stated 19 Mar 2024 Result 2024 profit before tax doubled to £48.6m and the net insurance margin rose to 17.6%. “Profit before tax more than doubled year-on-year - up 105.9% year-on-year”18 Mar 2025 · Final Results “Net insurance margin \| 17.6% \| 10.6% \| 7.0 ppts”18 Mar 2025 · Final Results
2024	Premium growth above claims inflation across 2024.	23 May 2024	✓ Kept
	“Anticipate further growth in the core Motor Vehicle account with overall growth in GWP above claims inflation across 2024” Also stated 30 Jul 2024 Result 2024 premium rose 5% to £236.4m, above the mid-single-digit claims inflation level. “Gross written premium - up 5% against 2023”18 Mar 2025 · Final Results “We deployed rate increases in line with our view of ongoing high single digit claims inflation”18 Mar 2025 · Final Results
2024	Overall combined operating ratio of 75-80% on an IFRS 17 discounted basis for 2024.	23 May 2024	✗ Missed
	“Overall COR of 75% to 80% on an IFRS 17 (discounted) basis, dependent on the level of discounting credit recorded for the year” Also stated 30 Jul 2024 Result The 2024 combined operating ratio was 84.2% (the later 2025 report restates the 2023 figure as 91.6%). “Overall COR of 75% to 80% on an IFRS 17 (discounted) basis, dependent on the level of discounting credit recorded for the year”30 Jul 2024 · Half-year Results “Combined operating ratio \| 84.2% \| 91.6%”18 Mar 2025 · Final Results
31 Dec 2024	Deliver record gross written premium in 2024.	22 Oct 2024	✓ Kept
	“We continue to anticipate our highest ever gross written premium in 2024” Also stated 5 Dec 2024 Result 2024 premium was £236.4m, up from £225.1m, a record. “We continue to anticipate our highest ever gross written premium in 2024”5 Dec 2024 · Capital Markets Event “Highest ever annual gross written premium - up 5% year-on-year”18 Mar 2025 · Final Results
2025
31 Mar 2025	Launch a new online-only direct Motorcycle brand in Q1 2025.	30 Jul 2024	✓ Kept
	“launch of a new, online-only direct Motorcycle brand in Q1 2025” Also stated 5 Dec 2024 Result The March 2025 results said the Sabre Direct soft launch was due in March 2025; motorcycle premium rose in 2026. “Sabre Direct, our in-house Motorcycle brand, is being soft launched in March, and core Motor Vehicle pricing tests are planned for H2 2025, in-line with the timeline set out at our recent Capital Markets Event.”18 Mar 2025 · Final Results “Motorcycle premium up c.48% year-on-year reflecting the continued roll-out of our "Sabre Direct" product”21 May 2026 · Trading Update
31 Dec 2025	Net insurance margin within the 18-22% range for full-year 2025.	18 Mar 2025	✗ Missed
	“expect 2025's margin to be within our target 18% to 22% range” Also stated 22 May 2025 · 31 Jul 2025 Result The 2025 margin was 19.2%, which is in range; the March 2026 report states 17.6% for 2024 and 19.2% for 2025. “We have delivered a net insurance margin well inside our 18% to 22% target range”31 Jul 2025 · Half-year Results “Net insurance margin improved to 19.2%, comfortably within target range”10 Mar 2026 · Final Results
31 Dec 2025	Begin core motor pricing tests in H2 2025.	18 Mar 2025	… In progress
	“I expect us to begin testing of differentiated car insurance rates in H2, in-line with the timeline set out at our December 2024 Capital Markets Event” Also stated 31 Jul 2025 Result Not yet due.
Today · 11 Oct 2026
2026
31 Dec 2026	Return to year-on-year gross written premium growth in 2026.	10 Mar 2026	… In progress
	“Continue to expect year-on-year growth in Gross Written Premium” Also stated 21 May 2026 · 4 Aug 2026 Status so far Not yet due.
31 Dec 2026	Net insurance margin within 18-22% for full year 2026.	10 Mar 2026	… In progress
	“Expect strong margins in 2026, within our target 18% to 22% range, as well-priced policies written in 2025 and 2026 earn through.” Also stated 21 May 2026 · 4 Aug 2026 Status so far Not yet due.
31 Dec 2026	Full-year 2026 profit slightly ahead of 2025.	21 May 2026	… In progress
	“profit slightly ahead of 2025 underpinned by sustained pricing discipline” Also stated 4 Aug 2026 Status so far Not yet due.
31 Dec 2026	Return £5m to shareholders via on-market buyback by 31 December 2026.	2 Jun 2026	✓ Kept
	“The Buyback Programme will commence immediately and it is anticipated it will end no later than 31 December 2026” Result Completed 5 August 2026: 2.87m shares bought for £5.0m. 5 Aug 2026 · Completion of Buyback Programme
2030
2030	Deliver profit before tax of more than £80m in 2030 (Ambition 2030).	5 Dec 2024	… In progress
	“We remain confident in delivering our target of more than £80m of profit before tax in 2030.” Also stated 18 Mar 2025 · 22 May 2025 · 31 Jul 2025 · 10 Mar 2026 Status so far Not yet due.