Business
Final Results
Final Results.
About this update from Sabre Insurance Group Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\nFull-year results 2024\nProfit doubled - Record premium income\n- Profit before tax up 105.9% year-on-year\n- Highest ever annual gross written premium - up 5% year-on-year\n- Total dividend in respect of 2024 at 13.0p - up 44.4% on 2023\n- Share buyback of £5m proposed\n- Confident in delivery of our Ambition 2030 growth strategy\nSabre Insurance Group plc (the \"Group\", or \"Sabre\"), one of the UK's leading motor insurance underwriters, reports its results for the year ended 31 December 2024.\n\n\n\n\n SUMMARY OF RESULTS\n\n\n\n\n\n\n\nYear to\n31 December 2024\n\n\nYear to\n31 December 2023\n\n\nChange\n\n\n\n\nGross written premium\n\n\n£236.4m\n\n\n£225.1m\n\n\n5.0%\n\n\n\n\nNet insurance margin\n\n\n17.6%\n\n\n10.6%\n\n\n7.0 ppts\n\n\n\n\nNet loss ratio\n\n\n58.7%\n\n\n61.6%\n\n\n(2.9) ppts\n\n\n\n\nCombined operating ratio\n\n\n84.2%\n\n\n91.6%\n\n\n(7.4) ppts\n\n\n\n\nIFRS Profit before tax\n\n\n£48.6m\n\n\n£23.6m\n\n\n105.9%\n\n\n\n\nIFRS Profit after tax\n\n\n£36.0m\n\n\n£18.1m\n\n\n98.9%\n\n\n\n\nTotal dividend per share\n\n\n13.0p\n\n\n9.0p\n\n\n44.4%\n\n\n\n\nReturn on tangible equity (annualised)\n\n\n38.2%\n\n\n22.7%\n\n\n15.5 ppts\n\n\n\n\nSolvency coverage ratio (pre-final and special dividend)\n\n\n216.7%\n\n\n205.3%\n\n\n5.6 ppts\n\n\n\n\nSolvency coverage ratio (post-final and special dividend)\n\n\n171.2%\n\n\n170.9%\n\n\n0.2 ppts\n\n\n\n\nSolvency coverage ratio (post-dividend and share buyback*)\n\n\n163.1%\n\n\nN/A\n\n\nN/A\n\n\n\n\n \n* = Share buyback subject to regulatory approval\n\n\n\n\nGeoff Carter, Chief Executive Officer of Sabre, said:\n\"We are extremely pleased with our performance in 2024, demonstrating strong cycle management over the past twelve months. We grew strongly in the first half of the year when market conditions were attractive, and we maintained our strict underwriting discipline despite a steep decline in market prices during the second half.\nThis allowed Sabre to deliver a strong financial performance and robust capital position for the business. We were delighted to announce our Ambition 2030 growth strategy in December last year and are encouraged by the early progress we have made as we continue to invest in the growth of the business.\nLoss ratios on core Motor Vehicle and Motorcycle are excellent and underpin this strategy, while our...