Business
Half-year Report 2023
Half-year Report 2023.
About this update from Sabre Insurance Group Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nHalf-year Report 2023\nAccelerating growth at target margins\n\n\n\n\n \n\n\n\n\nSabre 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 2023.\n\n\n\n\n \n\n\n\n\nKEY HIGHLIGHTS\n‒ Continued execution of core strategy to focus on margins, with growth as an output\n‒ Core Motor Vehicle book continues to grow strongly, with improving profitability\n‒ Pricing and underwriting actions reflected in net loss ratio improvements across core Motor Vehicle and Motorcycle products compared to the full year 2022, partially offset by underperformance of the developing Taxi product\n‒ Solvency coverage is strong and will remain above our preferred operating range after the payment of the proposed interim dividend\n‒ Interim dividend of 0.9p announced in-line with policy\n‒ Figures quoted below are on an IFRS 17 basis, with reserve discounting changing current and past period profits. Further discussion on this can be found in the CFO review\n\n\n\n\n\n\n\n\n\nSUMMARY OF RESULTS\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\nUnaudited\n\n\nUnaudited\n\n\nUnaudited\n\n\n\n\n\n\n\n6 months ended\n\n\n6 months ended\n\n\n12 months ended\n\n\n\n\n\n\n\n 30 June 2023\n\n\n30 June 2022\n\n\n31 December 2022\n\n\n\n\nGross written premium\n\n\n£99.5m\n\n\n£91.8m\n\n\n£171.3m\n\n\n\n\nNet earned premium\n\n\n£71.8m\n\n\n£77.5m\n\n\n£153.2m\n\n\n\n\nNet loss ratio\n\n\n62.0%\n\n\n65.4%\n\n\n66.0%\n\n\n\n\nExpense ratio\n\n\n31.8%\n\n\n27.3%\n\n\n27.4%\n\n\n\n\nCombined operating ratio\n\n\n93.8%\n\n\n92.7%\n\n\n93.4%\n\n\n\n\nNet profit margin\n\n\n8.3%\n\n\n9.3%\n\n\n8.6%\n\n\n\n\nProfit before tax\n\n\n£4.8m\n\n\n£8.6m\n\n\n£14.0m\n\n\n\n\nProfit after tax\n\n\n£3.8m\n\n\n£6.7m\n\n\n£11.1m\n\n\n\n\nInterim dividend per share\n\n\n0.9p\n\n\n2.8p\n\n\n2.8p\n\n\n\n\nSpecial dividend per share\n\n\nn/a\n\n\nn/a\n\n\n1.7p\n\n\n\n\nSolvency coverage ratio (pre-interim/final dividend)\n\n\n173.0%\n\n\n173.2%\n\n\n161.4%\n\n\n\n\nSolvency coverage ratio (post-interim/final dividend)\n\n\n169.0%\n\n\n159.7%\n\n\n153.8%\n\n\n\n\nA reconciliation between IFRS and non-IFRS measures is given in the ...