Business
Half-year Report 2024
Half-year Report 2024.
About this update from Sabre Insurance Group Plc
[{"type":"text","content":"\n\n\n\n\n\n \n \n\n\n\n\nHalf-year Report 2024\nStrong year-on-year growth at target margins\nFull-year guidance reiterated\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 2024.\n\n\n\n\n \n\n\n\n\nKEY HIGHLIGHTS\n- Strong year-on-year profit growth\n- Healthy gross written premium levels being written at target margins\n- Loss ratio significantly better than H1 2023\n- Continued organic capital generation and strong solvency position\n- Good progress across our key strategic initiatives, which will support planned growth in profit and volume in future periods\n\n\n\n\n \n\n\n\n\nGeoff Carter, Chief Executive Officer of Sabre, commented:\n\"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.\"\n \n\n\n\n\n \n\n\n\n\nSUMMARY OF RESULTS\n\n\n\n\n\n\n\nUnaudited as at\n\n\nAudited as at\n\n\n\n\n\n\n\n 30 June 2024\n\n\n30 June 2023\n\n\n 31 December 2023\n\n\n\n\n\n\n\n£'k\n\n\n£'k\n\n\n£'k\n\n\n\n\nGross written premium\n\n\n£125.7m\n\n\n£99.5m\n\n\n£225.1m\n\n\n\n\nNet loss ratio\n\n\n57.3%\n\n\n62.0%\n\n\n56.3%\n\n\n\n\nExpense ratio\n\n\n26.3%\n\n\n31.8%\n\n\n30.0%\n\n\n\n\nCombined operating ratio\n\n\n83.6%\n\n\n93.8%\n\n\n86.3%\n\n\n\n\nNet profit margin\n\n\n18.0%\n\n\n8.3%\n\n\n15.8%\n\n\n\n\nProfit before tax\n\n\n£20.2m\n\n\n£4.8m\n\n\n£23.6m\n\n\n\n\nProfit after tax\n\n\n£15.1m\n\n\n£3.8m\n\n\n£18.1m\n\n\n\n\nInterim dividend per share\n\n\n1.7p\n\n\n0.9p\n\n\n0.9p\n\n\n\n\nFinal ordinary and special dividend per share\n\n\nn/a\n\n\nn/a\n\n\n8.1p\n\n\n\n\nSolvency coverage ratio (pre-interim/final dividend)\n\n\n191.9%\n\n\n173.0%\n\n\n205.3%\n\n\n\n\nSolvency coverage ratio (post-interim/final dividend)\n\n\n185.2%\n\n\n169.0%\n\n\n170.9%\n\n\n\n\n\n\n\n\n\n&...