Sabre Insurance Group Plc · LSE:SBRE
Sabre Insurance — Q4 2025 Earnings Presentation
29 slides from Sabre Insurance's earnings presentation, Mar 10, 2025
Slide 1: Full-year Results
Full-year Results 31 December 2025
Slide 2: Presenting today
Presenting today Geoff Carter Adam Westwood Trevor Webb Matt Wright CEO CFO Claims and Policy Chief Actuary Ops Director 2 Sabre Full-Year 2025 Results
Slide 3: Agenda
Agenda 01 04 2025 Highlights Sabre’s Proven Strategy 02 05 Financial Performance Outlook and Summary 03 06 ESG and Sustainability Q&A 3 Sabre Full-Year 2025 Results
Slide 4: Highlights
Highlights Strong profits with growth plans on track
Slide 5: 2025 Highlights
2025 Highlights 01 02 03 04 Financial result Growth Capital Progress on strategy ‒ Profit before tax up ‒ Pricing discipline ‒ Robust capital ‒ Progress towards 4.9% year-on-year maintained while position Ambition 2030 goals market continued continues ‒ Margin of 19.2% ‒ Total dividend of to discoun
Slide 6: Financial Performance
Financial Performance For the year ended 31 December 2025
Slide 7: Full-Year 2025 Financial Performance
Full-Year 2025 Financial Performance Net insurance margin Expense ratio Full-year Full-year Change 2025 2024 Gross written premium (1) £202.9m £236.4m (14.2%) Net insurance margin (1) 19.2% 17.6% 1.6 ppts 19.2% 17.6% 28.2% 30.0% 25.5% Net loss ratio (1) 54.1% 58.7% (4.6) ppts 10.6% Expense ratio (1)
Slide 8: Net insurance margin progression
Net insurance margin progression 100% ‒ Net insurance margin at 19.2% for 2025, 90% Improving Margin within target range 80% ‒ Some expense ratio strain caused by adverse operating leverage offset by strong loss ratio 70% 60% ‒ Expect to maintain margin within the target range of 18% to 22% through
Slide 9: Loss ratio performance
Loss ratio performance FY 2025 net loss ratio FY 2024 net loss ratio 64% 64% 62% 62% 60% 60% 59.6% 58% 58% 58.2% 0.5% 58.7% 56% 56% (5.5%) 54% 54% 54.1% 52% 52% 50% 50% CY loss ratio PY loss ratio FY loss ratio CY loss ratio PY loss ratio FY loss ratio ‒ Current year loss ratio a little ahead of FY
Slide 10: Underwriting by Product
Underwriting by Product Net earned premium and claims by product Gross written Net earned Net loss Policy Product Period £200m premium premium ratio count £180m FY 2025 £180m £169m 50.5% 200,526 Motor Vehicle £160m FY 2024 £236m £188m 56.1% 216,973 £140m FY 2025 £11m £8m 70.0% 40,209 Motorcycle £120
Slide 11: Attractive Capital Generation
Attractive Capital Generation FY-2025 Surplus Capital Generation ‒ Continued profitability and 80,000 efficient capital model allow 70,000 (8,347) distribution of a significant proportion of profits Excess over Solvency Capital 60,000 34,982 (24,907) ‒ Total dividend of 13.5p (2024: Requirement (£’k
Slide 12: ESG and Sustainability
ESG and Sustainability An update
Slide 13: ESG and Sustainability Update
ESG and Sustainability Update Sabre has continued to monitor its We continue to monitor environmental impact climate-related risks ‒ Road to Net Zero on-track, with some ‒ Quantitative and qualitative risk material external dependencies assessment exercise carried out in 2025 ‒ Biggest Scope 3 emiss
Slide 14: Sabre's Proven Strategy
Sabre’s Proven Strategy A high-margin business with strong growth opportunities
Slide 15: Our product and key strengths
Our product and key strengths Our product and market Our focus and expertise positioning Track-record of delivering ‒ Motor insurance is a mandatory market-leading underwriting results product for all UK drivers Key strengths: ‒ Specialise in high-premium, ‒ Deep, accurate, reliable, relevant data h
Slide 16: Building on our strengths to deliver Ambition 2030
Building on our strengths to deliver Ambition 2030 Sabre’s core underwriting model Ambition 2030 initiatives “One version of the truth” Core Motor Fast feedback Consistency on key assumptions ensures all teams High Expand market position use the same data and assumptions, creating loops clarity and
Slide 17: Sabre's data advantage
Sabre’s data advantage Built on over 25 years of 1 2 specialist motor data, Vast volume of Complete and Sabre’s pure motor focus consistent data quote data and specialist footprint Sabre produces over 200m direct Sabre’s data has been enables disciplined pricing quotes per year, providing great insi
Slide 18: At least £80m profit before tax in 2030
Sabre’s medium-term growth plans are on track Initiatives Progress At least £80m profit before Efficiency of Direct Distribution Cost base enhancement through greater automation tax in 2030 Core Motor Expand market Testing started in Q4 2025, on-track Increase Profit position to introduce through 20
Slide 19: Progress to date
Progress to date 2025 2030 Base IT system enhancement Further evolution of IT capability development Core Motor Initial tests Iterative pricing Pricing development GWP impact Profit impact complete tests/roll-out Increase Profit In-place Roll-out to select Motorcycle IT requirements for direct insur
Slide 20: Automated vehicles
Automated vehicles There has been much Near term impacts and fears feel – Wholesale customer demand for speculation around the greatly exaggerated.. “full-time level 5” autonomy is far from certain impact of greater – True full (“level 5”) autonomy in levels of vehicle private cars is likely to be m
Slide 21: An AI-Enabled Business… With Controlled Roll-Out
An AI-Enabled Business… With Controlled Roll-Out At Sabre, AI enables and enhances our existing strengths Making the AI transition Human operated | Human supervised | Human Judge Operational Pricing Distribution Customers efficiency Multiple trials Trialling and utilising Ready for potential Support
Slide 22: An AI-Enabled Industry
An AI-Enabled Industry There are a wide range of possible outcomes for the industry AI-enabled distribution 01 Data accuracy through agents and LLMs 02 Consumer understanding UK distribution Consumer Impact may be Industry currently well- interaction may bigger outside the 03 Payment processes chall
Slide 23: Pricing in the UK motor insurance market
Pricing in the UK motor insurance market Pricing surplus/deficit (by underwriting year) Market pricing appears to UK motor premiums and claims (% vs 2019) - written basis have stabilised, but needs 80% to increase to avoid 60% industry-wide losses 40% Sabre’s pricing discipline 20% has ensured the G
Slide 24: Claims inflation – mid-single digits
Claims inflation – mid-single digits This is unchanged Claims frequency from our view at Q3 ‒ We have seen a drop in claims Key drivers of claims cost inflation still frequency during 2024 and 2025 carry some uncertainty and include: ‒ Appears now to have settled ‒ Care costs for seriously injured p
Slide 25: Regulatory developments
Regulatory developments Two key regulatory questions have been answered during 2025 01 02 UK Government FCA Premium Finance Motor Insurance Task Force Market Study ‒ Final report issued 10 December 2025 ‒ Has taken the view that market-wide interventions are not necessary ‒ UK motor insurance market
Slide 26: Outlook and Summary
Outlook and Summary
Slide 27: On track for Ambition 2030
On track for Ambition 2030 Profit up 4.9% on 2024, showing strength of disciplined strategy through market pricing weakness “Ambition 2030” projects on track with key direct motorcycle product launch and core motor expansion testing initiated in 2025 Extent of growth in 2026 will be dependent on mar
Slide 28: Q&A Thank you!
Q&A Thank you!
Slide 29: Disclaimer
Disclaimer LEGAL NOTICE This presentation has been prepared to inform investors and prospective investors in the secondary markets and other market participants about Sabre Insurance Group plc and its subsidiaries (the "Group") and does not constitute an offer of securities under any applicable legi
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