Sabre Insurance Group Plc · LSE:SBRE
Sabre Insurance — H1 2025 Earnings Presentation
26 slides from Sabre Insurance's earnings presentation, Jun 30, 2025
Slide 1: Half-Year Results
Half-Year Results 6 months to 30 June 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 Half-Year 2025 Results
Slide 3: Agenda
Agenda 01 2025 Highlights year-to-date 02 Financial Performance 03 The UK Motor Insurance Market 04 Sabre’s Competitive Edge 05 Outlook and Summary 06 Q&A 3 Sabre Half-Year 2025 Results
Slide 4: Highlights
Highlights Delivering on our ambition
Slide 5: 2025 Highlights year-to-date
2025 Highlights year-to-date Financial result Growth Capital Progress on strategy Strong profit, up 26.2% Maintained discipline Robust capital position Good progress towards year on year in weak through the bottom of the Ambition 2030 targets market conditions pricing cycle, with healthy Interim div
Slide 6: Financial Performance
Financial Performance For the half-year ended 30 June 2025
Slide 7: Half-Year 2025 Financial Performance
Half-Year 2025 Financial Performance Half-year Half-year Change 2025 2024 Gross written premium (1) £100.3m £125.7m (20.2%) Net insurance margin (1) 19.0% 15.7% 3.3 ppts Net loss ratio (1) 54.9% 59.7% (4.8) ppts Expense ratio (1) 27.7% 26.3% 1.4 ppts Combined operating ratio (1) 82.6% 86.0% (3.4) pp
Slide 8: Net insurance margin progression
Net insurance margin progression – Net insurance margin at 19% for HY 2025, has increased to within target range despite market pricing pressures – Strong but expected recovery from lows in 2022 – Now expect to maintain margin within the target range of 18% to 22% through continued pricing disciplin
Slide 9: Loss ratio performance
Loss ratio performance – Current year loss ratio a little ahead of FY 2024, but as expected given the half- year result reflects new claims representing maximum uncertainty, and so reserved with appropriate caution – Prior-year favourable movement on reserves, a mix of risk adjustment run-off and so
Slide 10: Underwriting by Product
Underwriting by Product Gross written Net earned Net loss Policy Product Period premium premium ratio count HY 2025 £87m £86m 48.1% 198,662 Motor V ehicle HY 2024 £110m £91m 56.7% 236,911 HY 2025 £6m £4m 104.2% 39,482 Motorcycle HY 2024 £6m £4m 110.6% 40,509 HY 2025 £7m £7m 111.1% 10,034 Taxi HY 202
Slide 11: Attractive Capital Generation
Attractive Capital Generation – We continue to benefit from strong profitability and an efficient capital model – Interim dividend of 3.4p per share inline with policy – £5m buyback programme progressing well – Strong capital generation led to a period-end post-dividend solvency ratio of 179%, above
Slide 12: The UK Motor Insurance Market
The UK Motor Insurance Market Positioned for growth in a cyclical market
Slide 13: Pricing in the UK motor insurance market
Pricing in the UK motor insurance market Pricing surplus/deficit (by underwriting year) In our view, the market is continuing to materially under-price, but claims inflation remains high Degree of under-pricing will depend on how closely individual insurers have covered underlying claims inflation C
Slide 14: Claims inflation split between items in data and not yet in data
Claims inflation split between… …Items in Data …Items Not Yet in Data ― Reduced frequency Updated injury portal tariff values ― Increased capacity in body shops Frequency increase as possible customer ― Part and paint inflation slightly offset by "crash-not-claim" mindset changes improved parts supp
Slide 15: Motor market premiums positioned to increase from H2
Motor market premiums positioned to increase from H2 The decline in motor premiums has slowed, but elevated inflation persists Possible premium deflation factors − Claim frequency has reduced, albeit on lower value claims Possible premium − Over reliance on short-term trends inflation factors − Clai
Slide 16: Regulatory developments
Regulatory developments On 22 July 2025 the FCA published two key reports – A retail market review and an interim review on premium finance Retail Market review ― Overall, confirmed premium increases were being driven by underlying claims inflation ― Drivers of claims inflation generally considered
Slide 17: Sabre's Competitive Edge
Sabre’s Competitive Edge A high-margin business with strong growth opportunities
Slide 18: Sabre's product and market positioning
Sabre’s product and market positioning Motor insurance is a mandatory product for Dividend per share and earnings per share all UK drivers and therefore represents a 25 stable, robust market throughout all economic conditions. 20 Sabre operates in a niche part of the market, Earnings/Dividend per sh
Slide 19: Sabre's focus, experience and niche expertise are key
Sabre’s focus, experience and niche expertise are key Sabre has a track record of delivering Current-year net loss ratio over time market-leading underwriting results 90.0% Supported by a depth of accurate, 80.0% reliable, relevant data and expert claims 70.0% handling 60.0% A cautious, well-informe
Slide 20: Sabre has an ambitious and achievable 5-year plan
Sabre has an ambitious and achievable 5-year plan Demonstrable long-term growth in gross GWP written premium across the insurance 250,000 cycle Ambition 2030 aims to continue this trend 200,000 into the medium-to-long term, growing in Gross Written Premium (£'k) traditional business when market 150,
Slide 21: Progress on Ambition 2030 to date
Progress on Ambition 2030 to date Sabre Direct Motorcycle Enhanced pricing and margin Product launched in April 2025 management Sales volume shows strong potential during Development of technology platform restricted roll-out phase on-track Volumes will be increased gradually as we Testing expected
Slide 22: Sabre's DNA
Sabre’s DNA As Sabre grows, we remain true to our DNA, which means we… ― Focus on higher-margin market niches ― Low-cost operating structure ― Treat profit as the target, with volume as an output ― Maintaining cautious assumptions to ensure long-term, sustainable profitability 22 Sabre Half-Year 202
Slide 23: Outlook and Summary
Outlook and Summary
Slide 24: On track for Ambition 2030
On track for Ambition 2030 Profit for HY 26% up on HY 2024, and expect full-year earnings similar to 2024 despite market pricing weakness “Ambition 2030” projects on track and will continue to be rolled-out during 2025 Growth in H2 2025 will be dependent on market conditions and not pivotal for medi
Slide 25: Q&A Thank you!
Q&A Thank you! 25 Sabre Half-Year 2025 Results
Slide 26: 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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