Sabre Insurance ends year in line after pricing action

15th Feb 2024 08:38

(Sharecast News) - Motor insurance underwriter Sabre Insurance Group said in a trading update on Thursday that it was set to meet or exceed current market expectations for 2023, having taken swift pricing actions since 2022 to counteract persistent claims inflation.

The London-listed firm said gross written premium was anticipated to have risen 32% to £225m, with core motor vehicle premium growth of around 47%.

It also said it expected profit to land towards or slightly surpass the upper end of current market forecasts.

The company highlighted strong capital generation, with a pre-dividend solvency capital ratio expected to hover around 205%.

Sabre said it would announce its audited full-year results for 2023 on 19 March.

At 0911 GMT, shares in Sabre Insurance Group were up 1.64% at 154.5p.

Reporting by Josh White for Sharecast.com.