Sabre: Leading motor insurance underwriters expect to exceed forecasts ‘across almost all key measures’
One of the UK’s leading motor insurance underwriters, Sabre Insurance, has boasted that it expects to outperform expectations in its upcoming results.
In a trading update today, the group said it expected its 2023 results to “meet or exceed current market expectations across almost all key measures”.
This included the group’s gross written premium, estimated to come in at around £225m, or 31 per cent growth from the year before.
Sabre added that within this, core motor vehicle premium growth was estimated to come in at around 47 per cent.
Meanwhile, it estimated that profits would be towards or slightly above the upper end of current market expectations.
Finally, Sabre predicted strong capital generation, which would leave the group’s pre-dividend solvency capital ratio at around 205 per cent.
The group is scheduled to present its audited full year results next month, on 19 March.
Founded in 1982, the group was acquired by General Accident in 1996 and then became part of Aviva in 2000, before a managament buyout in 2002. It listed on the London Stock Exchange in 2017.
The firm operates various brands including Insure2Drive, Go Girl and Drive Smart.
After Sabre’s stock price suffered a 40 per cent one-day crash in July 2022 due to reporting profits after tax had plunged to just £3.5m, the group’s stock price has steadily risen back towards its previous level.
In the past year, it has seen its share price rise by 55.58 per cent. It has risen 5.7 per cent this morning.