Sabre Insurance Group (SBRE) investor relations material

Executive summary

• Profit before tax increased by 4.9% year-over-year, with strong momentum and a 19.2% margin within the target range despite challenging market conditions.

• Net loss ratio improved to 54.1%, reflecting strong underwriting discipline.

• Premiums grew 5% year-over-year to the end of February, signaling a return to growth after a period of margin management.

• Growth returned in the last quarter of 2025 and is expected to continue into 2026.

• Ambition 2030 strategy remains on track, with significant progress in expanding direct motorcycle distribution, core motor pricing infrastructure, and differentiated pricing tests.

Financial highlights

• Net insurance margin reached 19.2%, within the 18%-22% target range and up 1.6 percentage points year-over-year.

• Net loss ratio improved by 4.6 percentage points to 54.1%, reflecting strong underwriting.

• IFRS profit before tax rose to £51.0m (up 4.9% year-over-year); profit after tax reached £37.9m (up 5.3%).

• Dividend per share increased to 13.5p, with an additional £5m share buyback proposed.

• Solvency capital ratio at 161.5% post-dividend, and 154% after buyback, within the 140%-160% preferred range.

Outlook and guidance

• Expectation to grow both premium and profit in the current year, with margins to remain within target range.

• Claims inflation now at mid-single digits, down from high single digits, with further moderation anticipated.

• Ambition 2030 targets at least £80m profit by 2030, with ongoing expansion in both car and motorcycle segments.